Fannie Mae recently published Fair Servicing Best Practices (“FSBP”). Developed with input from more than 30 mortgage servicers and community advocacy groups, the FSBP is intended to ensure Fannie Mae servicers are aware of the expectations that servicers will treat all borrowers fairly and consistently, and comply with the Equal Credit Opportunity Act (“ECOA”), the […]
Following the publication of this article, the Public File deadline was adjusted to January 1, 2026. The recent lawsuit challenging the Community Reinvestment Act (CRA) File Rule may have added uncertainty to the implementation timeline, but one crucial aspect remains unchanged: your CRA Public File must be updated and readily available by April 1, 2024. […]
As the submission March 1 deadlines loom for annual CRA and HMDA data reporting, Compliance Officers can sometimes feel a bit lost in the woods. While the details of filings are always important, it’s critical to take the time to pick your head up and look at your data at a macro level. This past […]
Unlocking Insights: Analyzing the 2022 CRA Peer Data for Small Business, Small Farm and Community Development On December 20, 2023, the three Federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) with Community Reinvestment Act (CRA) responsibilities — the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance […]
Seven Question with Principal Software Engineer, John Murphy! Meet John Murphy! He’s our Principal Software Engineer at RiskExec and this April, we celebrated his 5th anniversary with our team! Describe what you do at RiskExec in 3 words or less.JM: I build RiskExec. How did you discover your passion for software programming/engineering?JM: I have always […]
Banking, lending, and other financial institutions are required to remain in compliance with a long list of regulations, including those established by the Community Reinvestment Act (CRA) of 1977. Regulatory compliance today, however, is more complicated now than it might have been in 1977 when this legislation was first enacted. Years of examination and the […]
Understanding fair lending exposure and what it means for your bank or financial organization is essential to managing discriminatory risks and remaining compliant. Having the right fair lending software can significantly impact a lending institution’s ability to monitor potential fair lending risks across the entire enterprise. Let’s explore the most important features to consider when […]
Understand the generational effects of illegal redlining in real estate and the best practices to stay in regulatory compliance with redlining laws.
While neither candidate for president has really focused on housing and fair lending laws during his campaign, no matter who takes office in 2021, the future of housing finance could look quite different over the next few years.
Loan servicers currently operate between a rock and a hard place. Borrowers want high-quality service. Regulators demand that products and services are provided fairly and equitably.
With COVID-19 still top of mind for most, lenders cannot afford to assume that concerns of fair lending compliance will fade away.
Lenders should make sure all their fair-lending policies, procedures, and documentation remain fresh, are actively used, and are effective.