Consumer lending

Home-purchase applications fell to the lowest level in a generation last week — and demand may be depressed even further when the pandemic-era freeze on student debt ends in October, according to a poll conducted by Pulsenomics LLC among more than 100 housing experts. 

Banking and credit union regulators encouraged compassionate treatment of customers in Hawaii communities hit by wildfires. They also vowed to grant expedited approvals of temporary banking facilities, be flexible in compliance matters and provide other support to financial institutions.

But mortgage numbers remain historically very low and fall short of pre-pandemic levels, according to VantageScore's latest monthly report.

Several community banks noted an uptick in problem loans in second-quarter earnings reports. Small lenders should brace for more of this, industry observers noted.

Over 111,000 distressed mortgage holders opted into a loan modification program during the COVID-19 pandemic by using a designated digital platform or app, according to Black Knight.

Americans are so desperate to break free from credit card, mortgage and auto loan debt that they'd resort to dangerous deeds, a survey by Beyond Finance found.

Ally, Truist, Citizens and SoFi are among the banks that offer student loan repayment benefits. The recent Supreme Court decision striking down President Biden's loan forgiveness plan could give a leg up to companies that provide such assistance to their employees.

The Mortgage Bankers Association attributes this to muted demand for home purchases and companies trimming their operations.

Adjusted for inflation, consumer spending has largely stalled after surging at the start of the year. Delinquency rates, meanwhile, are ticking up. 

After a Supreme Court ruling, forgiveness for education debt looks unlikely but some of those exiting forbearance for it get a year-long break on credit and fees that could be helpful.