The distribution of credit score tiers shifted upward during the pandemic. Individuals in all credit score tiers were more likely to move up at least one tier or remain in their own tier during the pandemic, but upward mobility was especially improved for consumers with subprime credit scores.
For many struggling mortgage borrowers with home equity, selling their home could be an alternative to foreclosure
Mortgage servicers have direct communication with homeowners. Servicers may remind homeowners that one option to avoid foreclosure is selling the home. Servicers may recommend homeowners speak with a real estate agent for a free estimate of the home’s current value. Servicers can also direct struggling homeowners to HUD-approved housing counseling agencies.
Today, the CFPB is releasing our updated Mortgage Servicing Examination Procedures, providing transparency to stakeholders about how we do our work.
As a result of the CFPB’s enforcement action against Wells Fargo Bank, customers of its auto loan, mortgage, and banking businesses could expect to receive payments that help make up for the bank’s illegal practices.
This week, the CFPB filed a friend-of-the-court brief to ensure people have access to legal protections for their government benefit prepaid cards.
The CFPB’s supervisory activities may help entities identify issues before they become systemic or cause significant harm. Here’s what newly supervised institutions can expect from a supervisory relationship with the CFPB.
The past two years of high inflation have been difficult for renters. A substantial percentage of renters missed rent payments, and relatively few renters who missed payments found assistance. Additionally, we show that the transition to homeownership has slowed markedly in the past year. Notably, Black and Hispanic families were less likely than non-Hispanic white families to get a mortgage when interest rates were low.
Cuando las tasas de interés son las más altas de los últimos 20 años, los propietarios de viviendas muy probablemente recibirán ofertas, o buscarán alternativas de hipotecas con tasa fija, que les ayuden a reducir sus pagos hipotecarios mensuales.
With mortgage interest rates elevated to levels not seen in many years, homebuyers are more likely to be offered, or seek out, alternatives to fixed-rate mortgages to help lower their monthly mortgage payments. Mortgage applicants should be aware of how these programs work to select the best option for their financial situation.
Los consumidores afectados por los servicios financieros penitenciarios de JPay recibirán compensación
El fondo de JPay de $4 millones para reparaciones está siendo distribuido entre los consumidores afectados desde el 14 de diciembre del 2022.
JPay violated the Consumer Financial Protection Act (CFPA) by charging consumers fees to access their own money on prepaid debit cards that consumers were forced to use. Eligible consumers may receive a check in the mail, or they can submit a claim online.
Entregaremos $95 millones en reparaciones para consumidores perjudicados por Premier Student Loan Center
Distribuiremos más de $95 millones en reparaciones a más de 87,000 consumidores perjudicados por una operación de alivio de deuda de préstamos estudiantiles, manejada por la empresa Consumer Advocacy Center Inc., conocida como Premier Student Loan Center, y sus compañías relacionadas.
The CFPB will distribute over $95 million in redress to over 87,000 consumers harmed by a student loan debt relief enterprise operated by Consumer Advocacy Center Inc., d/b/a Premier Student Loan Center, and related companies.
Consumidores perjudicados por servicios fraudulentos de alivio de deuda de préstamos estudiantiles, recibirán compensación
Los consumidores recibirán cheques provenientes de nuestra acción de cumplimiento de ley contra cinco compañías de alivio de deuda de préstamos estudiantiles, asociadas a Monster Loan y Tech Loans, por violar leyes de protección al consumidor
Consumers will receive checks in the mail from the CFPB’s enforcement action against five student loan debt relief companies.
Learn about steps you can take to protect caregivers from nursing homes and debt collectors who may be billing and suing caregivers for residents’ cost of care based on illegal admission contracts.
Estamos trabajando junto a gobiernos municipales y condales para identificar y enfrentar el daño financiero a sus habitantes.
Usted puede ayudar a cuidadores a descubrir tácticas ilegales de cobranzas de deudas con hogares de cuidado
Sepa qué pasos dar para proteger a cuidadores de hogares de cuidados y cobradores que podrían estar facturándoles y demandándoles por costos de cuidados a residentes, basándose en contratos de admisión ilegales
The CFPB is requesting comment on whether it should finalize its preliminary determination that a New York commercial financing law—as well as potentially similar laws in California, Utah, and Virginia—are not preempted by the Truth in Lending Act.
The United States District Court for the District of Columbia issued an order vacating the 2020 Home Mortgage Disclosure Act Final Rule as to the loan volume reporting threshold for closed-end mortgage loans.
Los préstamos automotrices representan la tercera porción más grande del mercado de créditos al consumidor. Aunque más de 100 millones de personas tienen préstamos para autos, este siempre cambiante mercado carece de data detallada. Estamos buscando información del público sobre data clave en el crédito automotriz.
The Ombudsman’s Office annual report, which the Ombudsman delivered to the Director, is available today on our webpage.
Office of Research blog: Higher interest rates leading to higher debt burdens for mortgage borrowers
Mortgage interest rates have been rising sharply in recent months, impacting mortgage borrowers and applicants. Using quarterly HMDA data on closed-end home-purchase loans, we find that monthly payments and debt burdens (as measured by DTI) have increased, with a higher percentage of mortgage application denials reporting DTI as a reason for not qualifying.
This week, we filed a friend-of-the-court brief to protect consumers’ funds from unauthorized withdrawals by credit card companies.
The CFPB recently filed an amicus brief to ensure military families are able to sue creditors that violate the Military Lending Act.