Consumer lending

Senate Majority Leader Chuck Schumer said he planned to move Tuesday to file a discharge petition to move Chopra’s nomination out of the Senate Banking Committee and onto the Senate floor.

In addition to the incentive, Neat Capital in Colorado mandated that its employees get inoculated against COVID-19.

The rate at which borrowers went past due on their home loans showed near-term improvement in July, according to Black Knight, but servicers fear those who still have forborne payments won’t recover.

Forborne mortgages stemming from the coronavirus outbreak reached their lowest level since late March 2020, according to the Mortgage Bankers Association.

Late payments on office loans have trended upward recently, but longer lease periods may mitigate the potential for distress in that sector, the Mortgage Bankers Association said.

The numbers in a new Research Institute for Housing America report reinforce other signs that recovery isn’t moving quite as quickly as originally anticipated.

The bureau said two rules related to communications with debtors will go into effect as originally planned on Nov. 30. The agency had previously proposed an extension to consider consumer advocates' concerns about the regulations.

The relatively low share of borrowers who were distressed in June adds to signs that the offramp from government relief measures may not lead to an overwhelming wave of foreclosures.

Consumers are booking rooms at levels not seen since early 2020 and loan delinquencies have fallen sharply as a result. Still, business travel remains sluggish and new COVID variants are spreading, threatening the hotel industry’s recovery.

Identifying where payment stress is concentrated could help mortgage servicers and federal policymakers prepare for the broader range of loan workouts that will resume this summer.

It will be several years before business and group travel return to normal levels, according to an estimate from the American Hotel & Lodging Association.

Rebounding employment brought total forborne mortgages under 2 million, according to the Mortgage Bankers Association.

The number of grievances about evictions and federal student loans declined between January 2020 and May 2021. Nonetheless, the Consumer Financial Protection Bureau warned financial firms that poor customer service can undermine government efforts to provide aid.

Private mortgage insurers can continue to hold less capital for forborne delinquent loans, which helps them potentially upstream payments to parent companies in the third and fourth quarters.

The numbers, which include payments suspended for pandemic-related hardships, could be a consideration in the possible further extension of moratoria federal regulators are close to making a call on.

The strength of the housing market helped to increase forbearance exits while minimizing new requests, according to the Mortgage Bankers Association.

The new calculation of borrowers’ monthly obligations will allow for a higher debt load from tuition, potentially opening eligibility to more Black applicants, according to public officials.

About 20% of the pandemic-related delinquent borrowers are up for review by the end of June, which could lead to vast improvement or deeper financial strife, according to Black Knight.

Meanwhile, National MI has been increasing its new insurance written by slightly widening its credit standards.

But March's overall late payment rate was 1.3 percentage points higher than one year ago, while the 90-day-plus rate was 2.3 percentage points higher.