Among the top 10 lenders for the first nine months, six were nonbanks and four were federally insured depositories. However, the number-10 ranked Bank of America is in danger of being overtaken by Guaranteed Rate.
Noting an increase in loans in the seriously delinquent category, HUD Secretary Ben Carson said the FHA has “focused on building up” reserves for “times like these.” According to one consultant, the MMIF has $72.4 billion in cash reserves.
Between July and September, the bureau entered into consent orders with eight VA lenders over deceptive marketing practices. Overall, the CFPB assessed $2.8 million in civil penalties but provided no restitution to harmed consumers.