Industry consultants are cautioning companies to take steps to ensure their fair housing compliance teams are ready to defend an expected uptick in enforcement actions.
The latest $22 million settlement brings to an end a lawsuit accusing Wells Fargo of wrongfully denying loan modifications to borrowers who eventually lost their homes to foreclosure.
In comment letters already submitted, mortgage servicers and credit unions warned that proposed capital requirements could force some entities out of the Ginnie market and drive up the costs of loans.
If confirmed, FHA nominee Julia Gordon’s first task will be to manage borrower exits from COVID-related forbearance programs that start this fall. However, her confirmation is unlikely to happen before September.
Democrats on the Senate Banking Committee want the next FHA commissioner to revisit an Obama-era policy that keeps distressed properties out of the reach of individual home buyers.
Two waivers address concerns that requiring re-reviews of which borrowers were eligible for foreclosure prevention options could take focus away from loss-mitigation efforts.
House Financial Services Committee Chair Maxine Waters is asking HUD, VA and USDA to address a month-long gap in protections that are meant to help keep borrowers from foreclosure during the pandemic.
Industry backs a change that would eliminate requirements that lenders conduct background checks on builder-contractors working with borrowers in the RHS Single-Family Housing Guaranteed Loan Program.
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