Little Change In Forbearances Mid-Month

The number of loans in forbearance stayed more or less the same as exits stalled mid-month, making up 1.9% of all active mortgages, according to Black Knight’s blog, Vision. November has hit a lull in its third week that mimics similar slowdowns in the last few months. Black Knight has characterized these declines as “expected.” The number of active forbearance plans rose 0.2% as activity hit its lowest level since mid-August. Plan volume rose by 5,000 for portfolio and PLS loans with small declines for FHA/VA (-2000) and GSEs (-1000). FHA/VAs saw an increase in new plans, pushing start volume to its highest level since October. Consumer Finance Protection Bureau (CFPB) head Rohit Chopra has zeroed in on foreclosures since…

CFPB Announces Stepped Up Enforcement

The Consumer Financial Protection Bureau (CFPB) released a joint statement with other government agencies to mortgage servicers announcing a return to enforcement of protections for families and homeowners. The statement cited an April 2020 decision not to take “supervisory or enforcement action” regarding the timing requirements of the Regulation X mortgage servicing rules during the pandemic. The decision would last indefinitely “as long as the servicers made good faith efforts to provide those required notices or disclosures and took the related actions within a reasonable period of time. “ Wednesday’s statement from the CFPB walked back that flexibility, saying mortgage servicers have had plenty of time to adapt their operations to the ongoing challenges of Covid-19. The agencies will return…

Biden Appoints Chopra To Head CFPB

President-elect Joe Biden on Monday announced the appointment of Rohit Chopra as the director of the Consumer Financial Protection Bureau, an agency he worked at during the Obama Administration. Chopra, currently a commissioner on the Federal Trade Commission, previously served as associate director of the Consumer Financial Protection Bureau. He led the agency’s work on student loans. Rohit Chapra Chopra was unanimously confirmed by the Senate in 2018 for his role at the FTC, “where he has pushed for aggressive remedies against lawbreaking companies, especially repeat offenders,” according to the Biden transition team’s announcement. “Together with state and international law enforcement partners, he has worked to increase scrutiny of dominant technology firms that pose risks to privacy, national security, and…