The court determined that when used retroactively, the new state foreclosure-protection law in New York doesn’t interfere with mortgage lenders’ due process rights.
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.
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.
Several complaint categories saw significant increases on a quarter-to-quarter basis, while grievances tied to student loans dropped. (Includes two data tables.)
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 Mortgage Bankers Association is concerned that New York’s Community Reinvestment Act plans will place restrictive limits on CRA credit for purchased loans.
The Conference of State Bank Supervisors is working on building common standard examination programs for the states to use as federal enforcement activity diminishes.
The Supreme Court’s decision last year in Cantero v. Bank of America is trickling down to lawsuits in lower courts, including a decision in a case about interest on mortgage escrow accounts.
RSS