Government Roundup: FHA Publishes 40-Year Loan Mod Final Rule; CFPB Targets ‘Junk Fees’

In this week’s Government Roundup, FHA published a final rule that would permit 40-year terms for loan modifications; and the Consumer Financial Protection Bureau released a special edition of its Supervisory Highlights targeting allegedly unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student and payday lending.

MBA Chart of the Week Feb. 24 2023–Delinquency Rates by Credit Type

The latest credit delinquency data from both MBA and other sources indicates that delinquencies are rising.  In MBA’s National Delinquency Survey, covering national and state delinquencies through the fourth quarter of 2022 revealed that the delinquency rate for mortgage loans on one‐to‐four‐unit residential properties rose to a seasonally adjusted rate of 4.96 percent of all loans outstanding at the end of the fourth quarter.

John Walsh of LERETA on Servicing Tax Issues

John Walsh is CEO of LERETA, Pomona, Calif. He leads an executive leadership team focused on providing the mortgage and insurance industries accuracy, responsiveness and innovative technology.