The Department of Justice abolished the concept of regulation-by-guidance with last week’s repeal of 24 guidance documents issued by a variety of government agencies, including those that provide information regarding predatory lending, consumer mortgage shopping and discrimination.
Fair lending in the mortgage servicing context has become an area of regulatory interest especially when dealing with disabled borrowers and those with limited English proficiency, compliance professionals said at the recent American Bankers Association’s regulatory compliance conference in Nashville.
The U.S. Supreme Court is scheduled to hear a case that will determine whether non-judicial foreclosures are subject to protections provided by the Fair Debt Collection Practices Act. Lower courts have split on the issue, causing problems for servicers and borrowers.