In mid-January, Charles Scharf, president and CEO of Wells, had indicated the bank was ready to resume activity on correspondent basis, but was noncomittal.
CFPB's acting director said more attorneys are needed to achieve his goal of "vigorous oversight of all applicable federal laws and the fullest utilization of our legal authorities."
Time-based measures of delinquency rates showed slight declines during the fourth quarter of 2020, as did the foreclosure rate, according to Inside Mortgage Finance's large servicer delinquency index.
Angel Oak Companies was the top supplier of expanded-credit mortgages securitized in 2020. Across the industry, volume was down in the fourth quarter and for the full year. (Includes three data charts.)
Wells Fargo is once again buying jumbo mortgages from correspondents. Meanwhile, newly minted public company United Wholesale is set to resume originating the product through brokers.
The CFPB’s acting director has asked bureau officials to explore options to maintain the status quo on QM standards with less than a month left before the new rule takes effect.
Originations of non-QMs tend to be more heavily weighted toward purchase mortgages than the broader mortgage origination market. Lenders are working to advise loan originators on the unique product offerings in the sector.