New Jersey is the latest state to introduce legislation to establish its own version of the Community Reinvestment Act.

The new law addresses foreclosures on “zombie” second mortgages and creates new standards for subordinate mortgage servicers.

Key differences exist between the Equal Credit Opportunity Act’s and the Fair Credit Reporting Act’s adverse action notice requirements.

Pawnshop settles MLA lawsuit; CFPB won’t reissue a medical debt collection AO; federal judge vacates medical debt rule; CFPB places a top staff member on leave; OCC will no longer examine for disparate impact liability; FDIC releases the top regulatory violations for 2024.

Just one week after VantageScore 4.0 credit score was allowed for underwriting GSE-eligible loans, competitor FICO released data appearing to show that FICO 10 T has superior predictive capabilities.

The GSEs’ automated underwriting systems now include income calculators, appraisal waivers and tools to assess the rental payment history of borrowers.

By one estimate, if Fannie’s title acceptance pilot were allowed to expand, it could save consumers as much as $96 million a year without significantly increasing the risk of title defects.

Nearly $297 million in non-performing Fannie loans have hit the auction block so far in July. That includes an $8.1 million community impact pool.

Fannie’s Financial Crimes Investigation team warns lenders of a string of fraudulent cash-out refis in the New Jersey area.

If true, this could be an example of occupancy fraud, a method used to secure a lower interest rate or better terms on a mortgage.