CSBS President Brandon Milhorn said the new data standard will help reduce mortgage lending compliance costs, giving companies the flexibility to make more loans.
While innovation and regulation are often thought of as in tension, industry participants suggest that with artificial intelligence, the two factors can work together.
The organization that represents state mortgage regulators supports a request from the MBA for a grace period for initial filing of Mortgage Call Report Version 7.
The court determined that when used retroactively, the new state foreclosure-protection law in New York doesn’t interfere with mortgage lenders’ due process rights.
A Maryland court ruled that Lakeview Loan Servicing and Nationstar Mortgage are subject to state prohibitions against charging convenience fees for monthly mortgage payments via phone.
The Mortgage Bankers Association and a local trade group said imposing Community Reinvestment Act requirements on nonbanks isn’t the way to address the barriers to homeownership.
Several complaint categories saw significant increases on a quarter-to-quarter basis, while grievances tied to student loans dropped. (Includes two data tables.)
The trade group called for clear federal guidance on existing laws to provide regulatory certainty and facilitate the adoption of artificial intelligence by the mortgage industry.
The bureau’s new interpretive rule could call into question the legality of state laws that aim to ban medical debt and other information from credit reports.
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