CFPB staffs up, title insurers earnings decline
National Mortgage News
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The Consumer Financial Protection Bureau is hiring 20 additional enforcement attorneys as the bureau ramps up investigations of repeat offenders and expands its authority over nonbanks and fintechs. The recent hiring comes as the CFPB is building out its capacity for data collection related to fair-lending exams as well as artificial intelligence and machine learning processes.
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In other news today:
Earnings at the publicly-traded title insurers trended down in the first quarter as business waned. With several major lenders guiding to even fewer originations in the second quarter, the outlook for the title business becomes cloudier.
The real estate investment trust, which invests in non-agency mortgages originated by its affiliates, took a net loss of $43.5 million, down from $3.1 million in the fourth quarter of 2021, and $9.5 million a year earlier. Volatility during the quarter negatively affected the value of loans, securitizations and other assets. The loss was a reminder of the sensitivity non-agency products can have to secondary market risks like those seen in early 2020.
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“The velocity in which interest rates began rising, as well as the inflationary pressures felt across the market, resulted in a sudden and dramatic impact on many lenders, irrespective of the lender size or history in the industry," Justin Moisio, Impac's chief administrative officer, said on the earnings call.
TransUnion reported the volume of new home-equity lines of credit increased in the fourth quarter of 2021 by 31% year over year, from 212,303 to 278,230. Home-equity loan originations also grew by 13%. Combined with cash-out refinances, total home equity originations increased to 1.2 million in volume over the final three months of 2021, up 4% from the fourth quarter of 2020 and 80% above year-end 2019.
A Federal Housing Administration official on Thursday affirmed that the agency wants to help servicers hit pause on foreclosure proceedings in circumstances where relief is sought from the Homeowner Assistance Fund, and detailed some of the nuances involved in it. Check out a few of their comments in the story.?
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