FHFA and the Mortgage Bankers Association have asked legislators to exempt Fannie Mae and Freddie Mac from new laws governing the use of automated underwriting systems and other artificial intelligence tools.
HUD issues guidance on mortgage advertising; UWM expands title services for brokers; Freedom issues debt; Incenter offers review services for taxes and insurance; most housing inventory in Florida, Texas.
Ten Democratic lawmakers, led by Senate Banking, Housing and Urban Affairs Committee Chair Sherrod Brown, want HUD and the CFPB to investigate Navy Federal Credit Union over fair lending concerns.
The mortgage industry and housing policymakers have more work to do in developing home loan products targeted to helping close the racial homeownership gap, speakers at an Urban Institute conference said.
Experts call for ongoing, intentional and collaborative efforts across federal agencies to combat racial disparities in homeownership and access to housing financing.
The proposed rule would direct all HUD program participants to proactively take actions to overcome patterns of segregation, promote fair housing choice and eliminate disparities in opportunities, among other issues.
A lawsuit filed by Oakland, CA, in 2015, alleging that discriminatory lending by Wells Fargo eventually prompted a decrease in property tax collections, was ultimately decided in favor of the lender.
In particular, one clause could rankle mortgage industry participants: HUD also agreed to notify FHFA of any Fair Housing Act complaints related to counterparties of Fannie and Freddie.