Many participants have suggested the CFPB increase the safe harbor qualified-mortgage threshold to ensure borrowers are not arbitrarily left with only FHA-insured options.
The regulator’s supervisory highlights report has identified violations of fair lending laws for the first time since September 2017, indicating a renewed interest in the issue.
The CFPB warned of market disruption if its past actions — which have led to numerous regulations governing the mortgage industry — are open to new interpretations.
Based on credit record data, the CFPB found that new delinquencies on mortgages declined between March and June, though a spike occurred in April during the height of the pandemic.
The tally of enforcement actions by the regulator tied to deceptive VA mortgage advertisements reached seven this month, with more than $2 million in assessed penalties.
A Maryland court grants class action certification to mortgage borrowers against Bank of America for illegal kickbacks; Ninth Circuit allows Oakland, CA, to sue Wells Fargo for discriminatory lending practices.