Members from states threatened by storms say their proposal is better for consumers than recent legislation passed by the House Financial Services Committee.
The Alternative Reference Rates Committee promotes the adoption of a new Secured Overnight Financing Rate index rate to replace Libor in pricing hybrid adjustable-rate mortgages within the next two years. The change would be the first application of SOFR to a consumer-loan product.
Past due home equity loans and credit lines rose while most other consumer lending categories held steady or improved, according to new data from the ABA. Why it happened is a bit of a mystery.
The ban, which came to light Monday, will remain in effect until either the final disposition of Stephen Calk’s court case or until it is terminated by Comptroller Joseph Otting.
The CFPB is giving trade groups and consumer advocates another three months to comment on its proposal to change what data is collected under the Home Mortgage Disclosure Act.
FB Financial is selling its correspondent lending channel to Rushmore Loan Management Services, which will complete the bank holding company's restructuring of its mortgage business.
