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Inside the CFPB

November 6, 2006

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Keep Track of Loan Pricing to Avoid Trouble

Regular and consistent monitoring of one’s Home Mortgage Disclosure Act data before they go public is the best way for a mortgage lender to avoid regulatory scrutiny of potential pricing discrimination, according to compliance experts. “Monitor, monitor, and do... Read More

Traditional CRA Lenders Losing LMI Markets

Subprime and Alt A mortgage lenders are slowly pushing Community Reinvestment Act lenders out of low- and moderate-income areas, making it difficult for institutions to meet their mandatory obligations under the CRA. LMI areas have become prime targets for... Read More

Expert Recommends Ways to Guard against ‘Novelty’ Products

Learning to recognize and detect fraudulent documents and bogus “verification” services before a mortgage loan application is approved can save lenders a great amount of money and grief, according to fraud experts. Panelists at a recent mortgage... Read More

Fed to Conduct More Research on Possible Reasons for Disparities

The Federal Reserve Board will look deeper into the possible connection of access to prime product, lender competition, borrower education and financial literacy to disparities in lending to minorities. In last week’s remarks at the... Read More

CO DA Busts FHA Fraud Ring that Provides False Citizenship Papers

The District Attorney for the First Judicial District of Colorado has announced the arrest of eight members of a mortgage fraud ring suspected of using fraudulent U.S. citizenship and other financial documents to purchase homes. The arrests of seven men and a woman... Read More

Cook County, IL, Residents Sue to Quash Subprime Tracking Program

Citizens of Cook County, IL, where a state-mandated predatory lending pilot program is in effect, have filed a civil suit in federal district court to kill the program. The Oct. 25 complaint filed in the U.S. District Court for the Northern District of... Read More

Jury, Class-Action Waivers Rise as Alternatives to Arbitration Clauses

The use of jury and class-action waivers in lieu of mandatory arbitration appears to be increasing, although the question of enforceability still remains, according to compliance experts. Ralph Wutscher, a principal at the Chicago law firm... Read More

Fannie, Industry Groups in Talks Over Controversial Tech Patent

Fannie Mae and several mortgage industry trade groups are in negotiations over a controversial patent the government-sponsored enterprise received in August, which lenders fear could stymie their future business plans. Despite Fannie’s assurances to the contrary... Read More

Federal Roundup

Department of Housing and Urban Development: HECM Scams. The department is keeping close tab on loan officers.... Federal Emergency Management Agency: Final Flood Elevation Determinations. FEMA has finalized its... Read More

State Roundup

California. The California Association of Mortgage Brokers has proposed... North Carolina. A new law that took effect on Oct. 1... Maryland. Effective Oct. 1, mortgage loan originators... Oklahoma. Changes to the state mortgage licensing... New York. On Nov. 1, a new law kicked in allowing... Colorado. Mortgage brokers doing business in... Read More

Worth Noting…

Federal thrift and banking regulators will be at an upcoming audio conference sponsored... Sandra Thompson has been appointed director of the... Former New York State Banking regulator Edward Kramer has joined... Read More

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