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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The RMBS notes benefit from geographic diversity and credit enhancement.
10h ago -
A Consumer Financial Protection Bureau "waives any alleged noncompliance" by the mortgage company while continuing to dole out redress to borrowers.
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Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.
July 2 -
The chairman and regulator of Fannie Mae and Freddie Mac pointed to Jermone Powell's recent testimony about renovations to the Federal Reserve's headquarters.
July 2 -
It's a rare theft of trade secrets complaint by the industry leader, which stayed out of the spate of litigation between competitors during the refinance boom.
July 2 -
Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
July 2