Page 31 - Cfpb News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The mortgage market was profoundly affected by high interest rates last year, a trend that is likely to continue given this year's rate increases, CFPB director says. Residential mortgage lending activity declined sharply in 2022 as rates, closing costs and denials for insufficient income surged, a new report shows."The higher interest rate environment had profound effects on the mortgage market in 2022, with borrowers paying much more in monthly payments,” said Rohit Chopra, director of the Con

Homebuyers faced surging costs, fees and monthly payments in 2022. And lenders denied prospective borrowers far more often last year, per a CFPB report.

The Biden Admin discourages AI-driven credit denials, saying lenders should rely on customers' specific behaviors.

The Biden Admin discourages AI-driven credit denials, saying lenders should rely on customers' specific behaviors.

The Consumer Financial Protection Bureau is drafting a rule that would remove nearly all medical debt from credit reports, a practice the federal agency says unfairly harms 1 in 5 Americans.