So far, the only notable skunk at the second quarter origination party has been JPMorgan Chase which reported a 1 percent decline in fundings compared to the first quarter.
“If the cap is 2.75 percent, it doesn’t leave much, but you have to keep in mind that the lender is building ‘everything else’ into the note rate,” said Marc Savitt.
The holding company for the nation’s sixth largest lender recently sold its fleet division, and is in the throes of restructuring its mortgage unit, which is now its main line of business.
One California-based mortgage broker had this to say: “All the CFPBs is doing is driving up costs, further confusing the consumer, and wasting even more tax payer dollars.”