The statement on principles relates to the examination of lenders’ residential property appraisal and evaluation practices. Federal regulators believe it will help lenders mitigate risks due to potential discrimination or bias in appraisal practices and to promote credible valuations.
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.
The CFPB’s proposal on streamlining mortgage servicing standards will likely be issued this spring. The regulator is trying to balance loss-mitigation options and foreclosure protections.
The CFPB and nonbank mortgage lender Townstone Financial presented their arguments to the Seventh Circuit Court of Appeals. The arguments centered on whether ECOA applies to prospective applicants.
Housing industry trade groups are getting behind bipartisan legislation in the Senate which would prohibit consumer reporting companies from selling consumers’ contact information when they apply for a mortgage.
Industry wants the CFPB to include an advanced notice of proposed rulemaking step in its Fair Credit Reporting Act rulemaking restricting the sale of consumer data by credit reporting companies.
While it will take time for banking agencies to issue guidance and create tools facilitating compliance with the newly finalized Community Reinvestment Act rule, banks should get the ball rolling at their end, attorneys said.
A petition from consumer advocates called for the CFPB to issue a rulemaking prohibiting the use of forced arbitration agreements in consumer financial services contracts. Industry trade groups said prior Congressional action bars the agency from issuing such a rule.
MBA’s advocacy arm tells members to oppose Illinois CRA rule draft; CFPB fines small-dollar lender $15 million for consent order violation; CFPB reverses course on UDAAP examination manual changes.