A Maryland court ruled that Lakeview Loan Servicing and Nationstar Mortgage are subject to state prohibitions against charging convenience fees for monthly mortgage payments via phone.
Federal Reserve examiners have identified several compliance violations related to flood insurance coverage and notices, force placement and loan modifications.
The proposed changes would eliminate the use of disparate impact under the Equal Credit Opportunity Act and restrict conditions for creditors to offer special purpose credit programs.
The Mortgage Bankers Association and a local trade group said imposing Community Reinvestment Act requirements on nonbanks isn’t the way to address the barriers to homeownership.
The trade group called for clear federal guidance on existing laws to provide regulatory certainty and facilitate the adoption of artificial intelligence by the mortgage industry.
The bureau’s new interpretive rule could call into question the legality of state laws that aim to ban medical debt and other information from credit reports.
The bureau repealed some amendments over concerns that the process for deciding dispositive motions concentrated authority with the director of the bureau.
The Mortgage Bankers Association is concerned that New York’s Community Reinvestment Act plans will place restrictive limits on CRA credit for purchased loans.
While trade groups representing banks are seeking a major overhaul of the current rule, fintechs said the rule preserves the principle that financial data belongs to consumers and not banks.
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