Consumer groups have submitted a petition for rulemaking with the CFPB to prohibit the use of pre-dispute arbitration agreements in the financial products and services industry.
The bureau outlined the procedure lenders must undertake when informing consumers of adverse credit actions triggered by the use of algorithms and other predictive decision-making technologies.
Mortgage securitization rates remained at previous levels as new primary market production and MBS issuance grew at similar rates in the second quarter. (Includes data chart.)
Mortgage buybacks at banks increased slightly on a quarterly basis in the second quarter, though repurchase volume was down 30.4% on an annual basis in the first half of the year.
United Wholesale Mortgage, the dominant conventional-conforming player in the broker channel, increased its production by 32.9% from the first to the second quarter.
The broker channel gained market share across the three major mortgage-product categories during the second quarter of 2023. In the conventional-conforming sector, the broker share hit 23.6%. (Includes two data charts.)
Commercial banks reported a slight sequential increase in repurchases in the second quarter. But at the midway point this year, buybacks were down sharply compared to the first half of last year. (Includes data chart.)
Overall, mortgage-banking income at banks increased by 8.7% from the first to the second quarter, though income declined at several top banks. (Includes data chart.)