Refinances are a rarity among manufactured housing loans, according to a new CFPB study. Less than 4% of chattel loans — which make up 42% of manufactured housing loans — were for refinances.
Freddie Mac noted that, as of the fourth quarter of 2020, the U.S. had a housing supply deficit of 3.8 million units and that between 2018 and 2020, that deficit increased by an astounding 52%.
The state, in a recent case, took the position that the owner of mortgage servicing rights, whether handling day-to-day obligations or relying on a subservicer, is required to be licensed under state law.
The CFPB has emphasized that servicers must pay close attention to consumer complaints. The adoption of technological solutions, though slow in this area, can help.
One lender says that when refinances go bust, the industry can’t expect to waltz into the purchase market without there being casualties. Others are more sanguine.
Quicken, the nation’s fifth largest mortgage servicer, said consumers would benefit if processors are provided additional time and flexibility to evaluate borrowers facing hardships past the expiration of the eviction moratorium...
In a joint comment letter, the Mortgage Bankers Association and the National Mortgage Servicing Association said they support the proposed rule’s objectives but many of the CFPB provisions require “several critical improvements.”
The ruling could have a significant impact on the debt-collection industry, which may have to in-source many of the services currently handled by third-party vendors. The cost could be substantial.
The Comprehensive Debt Collection Improvement Act would amend several consumer finance statutes in order to enhance protections for consumers, students, servicemembers and small businesses.