The lawsuit centers on whether requirements under the Truth in Lending Act apply to mortgages that are marked as commercial on loan documentation but have certain residential characteristics.
“MBA objects to the bureau’s overbroad interpretation of the scope of its abusiveness authority,” wrote Pete Mills, a senior vice president of residential policy and strategic industry engagement at the MBA.
“Our review found that when all relevant factors are controlled for, which CNN did not do, the difference in approval rates between Black and White borrowers falls to less than 1%,” said Debo Adegbile, a partner at the law firm of WilmerHale who was hired by Navy Federal to complete the review.
CSBS stressed that it develops and maintains the National Multistate Licensing System required by the statutory authority of the Secure and Fair Enforcement for Mortgage Licensing Act.