Protecting customer relationships should be increasingly important for servicers now as the connections will be valuable when interest rates eventually drop, said panelists at the MBA’s annual convention.
A joint statement from the Consumer Financial Protection Bureau and Department of Justice said some uses of immigration status in credit decisioning may be prohibited by the Equal Credit Opportunity Act.
The bureau alleges Freedom Mortgage submitted 2020 Home Mortgage Disclosure Act data that was riddled with errors, demonstrating insufficient improvements after a 2019 consent order.
Lenders should pay attention to state location reporting requirements, emphasize documenting borrower communications and report changes in mortgage loan officer work locations, according to analysts.
In an advisory opinion, the bureau nudged large banks and credit unions to provide consumers with complete and accurate account information when requested, without “unreasonably impeding” the consumer’s access, including charging fees for requests.
CFPB Director Rohit Chopra said the bureau will begin conducting supervisory examinations on nonbank payment platform operators and would issue further orders to big tech firms for information on their use of personal finance data or private currencies.
The bureau and the Federal Trade Commission sued TransUnion’s rental reporting subsidiary for failing to ensure background checks were accurate. Separately, the CFPB ordered TransUnion to pay $8 million to resolve changes involving security freeze and lock failures.
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