“Our goal is to basically find a way to preserve that flexibility to allow streamlined tools and servicing,” said Mark McArdle, assistant director of mortgage markets at the CFPB.

The class members are 85 Black and Hispanic employees who between February 2011 and April 2022 worked in the CFPB’s Office of Consumer Response in non-supervisory positions.

The CFPB warned that lenders that use artificial intelligence and other "black box" credit models need to provide specific reasons for denying credit to loan applicants.

"It’s really difficult to predict with certainty and detail what exactly is going to happen in the third quarter of 2026," said Leda Bloomfield, branch chief for policy and equity at the FHFA.

The requirements were published in August 2022, providing issuers with a long lead time to gain compliance.

Jedd Bellman, senior counsel at Orrick, said regulators are getting frustrated by inaccuracy in mortgage call reports.

The changes apply to various types of agency MBS, including the to-be-announced market, specified pools and collateralized mortgage obligations.

The CFPB examined direct mail ads for reverse mortgages.

Chase originated all of the mortgages in its latest jumbo MBS.

Banking trade groups also called for a re-proposal or a new 120-day comment period.