The Consumer Financial Protection Bureau on Monday published an advisory opinion affirming the Equal Credit Opportunity Act—a federal civil rights law protecting individuals and businesses against discrimination in accessing and using credit—bars lenders from discriminating against customers after they have received a loan, not just during the application process.
Category: News and Trends
To the Point with Bob: How Policymakers Can Empower Mortgage Lenders To Deliver More Relief To Borrowers
It is important to recognize how well U.S. mortgage markets have performed for borrowers, delivering record-low rates to millions of homeowners who refinanced, meeting mortgage demand in a booming housing market and keeping millions of Americans in their homes during the pandemic through the wide-scale implementation of forbearance plans.
Q/A: Marcy Thomas, CCMS, of Grandbridge Real Estate Capital
MBA NewsLink interviewed Marcy Thomas, CCMS, Vice President and Portfolio Loan Manager with Grandbridge Real Estate Capital LLC, about CMBS servicing, Diversity, Equity and Inclusion, the upcoming MBA Commercial/Multifamily Finance Servicing and Technology Conference and what the CCMS designation means to her.
MBA: 1st Quarter Mortgage Delinquencies Decrease
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 4.11 percent of all loans outstanding in the first quarter, the Mortgage Bankers Association’s National Delinquency Survey reported.
Rising Inflation Impacting Non-Prime Borrowers Most
As rapidly rising gasoline, energy and utility prices drive inflation, non-prime borrowers with the riskiest credit profiles have generally experienced the greatest impact to their wallets, reported TransUnion, Chicago.
Borrower Behavior Changing as Home Affordability Drops
Though home price appreciation slowed slightly in March, 30-year mortgage interest rates above 5 percent have pushed affordability to nearly its worst-ever level, said Black Knight, Jacksonville, Fla.
FHFA Announces Mandatory Supplemental Consumer Information Form Use
The Federal Housing Finance Agency announced Fannie Mae and Freddie Mac will require lenders to use the Supplemental Consumer Information Form as part of the application process for loans that will be sold to the Enterprises.
Quote
“It is important to recognize how well U.S. mortgage markets have performed for borrowers, delivering record-low rates to millions of homeowners who refinanced, meeting mortgage demand in a booming housing market and keeping millions of Americans in their homes during the pandemic through the wide-scale implementation of forbearance plans.”
–MBA President & CEO Bob Broeksmit, CMB.
Fitch: Weaker Borrowers in U.S. Securitizations Vulnerable to Inflation
Fitch Ratings, New York, said inflation and rising rates will pressure consumers, with the greatest burden on households with low incomes and savings and who have not fully recovered from pandemic-related financial stresses.
Typical Buyer’s Monthly Payment Up Nearly 40%
Redfin, Seattle, reported the typical homebuyer’s monthly mortgage payment shot up 39%, the largest year-over-year gain on record, as the average 30-year-fixed rate hovered at 5.1%.