Fair Lending Shake-Ups: CFPB Vacates Townstone Settlement, FHFA Ends GSEs' Special Purpose Credit Programs — The Consumer Finance Podcast
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Credit Eco to Go Podcast - Not a Normal Mortgage Crisis: How the Mortgage Industry Weathered the Pandemic
Not a Normal Mortgage Crisis: How the Mortgage Industry Weathered the Pandemic
The UK Financial Conduct Authority (FCA) has published final policy statement PS25/11, accompanied by a press release, finalising the first set of reforms under the Mortgage Rule Review (MRR). These changes aim to simplify...more
A federal judge has rejected the Trump Administration’s request to release from court supervision a bank that had been accused of discriminatory lending....more
Recently, a complaint was filed against loanDepot.Com, LLC (“loanDepot”) in the U.S. District Court for the District of Maryland alleging violations of the Truth in Lending Act (TILA)/Regulation Z loan originator compensation...more
An Illinois federal district court judge presiding over a revived redlining case denied a joint motion to vacate a 2024 voluntary settlement between the Consumer Financial Protection Bureau (CFPB) and a Chicago-based non-bank...more
In January 2025 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-06 revising servicing and claims requirements and loss mitigation options for FHA insured mortgage loans effective...more
Legislation to prohibit so-called “trigger leads” in the homebuying process once again has been reintroduced in the House and Senate....more
The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from three states: Arkansas: House Bill 1184, which we expect to take effect on or about August 8, amends...more
The CFPB has announced that Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2024 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for...more
The first two months of 2025 were filled with numerous consumer protection actions by state AGs against vehicle dealers and players in the mortgage space, among others. ...more
Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a close look at business development companies, an introduction to project...more
AT A GLANCE - In response to market concerns regarding licensing guidance for assignees of certain residential mortgage loans and installment loans released by the Maryland Office of Financial Regulation in January, that...more
California Assembly Bill 3108 became effective on January 1, 2025 and could conceivably make certain business purpose loans secured by owner-occupied property subject to mortgage fraud claims by the borrowers. The primary...more
On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued guidance significantly expanding licensing requirements for assignees of residential mortgage loans in Maryland. The guidance stems from an April...more
A law recently passed by the New York State Assembly and signed by Gov. Kathy Hochul puts significant limits on the flood insurance that lenders can require borrowers to purchase on loans secured by residential real property....more
Led by the California Mortgage Bankers Association, five lenders have made commitments to provide mortgage relief for the victims of the California wildfires....more
On January 15, the CFPB published a report focusing on the home equity contracts, also known as home equity investments (HEIs). As described by the CFPB, these financial products allow homeowners to receive an upfront payment...more
On January 6, 2025, the CFPB filed a lawsuit against a non-bank manufactured home financing company for violations of the Truth in Lending Act and Regulation Z. The lawsuit alleges that the mortgage lender engaged in...more
The Consumer Financial Protection Bureau (“CFPB”) filed an action on December 23, 2024, against Rocket Home Real Estate LLC (“Rocket Homes”), a real estate brokerage and affiliates (“Defendant Brokerage”) and an individual...more
Recently, FHA’s Office of Single Family Housing included on its “Drafting Table” a request for stakeholder feedback on both a draft Mortgagee Letter establishing the Optional Reimbursement Claim Alternative Option (“ORCA”)...more
The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA)....more
On December 17, the CFPB released an Issue Spotlight reporting on challenges that homeowners often face with mortgage servicing companies after a divorce or the death of a loved one which may cause them to become homeowners....more
On December 13, the Governor of New York signed into law AB 9686, which amends the New York State banking law by requiring the Superintendent of Financial Services to develop an informational pamphlet titled “What Mortgage...more
On December 2, the FHA issued Mortgagee Letter 2024-23, outlining revised requirements for reporting cyber incidents by FHA-approved mortgagees. According to the letter, the revisions aim to align FHA reporting requirements...more
On November 25, new regulations in Maryland addressing shared appreciation agreements became effective. This action implements Ch. 568 (H.B. 1150) from 2023, which codified that shared appreciation agreements are mortgage...more
The Majority Group Partner Anne Canfield joins Sasha Leonhardt and Jerry Buckley to explore legislative changes that could facilitate digital mortgages and cut thousands of dollars from the cost of mortgage origination. Anne,...more