Policy and Regulation

The decision provides more clarity to noteholders in the state about when the six-year statute of limitations to bring a foreclosure action begins.

Both in terms of interest expense and the sheer cost of dealing with consumers, the mortgage industry is out hundreds of millions of dollars due to this unfunded mandate from Congress, analyst Chris Whalen says.

Interim CFPB Director Dave Uejio expressed concern that financial institutions have dragged their feet in resolving disputes with consumers for service issues during the pandemic.

The enforcement action, which concerned deficiencies in the auto lender’s compliance risk management program, was the last remaining regulatory matter Santander had to resolve.

Dave Uejio, acting director of the Consumer Financial Protection Bureau, promised to protect veterans from predatory loans and to crack down on companies that improperly garnish stimulus checks or mistreat struggling borrowers.

The subsidiary of New Residential Investment produced nearly $400 million in non-QM volume in the first quarter of 2020 before putting a hold on the product offering in March.

The administration faces a slew of immediate financial policy tasks, such as passing a new round of small-business aid, charting a course for Fannie Mae and Freddie Mac and filling vacant agency leadership posts.

Upcoming changes to underwriting regulations, as well as the end of the QM patch, in addition to growing home values, all add up for this market to have a good year.

The nominees, strongly backed by progressive Democrats to lead two key Wall Street watchdogs, signal that the Biden administration is planning tough oversight after four years of light-touch policies under appointees of President Trump.

The FHFA and Treasury will allow Fannie Mae and Freddie Mac to hold more capital as part of the Trump administration's plans to release the companies from conservatorship. But it is unclear whether the incoming Biden administration will keep the mortgage giants on the same reform path.