CFPB Requests Public Input on Mortgage Refinances and Forbearances

RFI regarding mortgage refinances and forbearances - The CFPB is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances. The agency also seeks public input on ways to support automatic short-term and long-term loss mitigation assistance for homeowners who experience financial disruptions. The CFPB will use this information as it considers steps to support household financial stability and address refinance market gaps.

From the FTC

Digital Dark Patterns - A new FTC Staff Report sheds light on the ways that marketers can manipulate people into buying merchandise or giving up personal information through the use of dark patterns – a phrase that describes a broad range of deceptive design elements.

CFPB Mortgage Market and Activity

Mortgage Market Activity and Trends - The CFPB released a new Home Mortgage Disclosure Act data report on mortgage lending trends in 2021. The results show a shift from refinance loans in 2020 to home purchase loans in 2021, with a greater share of home purchase loans going to Asian, Black, and Hispanic white borrowers relative to the share of home purchase loans for non-Hispanic white borrowers. Additionally, the amount of home equity lines of credit increased from 869,000 in 2020 to 962,000 in 2021, a 10.7 increase; refinance originations increased from 43,000 to 59,000 in 2021, an increase of over 36 percent.

NCUA Issues Letter to CUs Regarding Onsite Operations

Resuming Onsite Operations – The NCUA issued Letter to Credit Unions 22-CU-11 stating that it is moving to Phase 3 in resuming its onsite operations on October 17, 2022, and that onsite examination and supervision activity will resume in all locations. In July, the average price for a new vehicle was just over $48,000, and the average price for a used vehicle was just over $28,000.