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President-elect Joe Biden has announced his picks for two important financial regulatory positions. The chairmanship of the Consumer Financial Protection Bureau (CFPB) will be filled by Rohit Chopra while Gary Gensler is expected to be named to head the U.S. Securities and Exchange Commission (SEC). Both nominations are expected to be controversial among the communities that fall under supervision of the two agencies with Chopra perhaps facing a difficult confirmation process. Chopra helped now-senator Elizabeth Warren (D-MA) design CFPB during the presidency of Barack Obama and served as its assistant director and student loan ombudsperson. He has been a member of the Federal Trade Commission since 2018. Gensler was chair of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014 and has led Biden's financial industry oversight planning team since the election. Industry observers generally expect the appointments to signal a return to more robust oversight than was the course during the outgoing administration. ...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
A decline in the number of forborne loans in those portfolios serviced for banks and private label securities (PLS) accounted for most of the modest downturn in overall numbers last week. Black Knight said the number of active plans dropped by 9,000 loans or 0.3 percent compared to the previous week. The the total of active plans is only 1.5 percent below where it was in December, continuing a recent trend of slowing improvement. "This further sets the stage for a great many plans to still be active when the first wave of forbearance plans begin to expire at the end of March, the Black Knight report says." ...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Freddie Mac's first quarter 2021 economic forecast is unusually short, and, unlike recent forecasts from either of the GSEs, has relatively few revisions. The company's economists say that nearly a year after the first cases of COVID-19 were diagnosed in the U.S., economic growth remains uncertain, with answers largely hinging on the roll-out of the new vaccines. The labor market remains weak with close to 20 million collecting unemployment insurance. December's job losses, the first since last April, didn't change the unemployment rate from 6.7 percent because labor participation also declined. ...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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