Rohit Chopra was nominated in February to serve as the CFPB’s director. However, a final vote on his appointment has been delayed in the Senate for several months due to concerns about the leadership of the Federal Trade Commission, where Chopra is currently a member.
Rather than going after credit repair companies for violating the Telemarketing Sales Rule, the CFPB filed a lawsuit against a software company and its owner for aiding credit repair companies.
Senate bill seeks to reward whistleblowers; CFPB examines complaints based on census tracts; new members appointed to CFPB advisory boards and councils.
The CEO detailed a variety of plans, from establishing asset management operations to venturing into home-equity products and expanding its footprint in business-purpose lending.
Among a group of jumbo lenders that report originations by channel, the broker share increased to 7.0% in the second quarter from 1.6% in the first quarter. The increase in market share was largely tied to United Wholesale Mortgage.
Close to $15 billion of GSE-eligible mortgages have gone into non-agency MBS this year, including many loans for investment properties and second homes. That’s expected to slow due to a removal of restrictions on the GSEs.
Some non-agency lenders are using the newer QM standards, which allow more loans to receive QM status. Others are waiting to see if the CFPB will alter the provisions.