Between July and September, the bureau entered into consent orders with eight VA lenders over deceptive marketing practices. Overall, the CFPB assessed $2.8 million in civil penalties but provided no restitution to harmed consumers.
Commenting on the stubbornly high Ginnie measurement, MBA's Fratantoni noted it shows that recovery is not uniform “and that many are still struggling to gain their footing.”
It was the highest three-month production reading in the program’s history, continuing a run in which the past five quarters represented the five highest Ginnie totals ever.
While the supply of VA loans in Ginnie MBS continued to grow during the third quarter, the volume of securitized FHA forward mortgages fell 2.7% from the end of June.
However, compared to Bank of America, Wells looked like a rock star. BofA produced just $13.4 billion of residential loans in the July-to-September period, an ugly 42.4% drop from the second quarter...