Certain factions of the industry want the CFPB to develop a plan to provide implementation support during a restrained enforcement period following the Aug. 1 effective date.
The CFPB brought an enforcement action against RMK Financial Corp., a California-based mortgage lender, for allegedly using deceptive mortgage advertising practices, including ads that led consumers to believe that the company was affiliated with the U.S. government.
George Mason University real estate professor Anthony Sanders, a former head of asset-backed and mortgage-backed securities research at Deutsche Bank, took issue this week with a recent report from the Urban Institute which suggested that residential mortgage credit is still too tight because there are 4 million fewer mortgages originated this year than in 2001, before the housing bubble.
The Mortgage Bankers Association sent a letter to House Republican leadership on Tuesday in support of three bills that would restructure the Consumer Financial Protection Bureau.
FED WATCH: Voting members of the Federal Reserve Open Market Committee, not surprisingly, were at odds over a possible June rise in interest rates, according to the minutes of the FOMC’s March 17-18 meeting. RATE UPDATE: Mortgage rates didn’t change much this week, as the benchmark 30-year fixed mortgage rate was constant at 3.82 percent, according to Bankrate.com's weekly national survey.