Government

Wells Fargo has been ordered by the Consumer Financial Protection Bureau to pay $2 billion in restitution and $1.7 billion in fines. Click through to read the details, as well as the bank’s official statement.

The MBA reports the performance of serviced loans nationwide remained relatively flat in November, despite the forbearance rate for Ginnie Mae loans increasing for the fourth straight month.

After halting a rapid rise in homelessness, the Biden-Harris administration has announced plans to reduce homelessness 25% by 2025, announced as part of its annual Homelessness Assessment Report to Congress.

The FHFA recently published its Q3 2022 data for the Uniform Appraisal Data Aggregate Statistics Data File. The agency also launched the new UAD Aggregate Statistics Top 100 Metro Areas Dashboard, which displays the statistics through customized maps and charts.

New data released from the FHFA and CFPB revealed the COVID-19 pandemic shaped the mortgage borrower experience in 2020, with nearly 50% of borrowers reporting that a paperless online mortgage process was more important to them during the pandemic than in previous years.

The proposal of a registry of company and court order information will assist the Bureau in identifying and mitigating risks to American households, according to the CFPB.

Establishment of the new Rate Reduction Incentive advances HUD’s Climate Action Plan to create climate resiliency, reduce greenhouse emissions, and pursue environmental justice in housing.

This coming week, Rohit Chopra, Director of the CFPB, will provide an update to the Senate Banking Committee on the latest actions the Bureau has taken to protect consumers from financial misconduct.

As per the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018, Ginnie Mae has released its inaugural examination of VA-guaranteed loans.

Responses to a recent Fannie Mae survey show high mortgage rates are contributing to near-all-time low optimism among potential buyers and sellers.