CFPB clarifies role of supervisory guidance

The Consumer Financial Protection Bureau issued a final rule Tuesday clarifying that supervisory guidance is not backed by the same force as law or regulation. First proposed in October 2020, the CFPB’s final rule codifies the statement, with amendments, that the Bureau and other federal financial regulatory agencies issued in

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In defense of the individual real estate agent

I saw a social media post recently by our local ‘mega-agent’ entitled: “Breaking News: Individual Real Estate agents added to Endangered Professions List!” This post compares the individual real estate agent to “a tennis player using a wooden racket” or “a football player with a leather helmet.” The individual agent

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CFPB exempts some credit unions from escrow regulations

The Consumer Financial Protection Bureau announced Tuesday some insured depository institutions and insured credit unions will now be exempt from regulations to establish escrow accounts for some higher-priced mortgage loans. The final rule will take effect upon publication in the Federal Register, and will exempt the HPLM escrow requirement for

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Mortgage forbearance rate continues to drop

The U.S. forbearance rate fell nine basis points last week to 5.37% of servicers’ portfolio volume, according to a survey from the Mortgage Bankers Association on Monday. Though every investor class did manage to see a decline in rates, Fannie Mae and Freddie Mac once again claimed the smallest forbearance rate at 3.13%. Ginnie Mae loans in forbearance, which

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Yellen vows economic shakeup if confirmed for Treasury

Ensuring Americans have a “competitive economy” will be Janet Yellen’s focus as the next U.S. Treasury Department secretary, she told lawmakers Tuesday at her confirmation hearing before a vote on her nomination. Both Republicans and Democrats have indicated they will approve Yellen’s Treasury Secretary nomination. “I think there will be

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FHFA extends foreclosure, eviction moratorium to February

The Federal Housing Finance Agency announced Tuesday that Fannie Mae and Freddie Mac will once again extend moratoriums on single-family foreclosures and real estate owned evictions, this time until Feb. 28, 2021. “To keep our communities safe, and families in their homes during the COVID-19 pandemic, FHFA is extending Fannie

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Fannie Mae increases 2021 economic growth forecast

Fannie Mae‘s latest forecast projects economic growth to hit 5.3% in 2021, an increase of 0.8 percentage points from what the government-sponsored enterprise projected last month. The forecasted growth is significantly more than the revised numbers for 2020, which Fannie Mae projects will end up as a 2.7% contraction. The

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