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The Consumer Financial Protection Bureau (CFPB) has been on a two-month enforcement tear aimed at mortgage lenders employing deceptive practices in the VA mortgage lending area. The Bureau has issued consent orders against six companies since late July in what it terms a "sweep" i n response to concerns about potentially unlawful advertising in the market that the VA identified. CFPB found the companies had sent direct-mail advertisements primarily to military servicemembers and veterans that contained false, misleading, and inaccurate statements or lacked required disclosures. The complaints set forth similar instances of violations of the Consumer Financial Protection Act's (CFPA) prohibition against deceptive acts and practices, the Mortgage Acts and Practices - Advertising Rule (MAP Rule
Housing News
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The Consumer Financial Protection Bureau (CFPB) has been on a two-month enforcement tear aimed at mortgage lenders employing deceptive practices in the VA mortgage lending area. The Bureau has issued consent orders against six companies since late Ju... (read more)
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Mortgage Rate Watch
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Mortgage rates have improved nicely over the past week. While a lot of this improvement is due to the delay of the new refinance fee announced earlier this month, the broader bond market has helped. For instance, 10yr Treasury yields--often viewed as... (read more)
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Rob Chrisman
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As we head toward the Autumnal Equinox on 9/22, places like Seattle and Minneapolis are losing four minutes of sunlight a day. Something else that is losing ground almost as quickly are monthly rents in expensive, crowded cities like San Francisco an... (read more)
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Housing News
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The number of homeowners with mortgages in COVID-19 related forbearance plans dropped during the week ended September 1 after several weeks when there was little change. Black Knight said its weekly survey found 147,000 fewer borrowers in plans than ... (read more)
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MBS Commentary
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Perfect Storm in Bonds Pushing Yields Quickly Higher
Between the 5-day rally running the risk of getting tired, the technical resistance at .63%, the artificial extension of the rally thanks to huge stock sel... (read more)
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Housing News
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Mortgage applications, both for home purchase and refinancing, declined for the third straight time during the week ended August 28. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume, lost 2.... (read more)
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