CFPB: Report Finds Sharp Increase in Riskier Longer-Term Auto Loans
Six-Year Auto Loans Carry Higher Costs and Higher Default Rates than Five-Year Auto Loans The Consumer Financial Protection Bureau (CFPB) today released a report on auto loan trends that found a sharp increase in riskier longer-term auto loans. According to the report, 42 percent of auto loans made in the last year carried a payback…
ABA Report: Credit Card Market Expands in Second Quarter, Mirroring Economic Growth
Credit card use continued to expand in the second quarter, according to the American Bankers Association’s latest Credit Card Market Monitor. Monthly purchase volumes rebounded after a seasonal decline in the first quarter, rising by 9 percent across risk tiers. On an annual basis, purchase volumes rose 4.9 percent for prime accounts and 5.2 percent…
CFPB: Newly Available Data Shows Lowest Mortgage Delinquency Rate Since the Financial Crisis
Newly Available Data Shows Lowest Mortgage Delinquency Rate Since the Financial Crisis The Consumer Financial Protection Bureau (CFPB) today announced the launch of a new Mortgage Performance Trends tool that tracks delinquency rates nationwide. Information newly available through this tool shows that mortgage delinquency rates nationally are at their lowest point since the financial crisis….
FHFA: Index Shows Mortgage Rates Decreased in September 2017
Nationally, interest rates on conventional purchase-money mortgages decreased from August to September, 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 4.00 percent for loans closed in late September, down 5 basis points from 4.05 percent in August….
FHFA: House Price Index Up 0.7 Percent in August 2017
U.S. house prices rose in August, up 0.7 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). Â The previously reported 0.2 percent increase in July was revised upward to 0.4 percent. The FHFA monthly HPI is calculated using home sales price information from mortgages…
ABA: ABA to Congress – GSE Reform Essential to Stability of Housing Finance
The American Bankers Association outlined a set of key principles that should guide GSE reform, and explained why legislative action is needed to preserve access for lenders of all sizes and from all regions of the country in testimony before the House Financial Services Committee today. Brenda Hughes, senior vice president and director of mortgage…