The Consumer Financial Protection Bureau this week issued a report highlighting legal violations identified by the Bureau’s examinations in 2020.
Category: News and Trends
MBA Letter Urges Senate Support of Julia Gordon Nomination as FHA Commissioner
The Mortgage Bankers Association urged the Senate Banking Committee to quickly approve Julia Gordon’s nomination as FHA Commissioner and forward her nomination for a full Senate vote.
Grant Carlson: The June 29 Supreme Court Ruling on CDC Residential Eviction Moratorium
On Tuesday the U.S. Supreme Court in, a 5-4 ruling, declined to lift the national Center for Disease Control and Prevention’s residential eviction moratorium. The ruling responds to a request to lift the D.C. Federal District Court’s stay, which has effectively paused its order invalidating the CDC moratorium.
Freddie Mac: Moratoria Staved Off Eviction Crisis During Pandemic
Freddie Mac, McLean Va., said federal and local moratoria in response to the COVID-19 pandemic largely prevented an eviction crisis involving property renters—but the amount of back rent still owed is a “concerning factor” going forward.
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“Artificial intelligence and related technologies, including machine learning have the potential to provide substantial benefits for participants in the mortgage lending industry and the consumers they serve. AI has particular potential in the area of credit underwriting where it can it be combined with alternative or non-traditional data to expand access to affordable (and sustainable) mortgage credit. Despite these benefits, broad adoption of AI has been slowed by uncertainty surrounding how AI fits within a regulatory framework that was largely created before its development.
–Pete Mills, MBA Senior Vice President of Residential Policy and Member Engagement.
MBA: Share of Mortgage Loans in Forbearance Falls 17th Straight Week
Loans in forbearance fell for the 17th straight week–and for the second straight week, remained below 4 percent–the Mortgage Bankers Association reported Monday.
Ginnie Mae to Add 40-Year Securitizations
Ginnie Mae announced creation of a new pool type to support securitization of modified loans with terms up to 40 years.
CFPB Issues Rules on Transition as Federal Foreclosure Protections Expire
The Consumer Financial Protection Bureau on Monday finalized amendments to federal mortgage servicing regulations in response to federal foreclosure moratoria phasing out later this summer.
MBA RIHA Study: Older Homeowners, College-Educated Individuals More Likely to Leave Workforce After Job Loss
Older college-educated homeowners are two times more likely to leave the workforce after a job loss than renters, according to a new research report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America.
MBA: Share of Mortgage Loans in Forbearance Falls 17th Straight Week
Loans in forbearance fell for the 17th straight week–and for the second straight week, remained below 4 percent–the Mortgage Bankers Association reported Monday.