Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on trends in the residential mortgage lending market. 2023 showed a significant decline in mortgage lending activities, with loan applications and originations dropping by about a third from 2022. The decline was more prominent in refinancing activity than home purchase, with single-family refinance originations down nearly two-thirds from 2022. Median total loan costs also jumped significantly in 2023, with a higher percentage of borrowers reported having paid discount points than any other year since tracking of the data began.
Any chancery you might be impacted by the Delaware Personal Data Privacy Act (DPDPA)?(See what we did there?) Impacted companies need to gear up and prepare for compliance as the DPDPA becomes effective on January 1, 2025. The article that follows explains who is covered by the law and provides details about the requirements those businesses need to be aware of.
Economic shifts have a profound impact on debt settlements, influencing the strategies and outcomes for lenders across the financial landscape. As market dynamics evolve, lenders must adapt to emerging economic trends to optimize debt recovery efforts effectively. The interplay between financial technology advancements and regulatory changes further complicates the debt settlement process.
The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $16.5 billion in the third quarter of 2024. The third quarter trading revenue was $263 million, or 1.6 percent, more than in the previous quarter and $3.3 billion, or 25.0 percent, more than a year earlier.
Reports from 4,517 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $65.4 billion in third quarter 2024, a decrease of $6.2 billion (8.6 percent) from the prior quarter. The absence of one-time gains on equity security transactions that occurred last quarter drove the quarterly decrease. These and other financial results for third quarter 2024 are included in the FDIC’s latest Quarterly Banking Profile released today.
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