Consumer lending

The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur.

Three non-QM deal issuers in August report varying levels of progress in moving borrowers from expired forbearance programs.

As interest rates tumbled throughout July, prepayments climbed to the highest monthly rate since 2004, but 90-days-or-more delinquencies were on the rise from June, according to Black Knight.

Positive payment behaviors in conjunction with CARES Act measures kept mortgage delinquencies from rising, but the number of borrowers facing hardship grew exponentially from last year, according to TransUnion.

The Consumer Financial Protection Bureau says the proposal would increase access to credit, but consumer groups argue that it will encourage lenders to make high-cost loans while protecting them from legal liability.

Under the agreement, fintechs and their bank partners will have a safe legal harbor to offer loans, as long as their interest rates do not exceed 36% and they meet various other standards.

For the second consecutive month, the average extension rate in June for troubled loans due to pandemic-related stresses on borrowers shrank in both prime and subprime loan sectors.

Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.

An industry coalition wants to ensure borrowers who took out certain types of loans to fund their education aren’t locked out of access to historically low mortgage rates.

From guidelines for remote appraisal alternatives to the ways that forbearance affects borrowers' ability to get new loans, here are five examples of mortgage requirements that have been in flux since the coronavirus outbreak in the United States.