Collecting disaggregated race and ethnicity data a full year before the revised Home Mortgage Disclosure Act regulations become effective will benefit covered creditors as they become used to the new requirements and make the necessary system adjustments to accommodate a new wave of granular HMDA data, according to industry attorneys. A policy statement issued by the Consumer Financial Protection Bureau in late September creates a temporary safe harbor for lenders that take advantage of the one-year window – Jan. 1, 2017, through Dec. 31, 2017 – to collect disaggregated ethnic and racial information in their home-loan application if borrowers agree to provide it. Previous amendments to HMDA will require...
On Thursday Wells said it’s raising its reserves, noting that the SEC has been added to the list of federal agencies investigating its sales practices.
HomeBridge Financial Services this week agreed to buy the assets of Prospect Mortgage, marking one of the largest acquisitions of the year and stoking the hopes of investment bankers that more deals may lay ahead. But HomeBridge’s purchase of Prospect could turn out to be an anomaly. According to HomeBridge CEO Peter Norden, the two parties had been talking on and off about combining forces for roughly five years. For Norden, the combination of the two nonbanks – both privately held – is...
The $185.0 million settlement Wells Fargo agreed to in early September regarding retail banking sales practices has impacted the lender’s mortgage operations, according to bank officials. Timothy Sloan, Wells’ president and CEO, said mortgage referral activity declined significantly after the settlement was announced. “Mortgage referrals from retail banking, which account for 10.0 percent of our year-to-date mortgage originations, were down 24.0 percent from August to September,” he said during Wells’ recent earnings call. Sloan noted...
A CID recipient could not disclose its receipt of such a demand to counterparties under financing agreements, loan sales agreements, and purchase and sale agreements, which routinely require such disclosures.
Earlier in the year, the IRS said it planned to strengthen the protections for e-services accounts by requiring a stronger identity verification process for existing and new accounts.
The Cato Institute said the former Freddie executive Anthony “Buddy” Piszel consistently received exemplary performance reviews and was cleared of any wrongdoing…
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