Federal regulators should issue regulations that would help banks sell loans and maintain the marketplace lending business model, according to lawyers representing the financial institutions. It’s not every day that lenders seek federal regulation, but preemption of state regulations and unfavorable court rulings can prompt calls for help.
The Mortgage Bankers Association is working to reduce the speed talking and fine print that tend to accompany advertisements for mortgages. Currently, ad-disclosure requirements for mortgages vary by state. In August, Illinois became the first state to adopt a uniform ad-disclosure protocol supported by the MBA. Mortgage ads in the Prairie State must now include a reference to the Nationwide Multistate Licensing System and Registry’s consumer access website and cite ...
The release of the Department of Housing and Urban Development’s long-anticipated final rule on condominium lending reform, which aims to boost FHA activity in the sector, may take longer than expected, according to industry participants.
In the most recent step to encourage fintech innovation, the Consumer Financial Protection Bureau is retooling its policy to spur improved alternative consumer disclosures.
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