CFPB: Research Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, Student Loans, and Auto Loans

Many companies are updating practices and making consumers whole based on supervisory findings Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday […]

HUD: FHA Annual Mortgage Insurance Premium Deducations To Save Homebuyers an Average of $800 Annually on Mortgage Payments

30 basis point reduction in FHA annual mortgage insurance premium supports Biden-Harris Administration goals to make homeownership more affordable and accessible for working families. Today, the Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a 30 basis point reduction to the annual mortgage insurance premiums (annual […]

HUD: FHA Seeks Input to Enhance Financing for Homes in Need of Rehabilitation

Request for Information published today seeks industry input on ways to enhance FHA’s 203(k) Rehabilitation Mortgage Insurance Program to support housing supply and affordability. Today, the Federal Housing Administration (FHA) published a Request for Information in the Federal Register seeking public comments on ways it can enhance its Single Family 203(k) Rehabilitation […]

CFPB: New Report Finds One-Third Decline in Collections Items on Consumer Credit Reports

Report underscores ongoing concerns about accuracy of collections data, particularly with respect to medical debt Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022. The report found the total number of collections tradelines on credit reports […]

HUD: Major Milestone Achieved in Assisting Nearly 2 Million Homeowners Stay in Their Homes

FHA foreclosure avoidance options have been expanded and extended Today, the U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced that, thanks to Federal Housing Administration (FHA) programs, approximately 2 million homeowners with FHA mortgages were able to stay in their homes from the beginning of […]

CFPB: New Guidance Issued to Protect Mortgage Borrowers from Pay-to-Play Digital Comparison-Shopping Platforms

Financial arrangements that influence or manipulate search results are illegal Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to protect Americans from double dealing on digital mortgage comparison-shopping platforms. Companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally […]

FDIC: Update on Supervisory Approach Regarding Changes to HMDA’s Closed-End Mortgage Loan Volume Reporting Threshold

The Federal Deposit Insurance Corporation (FDIC) is issuing this Financial Institution Letter to inform supervised institutions of recent changes regarding the Home Mortgage Disclosure Act (HMDA) reporting threshold for closed-end mortgage loans and the FDIC’s supervisory approach for enforcing related requirements. For FDIC-supervised institutions that meet Regulation C’s coverage requirements, […]

HUD: FHA Assistance Options Expanded for Borrowers Struggling to Make Mortgage Payments

Updated loss mitigation options will help borrowers struggling with their mortgage payments to avoid foreclosure. Today, the Federal Housing Administration (FHA) is announcing that it is expanding and enhancing its set of loss mitigation options used to help borrowers struggling to make mortgage payments on their FHA-insured mortgages. The enhancements extend FHA’s […]

ABA: Bank Economists Expect Credit Conditions to Weaken over Next Six Months as Inflation Moderates

Bank economists expect credit conditions to soften over the next six months as the economy slows and the Federal Reserve considers additional steps to rein in inflation, according to the American Bankers Association’s latest Credit Conditions Index released today.  The latest report finds slightly less pessimistic near-term expectations for business […]