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.
With COVID-19 still top of mind for most, lenders cannot afford to assume that concerns of fair lending compliance will fade away.
On Thursday, April 16, the CFPB announced an amendment to Regulation C raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA).
Lenders should make sure all their fair-lending policies, procedures, and documentation remain fresh, are actively used, and are effective.
The Michigan legislature amended their Mortgage Loan Originator Licensing Act effective December 5, 2019. An individual who is a registered loan originator will have temporary authority to act as a mortgage loan originator for a specified period without first obtaining a mortgage loan originator license, if all of the following apply: An individual who is […]
The Alaska Department of Commerce, Division of Banking and Securities (“Department”) has amended their regulations dealing with mortgage lending and nonprofit exemptions, effective February 6, 2020. The Massachusetts Department of Banking has amended the rules related to licensing of mortgage loan originators, effective January 10, 2020. 3 Alaska Administrative Code Chapter 14 A bona fide […]
The New Jersey Department of Banking has updated their definition of a high cost loan. The Oklahoma Secretary of State has issued rules implementing the Oklahoma Remote Online Notary Act (“Act”). Both provisions discussed here were effective January 1, 2020. New Jersey Department of Banking and Insurance Bulletin 20-01 The New Jersey Department of Banking […]