DFPI releases report on CRMLA
On August 2, the California Department of Financial Protection and Innovation released a report examining residential mortgage lending, rates, consumer complaints, foreclosures, and other data elements during 2020. The DFPI compiled data submitted by licensed non-bank mortgage lenders under the California Residential Mortgage Lending Act (CRMLA). According to the report, “nonbank residential mortgage loans doubled from 2019 to 2020 as more Californians refinanced or obtained new loans in response to lower interest rates despite the economic downturn that resulted from the COVID-19 pandemic.” The report also noted that there was an approximate 68 percent decrease in foreclosures in response to Covid-19 moratoriums meant to protect consumers and an almost 19 percent decline in complaints. Other key findings include that (i) the number of mortgage loans originated increased by 100.5 percent; (ii) the number of loans brokered increased by 52.7 percent; and (iii) the aggregate average amount of loans serviced by licensees each month increased by 12.4 percent compared to 2019.