Senate leaders have apparently reached an agreement to begin debate Nov. 4 on a bill that would extend and enhance the Fair Credit Reporting Act.The bill (S. 1753) makes free credit reports available to consumers, requires lenders to take new measures to address identity theft, and expands the use of adverse action notices. Industry groups are nervous about the Senate provision that requires an adverse-action notice if the borrower is offered an interest rate or terms that are "materially less favorable" than terms generally offered by the lender. The terms are loosely defined, and the Federal Trade Commission and the Federal Reserve Board would have joint responsibility in determining when lenders must inform borrowers that they cannot get the best interest rate because of their credit score. "It is not entirely clear how this is going to work out until the regulations come out," one lobbyist said. The House has passed an FCRA extension bill, but it does not expand the use of adverse-action notices.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
7h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
11h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24