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CFPB

Fair housing groups sue CFPB, Vought over ECOA fair lending rule

CFPB, Discrimination, disparate impact, Fair Lending, HWmember, Lawsuit, Legal, Mortgage, National Fair Housing Alliance, Politics, Trump administration /

A coalition of fair housing and economic advocacy groups sued the Consumer Financial Protection Bureau (CFPB) and acting director Russell Vought on Wednesday, seeking to block a Trump administration-backed rule they say would weaken longstanding protections against lending discrimination. The lawsuit, filed in federal court in Washington, D.C., challenges changes made last month by the […]

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CFPB prioritizes Reg X, GSE streamline refis as LO Comp hopes fade 

CFPB, Consumer Financial Protection Bureau, HWmember, LendingLife, Loan Officer, Mortgage, Mortgage Bankers Association, Mortgage Servicing, Refinancing, Regulatory /

The Consumer Financial Protection Bureau (CFPB) could finalize changes to its Regulation X servicing rules while creating a regulatory pathway for streamlined refinances through the government-sponsored enterprises (GSEs) by the end of this year, mortgage industry sources told HousingWire. Meanwhile, prospects for changes to the loan originator compensation rule (LO Comp Rule) — particularly revisions

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Trump executive orders target housing supply and mortgage credit

CFPB, Donald Trump, FHFA, Housing Market, HUD, HWmember, Mortgage, Regulatory, Trump administration /

President Donald Trump on Friday announced two executive orders that aim to increase the U.S. housing supply and consumer access to mortgage credit. One of the orders directs various federal agencies — including the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) — to work together on reviewing

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Colony Ridge settlement faces court challenge in Texas

CFPB, Department of Justice, Fair Lending, Hispanic homeownership, Housing Market, HWmember, Lawsuit, Legal, Regulatory /

Fair housing and immigrant advocacy groups are urging a federal court in Texas to reject a proposed settlement between Colony Ridge Development LLC and federal agencies over alleged predatory lending practices. The groups say that key provisions of the agreement are “unlawful, unnecessary and unrelated to the underlying case.” Under the proposed terms, Colony Ridge

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CEA analysis weighs CFPB’s economic impact

CFPB, Compliance, Consumer Protection, Dodd-Frank, Financial crisis, HWmember, Legal, Mortgage, Mortgage Rates, Politics, Regulatory, Regulatory Compliance /

A new report from the Council of Economic Advisers (CEA) estimates that the Consumer Financial Protection Bureau (CFPB) has imposed $237 billion to $369 billion in cumulative costs on U.S. consumers since its creation in 2011, largely through higher borrowing costs. For 2024 alone, the report estimates $24 billion to $38 billion in costs. The

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Restitution checks possible for some reverse mortgage borrowers after CFPB action

CFPB, HWmember, Legal, Mortgage Servicing, Novad Management Consulting, Regulatory Compliance, Reverse, Reverse Mortgage Daily, Sutherland /

Reverse mortgage borrowers whose loans were previously serviced by U.S. Department of Housing and Urban Development (HUD) subcontractor NOVAD Management Consulting LLC may receive reimbursement checks in the mail following a 2024 enforcement action brought by the Consumer Financial Protection Bureau (CFPB). The National Reverse Mortgage Lenders Association (NRMLA) notified its members on Friday morning in

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Federal judge orders Trump administration to seek money for CFPB

CFPB, Politics, Regulatory, Trump administration /

A federal judge on Tuesday ruled against the Trump administration as it seeks to shut down the Consumer Financial Protection Bureau (CFPB) by refusing to fund it. The judge ordered the administration to continue to seek funding for the bureau, which was created by Congress but is funded through the Federal Reserve. The Trump administration

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NRMLA urges CFPB not to restrict age-based programs like reverse mortgages

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The National Reverse Mortgage Lenders Association (NRMLA) is urging the Consumer Financial Protection Bureau (CFPB) to revise proposed changes to federal fair lending rules, warning that the agency’s approach could undermine reverse mortgages by restricting the permissible use of age in credit programs. In a comment letter submitted to the CFPB on Dec. 15, the

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CFPB’s ECOA proposal raises alarms over women’s ability to get a mortgage

CFPB, Consumer Financial Protection Bureau, HWmember, Mortgage, National Fair Housing Alliance, Politics /

The Consumer Financial Protection Bureau (CFPB) is proposing changes to rules under the Equal Credit Opportunity Act (ECOA) to clarify lenders’ responsibilities on issues including disparate impact, discouragement of applicants and special purpose credit programs (SPCPs) that industry leaders say could hurt women’s ability to get a mortgage loan in their own name. The comment

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Senate Democrats warn CFPB shutdown could disrupt prime interest rates

CFPB, Consumer Financial Protection Bureau, Democratic Party, HWmember, Interest rates, LendingLife, Mortgage, Politics, Regulatory, Senate, Trump administration /

U.S. Senate Democrats sent a letter to Consumer Financial Protection Bureau (CFPB) acting director Russell Vought raising concerns that any “efforts to shutter the agency” could disrupt the publication of average prime offer rates (APOR), a key benchmark in the mortgage market. The CFPB manually calculates and publishes detailed APOR tables on a weekly basis.

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