News Topic: mortgages

The product, which is also aimed at community banks, includes a "take-back" option that allows consumers to withdraw extra funds they've paid that go beyond their monthly scheduled mortgage payment. ... Read full article

Lenders initally won't be able to pass on the cost of the Federal Housing Finance Agency's "adverse market fee" to borrowers whose rates on GSE-backed mortgages and refinances are already locked in. ... Read full article

The higher charge on mortgages refinanced through Fannie Mae and Freddie Mac is supposed to cushion against a crisis but could contribute to one as the fees are passed on to struggling consumers. ... Read full article

New research finds that it's become harder than ever to acquire new customers — and equally challenging to engage newly acquired ones. ... Read full article

Housing advocates say lenders should require property owners who request loan forbearance to pause evictions during the coronavirus pandemic. But the banking industry says what’s really needed is another round of government stimulus. ... Read full article

Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and ... Read full article

As lenders redouble their efforts to measure the carbon impact of their loans, they’re finding that residential mortgages are often one of the biggest line items on their books. ... Read full article

Government stimulus programs are buoying consumers hurt by the coronavirus shutdown; the bank has been forced to sell loans to stay within the Fed-imposed $1.95 trillion asset cap. ... Read full article

Democrats Elizabeth Warren of Massachusetts and Brian Schatz of Hawaii have sent a letter to CEO Charlie Scharf demanding a response to news reports that the bank has been placing borrowers into forbearance plans without their consent. ... Read full article

The enhanced jobless benefits in the coronavirus relief law enacted in March helped limit delinquencies and maintain consumer spending, analysts say. In their follow-up stimulus plan, Senate Republicans want to cut those benefits from $600 to $200 a week. ... Read full article

The housing agency's prior permanent chief, Brian Montgomery, left the position after he was tapped to become deputy HUD secretary. ... Read full article

Fannie Mae and Freddie Mac have imposed heavy price adjustments for loans that were granted relief under the pandemic relief law enacted in March. ... Read full article

The Financial Stability Oversight Council’s plan to study the market explains very little about which activities or firms, like Fannie Mae and Freddie Mac, will be designated as systemically important. Here's some clearer guidance. ... Read full article

The national conversation around systemic racism has compelled large banks to withdraw support from the “disparate impact” proposal. But community banks maintain that the proposed reforms would reduce frivolous claims. ... Read full article

Mortgages taken out to fund business operations can now be modified in bankruptcy. That’s a relief to borrowers — particularly with business failures expected to increase as the pandemic drags on — but a possible headache for banks and investors that hold ... Read full article

The Detroit lender disclosed that the consumer bureau had sent a civil investigative demand to Rocket Homes Real Estate for potential violations of the Real Estate Settlement Procedures Act. ... Read full article

The coronavirus relief law allows forbearance plans for up to a year on federally backed mortgages, but House Democrats say homeowners have had difficulty getting relief. ... Read full article

The consumer agency alleges Townstone Financial's CEO and president made statements on a radio show discouraging applicants living in Black neighborhoods from seeking home loans. ... Read full article