"The challenge is getting the requisite understanding of risk, providing the governance infrastructure and really creating the level of transparency and understanding that allow for a less sophisticated lender to adopt this technology," said John Levonick, a senior partner at the law firm of Garris Horn.
The trade group said the Appraisal Modernization Act would limit lenders’ ability to help consumers during changing market conditions and create legal and operational issues for mortgage lenders.
Amid litigation and disagreements among industry participants over the Section 1033 open banking rule, the CFPB said it will soon issue a revised version of the rule.
The court found that ESSA Bank & Trust hasn’t substantially complied with the DOJ’s 2023 consent decree, contrary to assertions by the Trump administration.
The trade group said aligning data elements of two mortgage forms would give state regulators more access to information for monitoring company performance, conducting exams and identifying emerging risks.
A New York appeals court will consider a case involving the constitutionality of the state’s Foreclosure Abuse Prevention Act; Academy Mortgage settles sexual harassment charge; Republicans revisit limiting the CFPB’s reach on insurance.
Lenders in the mortgage industry are grappling with legal and regulatory requirements as they embrace artificial intelligence to enhance their operations.