Mark McArdle, an assistant director of mortgage markets at the CFPB, provided updates on the regulator’s priorities in terms of mortgage lending at the MBA’s independent mortgage bankers conference. The top concerns are LO comp practices and fair lending.

Illinois delays vote on CRA regulations; FCC closes lead generator loophole; Biden vetoes bill disapproving 1071; CFPB adjusts asset thresholds under HMDA, TILA; bureau issues report on overdraft fees; CFPB shutters medical debt collector.

Federal regulators discussed best practices for lenders’ redlining analysis to head off regulatory risk. Separately, Navy Federal Credit Union faces mortgage lending discrimination allegations.

The bureau had accused Bank of America of submitting false information related to collection and reporting of mortgage applicants’ race, ethnicity and gender under the Home Mortgage Disclosure Act.

A CFPB working paper found that lender-identified race and ethnicity data on mortgage applications more closely correlates with the probability an individual is of a given race than applications with self-identified race information. The largest differences were for Hispanic and Black applicants.

In a new report, the Federal Reserve said nearly 60% of the compliance violations it observed at banks in 2022 were related to reporting under the Home Mortgage Disclosure Act.

The bureau alleges Freedom Mortgage submitted 2020 Home Mortgage Disclosure Act data that was riddled with errors, demonstrating insufficient improvements after a 2019 consent order.

Annual inflation adjustments tied to TILA; CFPB reviews 2022 HMDA data; amicus brief in credit report dispute lawsuit; CFPB touts results from complaint database.

The bureau initiated 32 fair lending investigations in 2022. The most common issue leading to supervisory communication was related to mortgage origination underwriting policies and guidelines.

Compliance issues tied to HMDA reporting were the most common problem cited in Fed exams of banks in 2022.