In testimony before lawmakers, executives of the big three credit reporting agencies said borrowers’ heightened concern over their financial obligations during the pandemic is to blame for the rise in grievances.
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One industry analyst sounded a note of caution. Jaret Seiberg of Cowen believes the CFPB will investigate whether minority borrowers have been offered forbearance at the same rate as white consumers.
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Roughly 150 new cases have been filed under the FDCPA since a three-judge panel of the 11th Circuit Court of Appeals found that debt collectors’ use of letter vendors violates the law.
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HMDA data indicates that the debt-to-income ratio was the top denial reason for both purchase loans and refis last year. (Includes two data charts.)
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The bureau has filed an amicus brief in support of a HELOC borrower’s claim that the Truth in Lending Act’s arbitration restriction applies not only to the mortgage documents but related agreements as well.
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Fannie Mae and Freddie Mac made it clear they will only purchase mortgages with application dates of July 1 and beyond that meet the CFPB’s new standards for qualified mortgages.
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Seila Law won a stay on the CFPB’s civil investigative demand pending its filing of a petition for a writ of certiorari in the Supreme Court.
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The bureau to lose two of its top executives; new FAQs on escrow accounts; Texas amends provisions for wrap mortgages; Washington amends Foreclosure Fairness Act; New York extends emergency moratorium on evictions and foreclosures.
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