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Appraisal Bias Settlement: Potential Roadmap

What Happened? The lender and consumers reached a settlement in an appraisal bias case, Nathan Connolly and Shani Mott v. Shane Lanham, 20/20 Valuations, LLC, and loanDepot.com, LLC, filed in Maryland District Court, that...more

CFPB’s War on Mortgage Fees Continues

What Happened? Immediately following President Biden’s State of the Union Address announcing plans to lower homebuyer and refinancing costs, the CFPB issued a blog post seeking public input on how mortgage closing costs...more

CFPB’s Message to Mortgage Servicers: Make Sure You Comply with RESPA’s Force-Placed Insurance Requirements

A&B Abstract: In Case You Missed It:  At the recent Federal Housing Finance Agency’s Symposium on Property Insurance, CFPB Director Rohit Chopra spoke about force-placed insurance and conveyed the following message: “The...more

CFPB Issues Advisory Opinion Warning Against Kickbacks for Mortgage Rate Shopping Platforms

A&B ABstract: Last week, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to address the applicability of the Real Estate Settlement Procedures Act (RESPA)’s Section 8 – the anti-kickback provision –...more

Moving to Address Appraisal Bias, Agencies and the Appraisal Foundation Issue Updates

A&B ABstract:  A year and a half after President Biden’s announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”), the past weeks have seen a flurry of activity from federal agencies and...more

CFPB Proposes Nonbank Registry to Focus on Compliance “Recidivism”

A&B ABstract: On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to require certain non-banks to register with the agency when they become subject to a public written order or...more

Assumptions on the Rise: Are You Ready for Mortgage Assumptions?

A&B ABstract: Mortgage assumptions – where a buyer assumes the existing mortgage loan of a seller – have fluctuated in popularity since the 1980s....more

GSEs to Require Mortgage Servicers to Obtain and Maintain Fair Lending Data

A&B Abstract: On August 10, 2022, the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (the “GSEs”) will require mortgage servicers to obtain and maintain fair lending data on their loans,...more

CFPB and DOJ Announce Redlining Settlement Against Non-Bank Mortgage Lender

A&B Abstract: On July 27, 2022, the Consumer Financial Protection Bureau (“CFPB”) and the US Department of Justice (“DOJ”) entered into a settlement with Trident Mortgage Company (“Trident”), resolving allegations under the...more

Appraisal Values and Lender Liability: Art, Science, or Gamble?

As part of the Biden Administration’s stated focus on narrowing the racial gap in wealth and homeownership, federal agencies launched an Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), with the goal...more

[Webinar] Fair Lending Webinar Series Part Two – Fair Valuations - January 25th, 2:00 pm - 3:00 pm ET

Please join Alston & Bird's consumer finance attorneys and an economist from Charles River Associates as they discuss new legal and practical approaches to fair lending, fair valuations, and fair servicing. This program will...more

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