Banks and thrifts continued to report a decline in originations through their retail mortgage platforms in 2023. Cornerstone Capital Bank was the top bank retail mortgage lender in the fourth quarter.
The banking industry reported a slight contraction in its servicing for others in the fourth quarter of 2023. Wells Fargo accounted for a significant share of the industry’s decline. (Includes data table.)
Consumer complaints filed with the CFPB against the financial services industry increased in all most categories in the fourth quarter of 2023. (Includes two data tables.)
Even though Bank of America and the borrowers were successful in reaching a reinstatement, a report filed by the foreclosure mediator put the bank on the hook for acting in bad faith.
The settlement addresses charges that the Memphis, TN-based bank engaged in mortgage lending discrimination in majority-Black and Hispanic neighborhoods.
The volume of loans declined in all mortgage insurance categories on both the purchase-mortgage and refinance sides of the agency market in 2023. Meanwhile, FHA gained market share. (Includes two data tables.)
The Fair Debt Collection Practices Act’s prohibition on false, deceptive or misleading representations applies even if such representations are made unintentionally and unknowingly, the CFPB said in an amicus brief filed with the U.S. Court of Appeals.
The challenges borrowers of student loans face include long hold times on phone calls, delays in application processing and inaccurate billing statements.