The Massachusetts Division of Banks has issued a regulatory bulletin under the Massachusetts Fair Lending Policy that focuses on the need for licensed mortgage lenders to detect and eliminate discrimination in the residential mortgage lending process, according to the Washington law firm Lotstein Buckman LLP.The division has developed examination procedures that it expects licensees to incorporate in order to make fair lending a goal in their loan policies. It suggests regular staff training and the review of compensation structures to ensure that they do not encourage disparate treatment of loan applicants. The division also suggests the establishment of a clear written policy that outlines the loan pricing process, regular review of marketing strategies, comparison of denied applications with approved applications to determine whether compensating factors were applied fairly and consistently, and the creation of a comprehensive audit and oversight system.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
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Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
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A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25