Amazon, Apple, Facebook, Google, PayPal and Square have been ordered to provide information regarding their payment platforms. The CFPB said the order was part of a market monitoring effort.
Seila Law ends Supreme Court quest; compliance date of 2017 rule delayed again; CFPB joins other regulators on LIBOR statement; CFPB seeks clarity on Regulation O; consumers seek regulation of earned wage access products.
The flexibility was introduced earlier this year when the CFPB temporarily allowed non-agency lenders to originate loans that meet qualified mortgage standards using traditional QM underwriting or new standards...
GSE-eligible mortgages for investment properties are reshaping the prime non-agency MBS market. The loans have somewhat looser underwriting standards than what’s typically seen on prime jumbos. (Includes three data charts.)
Many jumbo lenders are no longer looking to Appendix Q when originating loans. Instead, they have the option to underwrite loans using GSE automated underwriting systems and obtain QM status.
GSE investment-property business fell by nearly 50% between the second quarter and the third quarter. Second-home activity was also off, though by a smaller amount. Much of that volume went into the non-agency market, though that could change. (Includes one data chart.)