A former Fannie executive said it was always his belief the GSE charter allowed for multifamily financing but the idea was to fund “vertical” homes and not “horizontal.”
The CFPB has fined Nationstar Mortgage $1.75 million for allegedly violating the Home Mortgage Disclosure Act by “consistently failing to report accurate data about mortgage transactions for 2012 through 2014,” the agency said. The CFPB said it found that Nationstar’s HMDA compliance systems were flawed and generated mortgage lending data with significant, preventable errors. “Nationstar also failed to maintain detailed HMDA data collection and validation procedures, and failed to implement adequate compliance procedures,” the bureau alleged. “It also produced discrepancies by failing to consistently define data among its various lines of business.” Further, data samples reviewed by the CFPB showed substantial error rates in three consecutive reporting years, the bureau said. “In the samples reviewed, the CFPB found error rates ...
Late last week, the CFPB proposed amendments to Regulation B, the implementing regulation of the Equal Credit Opportunity Act, to give mortgage lenders greater flexibility in collecting information about consumer ethnicity and race. Reg B restricts lenders’ ability to ask consumers about their race, color, religion, national origin or gender, except in certain circumstances. These circumstances include required collection of the information for some mortgage applications under the regulation. Under the proposal, mortgage lenders would not have to maintain different practices depending on their loan volume or other characteristics, allowing more lenders to adopt application forms that include expanded requests for information about a consumer’s ethnicity and race, including the revised uniform residential loan application issued by government-sponsored enterprises Fannie ...
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