CFPB Changes Since its establishment in 2011 under the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) has played a pivotal role in financial services regulation, including the collection and compilation of mandated data. This responsibility notably includes Home Mortgage Disclosure Act (HMDA), originally enacted in 1975, with data collection authority shifting to the CFPB […]
Small Business Lending The small business lending landscape is undergoing a significant transformation with the implementation of the Small Business Lending (SBL) Rule under Section 1071 of the Dodd-Frank Act. This article will delve into some key considerations for lenders as they navigate the complexities of the new rule and evaluate technology solutions available to […]
The Texas Department of Savings and Mortgage Lending (“Department”) issued updated rules relating to mortgage companies, loan originators, mortgage bankers, and mortgage servicers. The revisions are aimed at modernizing and updating the rules by adding and replacing language for clarity, removing unnecessary or duplicative provisions, and updating terminology. Mortgage Loan Originators, Mortgage Companies and Mortgage […]
Fannie Mae Fair Servicing 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 […]
Following the publication of this article, the Public File deadline was adjusted to January 1, 2026. CRA Public File Updates 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 […]
Welcome to HMDA & CRA Submission Season 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 […]
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) […]