Morning Roundup (5/31/2024) — CFPB Probe

Good Morning! Today is Friday, May 31. Donald Trump was found guilty on all 34 charges against him in his criminal trial. Trump called the trial “rigged.” The Biden administration authorized Ukraine to use U.S.-made weapons to strike inside Russia.

The Mortgage Note Reports

CFPB Probe: The CFPB launched a public inquiry into “junk fees” in mortgage closing costs, saying they add an unnecessary financial burden to borrowers and lenders.

Rates Rise To 7.03%: Homebuyers only enjoyed one week of sub-7% rates before the 30-year again moved above that marker.

Opinion: Seth Appleton, president of U.S. Mortgage Insurers, talks about the benefits of private mortgage insurance for buyers in today’s tough market.

In other mortgage and housing news…

VA Extension: The VA called on mortgage servicers to extend the moratorium on foreclosures for VA-guaranteed loans through Dec. 31, 2024.

“Not Gonna Be Pretty”: A small but mostly affluent group of Americans are about to see their mortgage payments skyrocket as their ARMs reset.

Economic Data: The personal consumption expenditures price index excluding food and energy cost rose 0.2% in April; the GDP grew at a 1.3% annual rate in Q1.

Company News: GO Mortgage and PacRes Mortgage will merge.

Renters Stay Put: Renters are less likely to move than they were a decade ago, with one in six living in the same place for ten years or more.

Becoming #1: The mayor of Rockford, Illinois opened up about flipping the script on the city’s housing problem.

Take A Look: How Colorado could become a national leader in affordable housing.