“The Biden administration is committed to fostering innovation in the financial sector while ensuring that we protect consumers, investors, and our financial system from risks that new technologies pose,” said Nellie Liang, under secretary for domestic finance at the Treasury.

“I want us to use it in a way that’s going to protect the company and protect the borrowers as well,” said Kiran Sahota, an executive vice president of technology at Freedom Mortgage.

The CFPB reiterated that Regulation Z prohibits mortgages for principal dwellings from including “terms requiring arbitration or any other nonjudicial procedure as the method for resolving any controversy or settling claims arising out of the transaction.”

The California-based nonbank ranks 17th among home funders and 18th among owners of mortgage servicing rights.

The Supreme Court delivered a unanimous opinion in Cantero v. Bank of America, sending the case back to a lower court.

Lenders are happy the CFPB is scrutinizing certain fees while harboring some concerns about the CFPB's motives.

Michael Cohen, former President Donald Trump’s former attorney, testified during the trial that he used proceeds from a personal home equity line of credit to pay off Stormy Daniels on behalf of Trump.

The total delinquency rate among large servicers was 3.23% at the end of March, down 38 basis points from the end of 2023.

The VA said Wednesday it is “strongly” encouraging mortgage servicers to extend their pause of foreclosures for VA-guaranteed home loans through the end of this year.

The new policy includes the implementation of a waterfall of loan modifications designed to reduce borrowers' monthly mortgage payment by at least 20%.