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CFPB received fewer reverse mortgage complaints in 2024

Housing Wire

Most of the other half stemmed from trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure, according to the database. About 13% of all complaints were related to applying for a loan or refinancing an existing one.

Mortgages 417
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Fewer mortgage complaints filed in Q2: CFPB

Housing Wire

There were 484 specific complaints related to consumers trying to communicate with a company “to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure,” according to the database. There were 300 complaints in this segment that were specifically related to a foreclosure.

Mortgages 459
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What happens after the Fed’s rate hike?

Housing Wire

One of the unsung heroes of the most prolonged economic and job expansion ever recorded in history was the passing of the 2005 Bankruptcy Reform Act and the 2010 qualified mortgage rule under Dodd-Frank. As we can see below, the bankruptcy levels were extremely high before the bankruptcy law was passed in 2005.

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Why non-QM borrowers aren’t going away anytime soon

Housing Wire

Loans up to $3 million 12 or 24 months personal or business bank statements allowed 1099 earning statements accepted Two years seasoning required for bankruptcy, foreclosure, short sale or deed-in-lieu. Angel Oak’s Bank Statement loan is ideal for the self-employed.

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Fannie Mae’s new version of DU to focus on credit risks

Housing Wire

The new version will also change the recommendation given for an applicant with a “significant derogatory credit event,” which often includes bankruptcies, foreclosures , short sales and charge-offs of mortgage accounts.

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How does the FHFA 7% loan cap on GSEs affect originators?

Housing Wire

Portfolio Select is a good option for those just two years out of foreclosure, short sale, bankruptcy or deed-in-lieu. A Bank Statement loan allows bank statement submissions instead of tax returns. Full doc options include Platinum Jumbo and Portfolio Select.

Loans 370
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Why home-price growth is still up 18% year over year

Housing Wire

The next job loss recession, when it happens, will have more foreclosures, short sales, and bankruptcies. The 2005 bankruptcy reform laws and the 2010 Qualified Mortgage laws, once passed, created an expansion that has produced the highest quality homeowners in our lifetime.