News Topic: Mortgage applications

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A new report from California shows that less-regulated mortgage lenders may be doing a better than banks of serving Black and Latino homebuyers. But consumer advocates say the data bolsters the case for tougher supervision of nonbanks. ... Read full article

The agency found a 40% error rate in the 2016 data submitted by the Seattle bank. In addition to the fine, the institution is required to improve its compliance systems. ... Read full article

Net worth disparities and the role housing and mortgage discrimination play in Black homeownership show that it's impossible to close the gaps without eliminating racism. ... Read full article

A new CFPB rule will expedite the forbearance and loss-mitigation process for consumers suffering financial hardship from the pandemic. ... Read full article

One segment of the market, at least, has proved more resilient than many feared early on in the crisis. ... Read full article

Efforts to calm lenders’ fears about coronavirus-related forbearance may not offset tightening standards, and the FHA is less likely to boost volume than it was during the financial crisis. ... Read full article

The nation's largest bank is temporarily reducing its exposure to the mortgage market amid rising unemployment and estimates that home prices could drop by 10%. ... Read full article

The move is part of an effort by CFPB Director Kathy Kraninger to help smaller lenders by significantly raising loan thresholds for collecting and reporting mortgage data. ... Read full article

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all. ... Read full article

Refinance application activity last week was the highest in nearly seven years, with more than triple the volume from one year ago, according to the Mortgage Bankers Association. ... Read full article

The SoFi co-founder said Figure Technologies is working with national banks to employ its distributed ledger tech for loan originations. ... Read full article

Wealthfront will add third-party mortgages to its investing platform, while Varo Money says robo advice and mortgages are in its long-term plans. ... Read full article

With long-term interest rates at historic lows, mortgage refinancing is coming on strong. But that additional revenue may not be enough to offset net interest margin pressures and lost servicing income. ... Read full article

Regulators could collaborate on a superagency to streamline laws. ... Read full article

The company intentionally submitted inaccurate borrower information overstating the number of white applicants, the consumer bureau alleges in a consent order. ... Read full article

The Consumer Financial Protection Bureau proposed steps to ease Home Mortgage Disclosure Act requirements, just days after announcing it was retiring a platform to let users analyze raw mortgage data. ... Read full article