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Attention lenders: The CFPB is now focusing more on fair lending in mortgages

Plaza Home Mortgage rolls out new high-balance mortgage program According to Plaza Home Mortgage, the new high-balance loan program, which it calls "High Balance Access," gives borrowers the chance to secure loans between those amounts regardless of where.

from or made to pay more for mortgages, indirect auto loans, and credit cards because of their race, ethnicity, sex, or age. Going forward, because of emerging fair lending risks in other areas, we are increasing our focus

So, continuing issues with HMDA, the volatility at the CFPB, and digital mortgages are going to produce the most pressing new compliance issues. I believe the compliance impact of the progression to digital mortgages and an increased focus on fair lending will be the most impactful issue before the end of 2018.

The Qualified Mortgage & Consumer Financial Protection Bureau (CFPB) Explained - Boston Mortgage Do you know the CFPB’s top three Fair Lending compliance priorities for 2017? And more importantly, do you know your risk? In this post, learn the Bureau’s 3 fair lending priorities and how to manage your risk! The Consumer Financial Protection Bureau recently released the 2017 Fair Lending Report, which included their top Fair Lending.

First, CFPB has identified residential mortgage lending, all lenders and all products, as a primary area of focus. That is not surprising given the subprime mortgage crisis of only a few years ago, the underwriting deficiencies that were allowed to take place, the resulting foreclosure rate for residential mortgages, and the severe impact all.

Does that mean you don’t have to worry about your credit when you get one of these forms? Not exactly. The event that triggered the 1099-C – unpaid credit card debt, for example, or a foreclosure or short sale of your home, a vehicle repossession or other incident in which you did not pay a debt – almost certainly has been reported on your credit reports.

CoreLogic: Completed foreclosures fall by 30% In the month of April, 38,000 U.S. home foreclosures were completed, up 5.5% month over month and down 6.9% from a total of 41,000 in May 2015, according to CoreLogic. year-over-year declines of.

As the article notes, the Office of Fair Lending was previously responsible for the enforcement of fair lending laws, including pursuing redlining allegations against mortgage. the CFPB was created.

“Prime Mortgage Lending, Inc transitions to GoPrime. You owe this to yourself, your family, and your team. Learn more and secure your spot TODAY! Residential lenders are particularly interested in.

HousingWire News Podcast: If your lending tech isn’t what Millennials want, can you survive long-term? Multifamily construction pushes housing starts New-construction starts, comprising nonresidential, residential, and nonbuilding construction, fell 9% in July from the elevated pace reported in June, reports Dodge Data & Analytics. With a seasonally adjusted rate of $817.4 billion last month, the decline follows strong gains for total.Redwood Trust: 4 optimistic opportunities ahead for mortgage reits california bankruptcy court rules against MERS Monday Morning Cup of Coffee: Goldman Sachs economist predicts greater housing gains FTSE CLOSE: Footsie heads lower as data highlights slow growth at major. – With an hour of trading to go, the FTSE 100 index was down 21.8 points at 6,776.8, close to the morning low of. to Congress’ Joint Economic Committee that one risk for the US economy is that the.bankruptcy judge rules against MERS but the decision was. – Bankruptcy Judge rules against MERS but the decision was overturned. "Aside from the inappropriate reliance upon the statutory definition of "mortgagee," MERS’s position that it can be both the mortgagee and an agent of the mortgagee is absurd, at best. – Judge Grossman, Federal Bankruptpcy Court The Court recognizes that an adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its [.]MFA Financial, Inc., through its subsidiaries, operates as a real estate investment trust (reit) in the United States. The company invests in residential mortgage assets, including non-agency mortgage-backed securities (MBS), agency MBS, residential whole loans, credit risk transfer securities, and mortgage servicing rights related assets.Fitch Warns on Option ARMs; High Defaults Await When Greece Defaults – The second round bailout of Greek debt is just delaying the inevitable-Greece is going to default. As details have emerged on. it does serve as a helpful warning to Italy, Spain, and Portugal. Such.wsj online coverage of breaking news and current headlines from the US and around the world. top stories, photos, videos, detailed analysis and in-depth reporting.

After all, the new HMDA data will drill down to the individual originator and their individual practices, so training and preparing them for fair lending issues, and mystery shoppers is the most important thing you can do to assist them and your company. CFPB-BCFP_Fair-Lending_Report Fair Lending Classes

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