Weekly mortgage refinance demand jumps as some fear end of super-low rates is near

Mortgage rates rose last week, along with demand for refinances. That may sound counterintuitive, but it speaks to the larger picture of where mortgage rates are heading. Applications to refinance a home loan rose 3% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 9% lower than a year earlier.

CDC Eviction Moratorium Prompting Interim Rule from CFPB Ends June 30

The Centers for Disease Control and Prevention (CDC)’s eviction moratorium , which generally prohibits landlords from evicting tenants for non-payment of rent if the tenant submits a written declaration that they are unable to afford full rental payments, ends June 30. 

Longer lifeline for struggling homeowners sought by Consumer Financial Protection Bureau

Homeowners behind on their mortgages could soon win extra time to get caught up, a federal consumer watchdog agency tells CBS MoneyWatch. An estimated 2 million homeowners are months behind on their home-loan payments due to income losses during the coronavirus pandemic. A foreclosure moratorium passed by Congress last year has kept families in their homes even though they're behind on payments. The moratorium is set to expire next week.

CFPB to Resume Examinations Under the Military Lending Act

On June 16, the CFPB issued an interpretive rule reversing its prior determination that it lacked authority to examine institutions for compliance with the Military Lending Act (MLA). In 2018, the CFPB discontinued checking for MLA compliance during supervisory examinations on the grounds that Congress had not authorized such examination authority under the Dodd-Frank Act. As a result, the new interpretive rule sets forth the statutory basis to examine institutions that it supervises for MLA compliance as follows:

New data show improving yet sustained housing insecurity risks

In March 2021, we released an initial report on the effects of the COVID-19 pandemic on housing insecurity . We continue to monitor the market to assess new and developing risks to consumers, and we share updated charts from the report below that show an improving economic picture, yet sustained housing insecurity risks.

Attorney General Bonta Pushes Back on Postmaster General DeJoy’s Flawed Postal Service Proposal

OAKLAND – California Attorney General Rob Bonta today joined a coalition of 21 attorneys general, as well as the cities of New York and San Francisco, in a comment letter condemning a proposed 10-year strategic plan put forward by Postmaster General Louis DeJoy that threatens to significantly slow the speed of mail delivered by the U.S. Postal Service (USPS) across the country, including first-class election mail. 

Utah Community Credit Union Signs on to Participate in Mobile Driver’s License Pilot

Waltham, Massachusetts; Salt Lake City, Utah --News Direct-- GET Group North America

GET Group North America and The Utah Driver License Division (DLD) jointly announced today that Utah Community Credit Union (UCCU) will be the state’s first financial institution equipped to accept mobile driver’s licenses (mDLs) as a legal form of identification for all banking transactions. UCCU is a pioneer of Utah’s recently launched mDL pilot program, providing Contactless ID banking transactions that ensure safety, security, and accuracy with a quick tap or scan – never requiring the phone to change hands.- ADVERTISEMENT -https://s.yimg.com/rq/darla/4-6-0/html/r-sf-flx.html

Regulators tell Biden US financial system in good shape-White House

WASHINGTON, June 21 (Reuters) - Financial regulators assured President Joe Biden on Monday that the U.S. financial system is in good shape and that financial risks are being mitigated by strong liquidity in the banking system, the White House said.

United States: CFPB Issues Mortgage Servicing FAQs

The CFPB recently released new FAQs regarding the Mortgage Servicing Rule and Regulation X and Regulation Z relating to escrow account guidance and analysis. Putting it Into Practice:  Some key takeaways include the following: The initial escrow statement is the first disclosure statement that the servicer delivers to the borrower concerning the borrower's escrow account. It must include: (i) the amount of the monthly mortgage payment; (ii) the portion of the monthly payment going into the escrow account; (iii) itemized anticipated disbursements to be paid from the escrow account; (iv) anticipated disbursement dates; (v) the amount the servicer elects as a cushion; and (vi) trial running balance for the account.

ABA Report: Ag Lending Remains Strong Despite Small Decrease in 2020

Agricultural lending by the nation’s farm banks dipped 1.8% to $98.6 billion in 2020 as demand for agricultural production loans declined slightly, according to the American Bankers Association’s annual Farm Bank Performance Report released today. Agricultural production loan demand declined 6.7% due to rising costs, supply and production bottlenecks, price volatility and an increase in federal cash payments, the report found. Government payments also enabled producers to pay down existing loan balances.

Here’s the average student loan debt of borrowers 35 to 49 years old

Thirty-five to 49-year-olds carry the highest amount of student loan debt. Borrowers in this age group have an average balance of $42,373.23, according to statistics from the U.S. Department of Education’s Q4 2020 data. Trailing close behind are individuals in the older 50- to 61-year-old age bracket who have an average student loan debt load of $42,290.32 per borrower. For many, these numbers may not come as much as a surprise. Parents often tack on additional student loan debt to finance their children’s college education, in addition to having to still making payments on their own student loans.

NY Fed’s Williams: Economic conditions have not progressed enough for central bank to shift stance

June 21 (Reuters) - The U.S. economy is rebounding rapidly from the crisis caused by the coronavirus pandemic, but more progress is needed before the Federal Reserve should begin to scale back some of the robust support it is providing, New York Fed president John Williams said on Monday.

Second Circuit Reverses Ruling in FDCPA Case

The U.S. Court of Appeals for the Second Circuit recently held that a debt collector’s settlement offer must indicate whether interest and fees are continuing to accrue on the outstanding debt, or alternatively, whether payment of the settlement amount by a specified date will constitute full satisfaction of the debt. The plaintiff allegedly incurred credit card debt that was placed with defendant debt collection company. The defendant mailed plaintiff a collection notice offering to settle the debt. The plaintiff sued the debt collection company by claiming that the notice violated Section 1692e of the Fair Debt Collection Practices Act (FDCPA) “by failing to disclose that interest was continuing to accrue on his balance.”

FHA Reduces Obstacles to Homeownership for Student Debt Holders

The Federal Housing Administration (FHA) has announced updates to its student loan monthly payment calculations to take steps to remove barriers and provide more access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt. The updated policy more closely aligns FHA student loan debt calculation policies with other housing agencies, helping to streamline and simplify originations for borrowers with student loan debt obligations.

Statement by CFPB Acting Director Dave Uejio on Impact of the Juneteenth National Independence Day Federal Holiday on Residential Mortgage Closings

WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio issued the following statement: President Biden’s signing of the Juneteenth National Independence Day Act into law yesterday afternoon is a cause for celebration. Juneteenth is a moment for us to commemorate the emancipation of those enslaved. I am proud that we as a country are taking concrete steps to recognize and heal from the legacy of slavery, even as I recognize that there is much more work to do.

California Association of Collectors Submits Comments on State’s Licensing Requirements

The California Department of Financial Protection and Innovation (DFPI) is considering a proposed rule to add to the agency’s license application process and recently concluded a public comment period.

Hawaii becomes the latest state to put new restrictions on payday loan rates and repayment methods

Hawaii Governor David Ige signed a bill into law on Tuesday that will cap interest rates on payday loans at 36% within the state. 

2021 Colorado Privacy Act Passes and Heads to Governor for Signature

Colorado appears set to become the third state to adopt comprehensive privacy legislation following passage of the Colorado Privacy Act by the Colorado Legislature on June 8, 2021. The Colorado Privacy Act mimics its predecessors, the California Consumer Privacy Act and the Virginia Consumer Data Protection Act, in a number of ways, including by providing consumers the rights to access, obtain a portable copy of, correct, and delete their personal data.

Student loan refinancing rates drop again to record low: How to find your rate

College debt is a burden for young adults who are working toward financial milestones, like saving up for a home down payment or investing in retirement. Fortunately, it's possible for college graduates to pay off student loans faster and save money on interest so they can achieve these personal finance goals.

U.S. home buying and refinancing boom boosted mortgage lending in 2020

June 17 (Reuters) - Mortgage lending surged last year after the pandemic fueled a housing boom driven by low interest rates and the shift to work from home, according to information released Thursday by the Federal Reserve. The annual release of data under the Home Mortgage Disclosure Act also showed the share of home purchase loans given to Black borrowers rose last year and the share made to Hispanic and Asian borrowers declined slightly.

FDIC: Banks Continued Residential Mortgage Lending amid Economic Uncertainty

Amid ongoing pandemic-related economic uncertainties, the nation’s banks maintained the flow of credit by continuing to make residential mortgage loans, according to an article published in the FDIC Quarterly. The article noted that “community banks in particular have maintained strength in residential lending,” and that community banks’ share of all residential real estate loans has remained consistent at around 26% for more than a decade.

Hawaii Adopts Comprehensive Payday Lending Reform

Hawaii just enacted significant legislation to reform the state’s small-dollar loan market and prohibit balloon-payment payday loans. House Bill 1192 garnered unanimous support in the State Legislature, and Gov. David Ige (D) signed it into law June 16.

Car loans and the impact on insurance rates: what you need to know

Nearly every state has minimum requirements for auto insurance coverage. But the decision to buy other types of coverage — like collision and comprehensive — may be left up to you. However, if you have a car loan, your lender will very likely require you to carry both collision and comprehensive coverage on your policy.

Nevada and New Mexico State Medical Debt Collections Laws to Take Effect July 1, 2021

State legislatures in New Mexico and Nevada enacted laws this session targeting medical debt collections. Both laws have been signed by the states’ Governors and take effect July 1, 2021.

Impact of COVID-19 to Household Incomes Reaches Pandemic Low with Recent Graduates Demonstrating the Most Optimism

The percentage of U.S. consumers who said their household income continues to be negatively impacted by COVID-19 dropped to 32% at the beginning of June. This is down from 38% three months ago and is the lowest level since TransUnion (NYSE: TRU) began tracking this metric via its Consumer Pulse study in March 2020.

FFIEC Announces Availability of 2020 Data on Mortgage Lending

WASHINGTON, D.C. – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies.

CFPB Issues Mortgage Servicing FAQs

The CFPB recently released new FAQs regarding the Mortgage Servicing Rule and Regulation X and Regulation Z relating to escrow account guidance and analysis. Putting it Into Practice:  Some key takeaways include the following:

CFPB New Rule Prevents Predatory Lending To Military Service Members

A new interpretive rule issued by the Consumer Financial Protection Bureau (CFPB) stipulates its authority to examine supervised financial institutions for risk to active-duty service members and their dependents from conduct that violates the Military Lending Act. 

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