DOJ, CFPB Officials Warn More 'Redlining' Cases on Way
Two top Justice Department and CFPB officials said this week that they are seeing more instances of redlining and lenders steering minority borrowers into higher cost loans.
HMDA Data Expected to Brighten Mortgage Outlook
The Home Mortgage Disclosure Act data set to be released in the next few weeks will offer new proof that mortgage lending activity was stronger than expected last year. That fresh data, the likely delay in Fed action on rates and other factors could prompt higher volume estimates for 2015.
Walter Mondale: 'Fair Housing Act Has Unfinished Business'
When then-U.S. Sen. Walter Mondale wrote the law to end housing discrimination in 1968, he expected it to halt residential segregation and replace ghettoes with integrated neighborhoods.
FHA Reissues Contentious Loan Certification Plan
The Federal Housing Administration is re-issuing a loan certification proposal that has sparked industry concerns that it will make it easier for the Justice Department to sue lenders when they file claims for agency-insured loans that go into default.
Fraud Risk Declines as Originators Improve Practices: Fitch
Fraud risk has diminished as a result of widespread changes that lenders have made to their origination practices, according to Fitch Ratings.
M&T Bank to Settle Mortgage Steering Lawsuit in N.Y.
M&T Bank has agreed to pay $485,000 and change its lending policies to settle a lawsuit that accused the Buffalo, N.Y., company of racial discrimination in making mortgage loans.
Fannie, Freddie to Jockey Over Low Down Payment Loans
Key advantage: If housing finance agencies buy loans, Fannie and Freddie do not charge certain fees, said Norbert Deslauriers, interim head of the Connecticut Housing Finance Agency.
How an End to MSAs Will Level the Mortgage Playing Field
As marketing services agreements increasingly fall out of favor, a more level playing field may emerge where loan officers must aggressively compete on their skill and service to win referral business.
Banks Win FHA Support in Lien Fight with PACE Lenders
The Federal Housing Administration has resolved a long-standing conflict with municipalities and private companies that back "green energy" loans that is expected to benefit banks and other mortgage lenders. The next question is whether the regulator of Fannie Mae and Freddie Mac mortgages will do the same.
Here's Why Hurricane Katrina Still Matters
There is great temptation in moments of crisis to do things that feel good but are contrary to constructive long-term public policy. Following Katrina, Louisiana built a solid foundation from which local community efforts succeeded.
Three Regulators Are Scarier than One
The only thing more ominous than a CFPB investigation is when the FDIC and OCC join in on the action.
FHA Rolls Out Upgrade to Neighborhood Watch Program
The new supplemental performance metric should encourage lenders to serve lower credit score borrowers.
FHA's Neighborhood Watch Back Online After Three-Week Outage
The Federal Housing Administration's Neighborhood Watch website is back online after crashing about three weeks ago.
Five Factors Driving the Future for Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac have a regulatory mandate to shrink. But that's easier said than done, given the GSEs' outsized presence in the mortgage industry, as their latest quarterly results show.
More FHLBs Join Jumbo Loan Program
Four more Federal Home Loan Banks have won regulatory approval to participate in a program that allows member institutions to sell jumbo mortgage loans through a conduit to Redwood Trust.