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Regulation and compliance

HUD settles fair housing cases, reduces Biden backlog

Fair Housing Act, HUD, Politics and policy, Racial bias, Regulation and compliance /

The Department of Housing and Urban Development continues to reshape its enforcement of the Fair Housing Act by settling multiple cases and halting investigations of disparate impact. Processing Content HUD announced 15 recent fair housing actions that progress civil rights enforcement, deliver relief to Americans facing housing discrimination and reduce a case backlog inherited from […]

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MISMO issues appraisal spec updates to support UAD 3.6

MISMO issues appraisal spec updates to support UAD 3.6

Appraisals, GSEs, Originations, Regulation and compliance /

The leading mortgage industry procedural standards organization provided an update to appraisal specifications, aligning them to a change in reporting rules governing data delivery that become mandatory this year.  Processing Content The Mortgage Industry Standards Maintenance Organization made changes to its Property and Valuation Services procurement dataset specification this week in a move that will

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Wither AI: don’t count on an all-automated loan anytime soon

Wither AI: don’t count on an all-automated loan anytime soon

Artificial Intelligence, MARKETING TO BORROWERS, Mortgage technology, Originations, Regulation and compliance, Underwriting /

The federal law putting into place education, registration and — for non-depository originators — licensing requirements, applies only to human beings. Yet, don’t count on an all-automated loan happening anytime soon. Processing Content The conclusion comes from a new Mortgage Bankers Association white paper, written by the law firm of Orrick, Herrington & Sutcliffe, titled

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FTC awards refunds to Home Matters USA mortgage scam victims

Fraud, Law and legal issues, Regulation and compliance, Servicing /

Victims of a pandemic-era fraud operation will finally see some of their money returned two years after regulators penalized the perpetrators of a mortgage relief scam.  Processing Content In the joint lawsuit filed by the Federal Trade Commission and the California Department of Financial Protection and Innovation, judges issued a decision that led to a

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Select Portfolio Servicing settles with California AG

Select Portfolio Servicing settles with California AG

Foreclosures, Regulation and compliance, Servicing /

Select Portfolio Servicing has resolved allegations that it violated state and federal rules aimed at protecting borrowers from foreclosure during the pandemic. Processing Content SPS, which an investor consortium bought from UBS in a deal that closed last year, agreed to pay $4.6 million to settle the legacy charges with California Attorney General Rob Bonta.

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Fed’s Barr: Strong bank regulation curbs nonbank risks

Fed’s Barr: Strong bank regulation curbs nonbank risks

Compliance Risk, Federal Reserve, Politics and policy, Regulation and compliance /

Federal Reserve Gov. Michael Barr.Bloomberg News Processing Content Key insight: The Fed’s former top regulator continues to beat the drum about the stability consequences of the current bank deregulatory policies being championed in Washington. Expert quote: “The bank deregulation undertaken so far, and the plans for more to come, is ultimately going to make our

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FOIA suits seek CFPB’s records on Rocket, Veterans United

Law and legal issues, Regulation and compliance /

The Consumer Financial Protection Bureau is being sued to release records related to its actual, and alleged, investigations into two big lenders.  Processing Content Two separate lawsuits filed in the past week regard inquiries for internal bureau documents on Rocket Homes and Veterans United. While the CFPB dropped its Real Estate Settlement Procedures Act case

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Lawmakers press bank regulators on private credit risks

Lawmakers press bank regulators on private credit risks

FDIC, Federal Reserve, NCUA, OCC, Politics and policy, Regulation and compliance /

Federal Reserve Vice Chair for Supervision Michelle Bowman.Bloomberg News Processing Content Key insight: Bank regulators say they are keenly focused on bank lending to private credit. While they do not see it as an immediate threat to financial stability, they say their understanding of how bank funds are being used in the space is lacking.

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CFPB issues response to Bilt’s transition troubles

Bank technology, Banking as a service, CFPB News & Analysis, Fintech, Regulation and compliance, Technology /

Key insight: The CFPB announced “collaborative” discussions with a fintech hit with customer complaints earlier this year when it switched bank partners. What’s at stake: The statement comes as the Trump administration attempts to cut staff at the agency and has dropped previous enforcement actions. Expert quote: Senator Elizabeth Warren said that “Bilt has yet

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Fed’s Barr: Regulatory relief increased big bank profits, not lending

Consumer lending, Political Risk, Politics and policy, Regulation and compliance /

Key insight: As the Trump era banking agenda rolls on, a holdover appointee from the Biden administration says the benefits are not being evenly distributed.  Expert quote: “The share of executive compensation as a share of revenue went up by 18% from last year and the share buybacks are up 66%. That’s not benefiting communities

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