The U.S. Department of Housing and Urban Development (HUD) recently issued a press release announcing a 2023 update to its Equity Action Plan. The Equity Action Plan is part of HUD’s efforts to implement President Biden’s...more
2/19/2024
/ Consumer Financial Products ,
Fair Housing Act (FHA) ,
Fannie Mae ,
FHFA ,
Financial Services Industry ,
Freddie Mac ,
HUD ,
Loans ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Racial Bias
The CFPB and Justice Department filed a joint complaint last week in a Texas federal district court against Colony Ridge Development, LLC and three related entities (collectively, “Colony Ridge”) in which the agencies allege...more
12/28/2023
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
ILSA ,
Mortgage Lenders ,
Mortgages ,
Predatory Lending ,
Statutory Violations
The CFPB recently released results of a study of residential mortgage refinance loans from the first quarter of 2013 to the first quarter of 2023, focusing on differences between cash-out and non-cash-out (or rate and term)...more
Bills have been introduced in the U.S. House of Representatives (H.R. 4198) and the U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage loans....more
12/20/2023
/ Consumer Financial Products ,
Consumer Reporting Agencies ,
Credit Reports ,
Credit Unions ,
Depository Institutions ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Proposed Legislation ,
Real Estate Transactions ,
Regulatory Agenda
The Federal Housing Administration (FHA) recently proposed enhancements to its 203(k) rehabilitation mortgage loan program. The proposed enhancements are set forth in a draft Mortgagee Letter. FHA will accept feedback on the...more
The U.S. Department of Housing and Urban Development (HUD) recently announced the 2024 loan limits for FHA insured forward mortgage loans and FHA insured Home Equity Conversion Mortgages (HECMs). The announcements were made...more
11/30/2023
/ Consumer Financial Products ,
Fair Housing Act (FHA) ,
Fannie Mae ,
Financial Services Industry ,
Freddie Mac ,
HECM ,
HUD ,
Loans ,
Mortgage Lenders ,
Mortgagee Letters ,
Mortgages
The Federal Housing Finance Agency (FHFA) recently announced the conforming loan limits for residential mortgage loans acquired by Fannie Mae and Freddie Mac in 2024. Fannie Mae addresses the limits in Lender Letter 2023-09....more
The CFPB recently released a report entitled Data Point: 2022 Mortgage Market Activity and Trends based on 2022 data reported by lenders under the Home Mortgage Disclosure Act (HMDA)....more
Townstone Mortgage (Townstone) has filed its brief in the CFPB’s appeal to the U.S. Court of Appeals for the Seventh Circuit from the district court’s decision in the CFPB’s enforcement action against Townstone. In the...more
8/23/2023
/ American Bar Association (ABA) ,
Chevron Deference ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Popular ,
Regulation B
The CFPB recently issued its annual fair lending report covering its fair lending activity in 2022....more
The U.S. Department of Housing and Urban Development (HUD) recently announced in Mortgagee Letter 2023.13 that lenders must use the Supplemental Consumer Information Form (SCIF) of Fannie Mae and Freddie Mac in connection...more
The CFPB has filed its opening brief in its appeal to the U.S. Court of Appeals for the Seventh Circuit from the district court’s decision in the CFPB’s enforcement action against Townstone Mortgage (Townstone). In the case,...more
6/21/2023
/ Chevron Deference ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
The CFPB recently announced that it is revising the methodology used to determine average prime offer rates (APORs). The revised methodology is available on the website of the Federal Financial Institutions Examination...more
Park National Bank (“Park National”), based in Ohio, has agreed to pay $9 million to settle allegations brought by the U.S. Department of Justice (DOJ) that it engaged in unlawful redlining practices in the Columbus...more
Park National Bank (“Park National”), based in Ohio, has agreed to pay $9 million to settle allegations brought by the U.S. Department of Justice (DOJ) that it engaged in unlawful redlining practices in the Columbus...more
As previously reported, in June 2021 the CFPB announced that it would conduct a voluntary review of the significant amendments to the Home Mortgage Disclosure Act (HMDA) rule adopted in October 2015, most of which became...more
The CFPB recently issued an advisory opinion entitled Real Estate Settlement Procedures Act (Regulation X); Digital Mortgage Comparison-Shopping Platforms and Related Payments to Operators. The CFPB states that it issued the...more
In Mortgagee Letter 2022-22 dated December 15, 2022, the FHA announced updates to its Single Family Housing Policy Handbook (HUD Handbook 4000.1) that modifies its policies governing conflicts of interest and dual employment....more
The CFPB recently issued a technical rule to reinstate the closed-end loan reporting threshold under the Home Mortgage Disclosure Act (HMDA) of 25 originated covered loans in each of the prior two calendar years that was...more
The U.S. Department of Housing and Urban Development (HUD) recently announced the 2023 loan limits for FHA insured forward mortgage loans and FHA insured Home Equity Conversion Mortgages (HECMs). The announcements were made...more
In a recent blog post the CFPB warned mortgage lenders that “[l]enders that fail to have a clear and consistent method to ensure that borrowers can seek a reconsideration of value risk violating federal law.”...more
For forward Federal Housing Administration (FHA) insured purchase mortgage loans made to first-time homebuyers, the U.S. Department of Housing and Urban Development (HUD) recently announced in Mortgagee Letter 2022-17 the...more
The CFPB recently issued a Request for Information Regarding Mortgage Refinances and Forbearances (RFI) Comments on the RFI will be due 60 days after publication in the Federal Register....more
In Mortgagee Letter 2022-09 dated July 7, 2022, the U.S. Department of Housing and Urban Development (HUD) sets forth new flexibility in underwriting guidelines for calculating effective income for Federal Housing...more
The CFPB recently issued a report entitled Data Point: Asian American and Pacific Islanders in the Mortgage Market. The report briefly examines differences among subgroups of Asian American and Pacific Islanders (AAPI) based...more