Misleading Marketing Laws As of January 1, 2024, mortgage companies soliciting consumers in Illinois will need to ensure their marketing materials do not run afoul of the state’s new law designed to protect consumers from being misled. The new law provides that any marketing materials from a mortgage company with no connection to the consumer’s […]
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 Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (The Agencies) — announced […]
Meet John Murphy. He’s our Principal Software Engineer at RiskExec and this April, we celebrated his 5th anniversary with our team! Q: Describe what you do at RiskExec in 3 words or less.JM: I build RiskExec. Q: How did you discover your passion for software programming/engineering?JM: I have always enjoyed math and logic, so programming […]
Redlining Updates The CFPB’s first lawsuit against a nonbank mortgage lender for redlining has been dismissed byan Illinois federal Court. The Court held that the protections offered to actual loan applicants arenot extended to prospective applicants. Bureau of Consumer Fin. Prot. V. Townstone Fin., Inc.,2023 U.S. Dist. LEXIS 18405, 2023 WL 1766484 (N.D. Ill. Feb. […]
HMDA Reporting Threshold On September 23, 2022, the United States District Court for the District of Columbia entered a judgment invalidating the CFPB’s rule raising the HMDA reporting threshold to 100 covered loans. The court's decision returns the operative HMDA reporting threshold to 25 closed-end loans originated. Notably, the court’s ruling did not alter the […]
Section 1071 Compliance requirements are ever-changing, and it’s crucial for banking, lending, and other financial institutions to not only stay up to date with the latest regulatory updates and changes, but also have access to a comprehensive — and flexible — regulatory compliance analytics platform. Regulatory agencies, such as the Consumer Financial Protection Bureau (CFPB) […]
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.
The CFPB issued a report on HMDA data collected in 2018, 2019, and 2020 that outlines a number of trends in residential mortgage originations.
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.