The Department of Housing and Urban Development charged Rocket Mortgage with appraisal bias in connection with a denied refinance application. loanDepot settled a similar charge with the CFPB this year.
Treasury office considers reforms for title insurance; FHFA sets tenant protections for GSE multifamily borrowers; Biden administration calls for rent control; two states slow on index change.
The rule would require mortgage servicers to only pursue foreclosure as a last resort and increase disclosure requirements. Loss-mitigation application requirements would also be streamlined.
The Supreme Court’s decision, overturning a deference that courts have provided to regulators for 40 years, should be a relief for the mortgage industry, according to an attorney.
The MBA wants significant changes to the Federal Financing Bank risk-sharing program. Reforms are also needed in the multifamily accelerated processing program, according to the trade group.