Citi reportedly terminated a special purpose credit program in response to the CFPB’s ECOA final rule.

A return to activities-based nonbank designation could help the Financial Stability Oversight Council get ahead of nonbank risk.

The Illinois Department of Financial and Professional Regulation says the lender used an unlicensed mortgage loan originator.

In a recent comment letter, mortgage trade groups urged the CFPB to prioritize completing pending rulemakings — beginning with Reg. X — to carry out implementing President Trump’s March executive order aimed at expanding access to mortgage credit.

The lawsuit filed by consumer advocacy groups contended that the new ECOA rule is a drastic turn from decades of interpretation and enforcement of the statute.

Illinois-based X-PERT Mortgage and its president had their mortgage licenses taken away by the state for allegedly hiring an unlicensed loan officer.

The lawsuit alleged that Rocket funneled leads to real estate agents who in turn steered clients to Rocket Mortgage. Plaintiffs also alleged that Rocket acquired Redfin to bring its steering practices “in house.”

Pending changes to disparate-impact liability enforcement will have a big effect on some industries, such as indirect auto finance, but the mortgage industry will likely be spared.

While alternative data can be used as a tool to expand credit access to unscored consumers, some industry experts cautioned lenders about turning away from the traditional credit reporting ecosystem.

HMDA compliance AI tool launched; law firm offers mortgage AI audit practice; federal court approves $110 million settlement involving Wells Fargo; NYDFS reinforces disparate-impact liability.