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.
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.
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.
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.
The company intentionally submitted inaccurate borrower information overstating the number of white applicants, the consumer bureau alleges in a consent order.
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.
Provenance Blockchain, recently spun off from Mike Cagney's Figure Technologies, says it can help lenders trim 70% of mortgage settlement expenses through speedier processing and paperwork reduction.
