Links in “Lending”
- Bubble Growing? Honda Decries Competitors’ 7-Year Auto Loans as “Stupid”
One in four new car loans are 73 to 84 months long, a trend that Honda says is "stupid" for consumers and for the industry. [1/22/15]
- CFPB Emphasizes Consumer Education
A new blog post from the CFPB highlights seven elements that impact the price consumers pay for credit. This is one of many efforts put forth by the CFPB to educate consumers in the lending process. [1/21/15]
- Win-Win Changes from the CFPB
The CFPB has finalized two minor changes to the "Know Before You Owe" mortgage disclosure requirements. Director Richard Cordray emphasizes that these changes will "make it easier for creditors," while also protecting consumers. [1/21/15]
- SBA Seeks Further Partnership with CU Community
CUNA and the SBA are looking for ways to involve more credit unions in SBA programs. CUNA is asking its members to complete an online form to collect information from credit unions that are interested in participating. SBA 7(a) loan programs guarantee from 50% to 90% of the loan balance. The amount of the loan secured by the SBA guarantee does not count towards a credit unionâs 12.25% MBL cap. [1/20/15]
- Robo-Discriminator: Could New, Smart Lending Programs End Up Discriminating?
A new breed of smart lending computer algorithms could help banks make better, fast lending decisions, but with so much data and so much complexity, the software could end up discriminating against certain racial or ethnic groups without being programmed to do so. [1/19/15]
- Critical Update on FHA’s New MIP Cancellation Procedures
Lenders wishing to cancel case numbers for loans in process pursuant to Mortgagee Letter 2015-01. Critical update on FHA's New MIP Cancellation Procedures. [1/14/15]
- Going Up: Student Loans, Auto Debt
Consumer borrowing rose to record levels in October, fueled largely by increases in auto and student loans. [1/9/15]
- FHA Cuts Mortgage Insurance Premiums
By 37%! For the typical first-time home buyer this could mean a reduction of approximately $900 per year in their monthly payments and make the difference in qualifying for a loan. [1/8/15]
- What’s Behind Falling Consumer Delinquencies?
Delinquencies fall in seven out of 11 consumer categories, reaching a record-low composite ratio. Job growth, lower gas prices, and a steady housing market recovery are cited as reasons. [1/8/15]
- The CFPBâs New Cure: Final Revisions to Certain Mortgage Rules
In our most recent blog post, AffirmX's Jane Pannier delivers the CFPB's prescription for curing overages to the points and fees limit for qualified mortgages. While not a cure-all, the amendments may help relieve the pain related to undiscovered and unintended overages, maintain a loanâs qualified mortgage status, and avoid regulatory violations. [1/6/15]
