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.
Redwood’s already generating record volume in its lending/aggregation business, with plans to increase activity and expand its footprint. The firm might also eventually drop its real estate investment trust status.