Articles by Brena Swanson

What will come first: July 2018 or new plans for the CFPB?

Expert attorney on the mostly likely process going forward
The U.S. Court of Appeals for the District of Columbia Circuit finally ruled on the landmark case between the Consumer Financial Projection Bureau and PHH in favor of the CFPB. The decision significantly lengthens the timeline for knowing the fate of the bureau and its director, Richard Cordray. So what’s likely to happen now? Alan Kaplinsky, partner and leader of Ballard Spahr’s Consumer Financial Services Group, explains what he thinks will happen.
Read More

CFPB seeks increased lending to "credit invisible" borrowers

Accepting input on alternative borrower-rating options
The Consumer Financial Protection Bureau is joining the growing chorus of groups trying to expand access to credit for consumers who lack enough credit history to obtain a credit score, also known as the credit invisible. During a field hearing in Charleston, West Virginia on Thursday, CFPB Director Richard Cordray said the bureau is officially is seeking public feedback on the benefits and risks of tapping alternative data sources. Do you have any comments you want to submit?
Read More

SoFi to lock in $500 million investment led by Silver Lake

Online lender now valued at more than $4 billion
SoFi is at it again and reportedly nearing a deal to raise $500 million in fresh funds from an investor group led by private-equity firm Silver Lake. This marks another major investment for the online lender after its $1 billion in funding led by SoftBank back in 2015.
Read More

Confused about the CFPB? Don't stop implementing mortgage regulations

Mortgage expert talks about next steps forward for industry
The future of the Consumer Financial Protection Bureau is as clear as mud right now. There are at least four different situations at play currently, all of which could completely change the agency. Meanwhile, the housing industry is left to conduct business in the middle of this storm. So, the question is: What should you do now?
Read More

Chase moves into digital mortgages with help from Roostify

Slated to release online home loan later this year
Chase is adding its name to a growing list of mortgage lenders going digital, as the housing industry steps up its game to meet the needs of consumers. Chase announced on Thursday it’s launching a digital mortgage platform, allowing customers to track a loan application through closing entirely online and from any mobile device.
Read More

Housing starts begin year slightly lower

News comes after record 2016
While last year posted the best year for housing starts since 2007, this year didn't quite keep up the trend. Looking at the latest release from the U.S. Census Bureau and the Department of Housing and Urban Development, housing starts began the year off slightly down.
Read More

SoftBank to take over Fortress Investment Group

Acquires company for $3.3 billion
In a major acquisition play for the industry, SoftBank Group Corp. announced a definitive merger agreement to purchase real estate investment powerhouse Fortress Investment Group for $3.3 billion in cash. Neither of the companies are new names to industry as both are heavy investors in top housing companies.
Read More

Mortgage delinquencies edge slightly higher from record lows

MBA: Rise not unexpected
Despite a rise in the mortgage delinquency rate in the fourth quarter of 2016, the slight uptick follows a record-low third-quarter report. Marina Walsh, the Mortgage Bankers Association’s vice president of industry analysis, explains the mixed set of results in the most recent survey.
Read More