FHFA: Indices Show Little Movement in Mortgage Interest Rates in December 2018
Nationally, interest rates on conventional purchase-money mortgages were nearly flat from November to December, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.83 percent for loans closed in late December, down 3 basis points from 4.86 percent…
CFPB: Bureau Releases Sixth Annual Report from the Office of Servicemember Affairs
I am pleased to offer the sixth annual report from the Office of Servicemember Affairs (OSA) highlighting issues and emerging trends facing servicemembers, veterans, and military families (collectively referred to as “servicemembers” in this report). The Consumer Financial Protection Bureau (CFPB) and the OSA are committed to ensuring that servicemembers have high levels of financial…
CFPB: Bureau Asks Congress for Clear Authority to Supervise for Compliance with the Military Lending Act
Consumer Financial Protection Bureau Director Kathleen L. Kraninger today issued the following statement announcing that she has asked Congress to grant the CFPB clear authority to supervise for compliance with the Military Lending Act (MLA). “The Bureau is committed to the financial well-being of America’s service members. This commitment includes ensuring that lenders subject to…
CFPB: Credit Score Myths that Might Be Holding You Back from Improving Your Credit
Improving your credit is possible, but it’s hard to know where to start. There’s a lot of misleading information out there, and these credit myths can get in the way of improving your credit score. Your credit score is important for determining things like whether you’ll be able to qualify for a loan or credit…
CFPB: Assessments of Ability-to-Repay and Mortgage Servicing Rule Published
The Consumer Financial Protection Bureau (Bureau) today published a report under section 1022(d) of the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) assessing the effectiveness of the Bureau’s Ability to Repay and Qualified Mortgage Rule and a separate report assessing the effectiveness of the Bureau’s mortgage servicing rule issued under the Real Estate…
ABA: Bank Economists Forecast Moderating Economic Growth and Heightened Uncertainty
According to a new forecast released today from the Economic Advisory Committee of the American Bankers Association, the pace of growth will moderate through 2019 and 2020, reflecting fading policy support in the U.S. and a slowing global economy. The median forecast of 15 chief economists from major North American banks surveyed the first week…
HUD: FHA Calls on Lenders to Assist Federal Workers and Contractors Impacted by the Federal Government Shutdown
The Federal Housing Administration (FHA) today called on all approved mortgagees and lenders to be sensitive to the financial hardships experienced by borrowers as a result of the shutdown, including those borrowers subject to furlough, layoff, or a reduction in income related to the shutdown. Read FHA Commissioner Brian Montgomery’s letter to lenders and approved…
ABA: Report Shows Consumer Delinquencies Rise in Third Quarter 2018
Installment loan and bank card delinquencies resumed a slow return towards normal levels in the third quarter of 2018, but remain low by historical standards, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in six of the 11 categories tracked by ABA while five categories showed improvement. The…
FHFA: Index Shows Mortgage Rates Increased in November 2018
Nationally, interest rates on conventional purchase-money mortgages increased from October to November, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.86 percent for loans closed in late November, up 11 basis points from 4.75 percent in October….