Fitch Ratings called out other rating services for allowing credit enhancement levels that it views as inadequate on ABS from marketplace lenders. Other rating services are seen as getting more comfortable with the sector.
State regulators proposed standards for nonbanks in 2015 but there was no follow-through. However, the issue is alive and well thanks to the incoming chairman of the Conference of State Bank Supervisors.
The Community Mortgage Lenders of America released a clarification about a meeting with officials from the Department of Housing and Urban Development and Ginnie Mae. Scott Olson, executive director of the Community Home Lenders Association, stressed that the trade group didn’t make the statements that were attributed to CHLA in the initial release by CMLA or in the subsequent reporting by IMFnews.
Mortgage applications surge in the days before the Fed meets to set interest rates, according to a study that looked at confidential data from HMDA. Applications fall by an even larger amount after the meetings.