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Buydowns Gain Traction as Borrowers Look for Affordable Payment Options

The higher interest rate environment has given rise to a renewed interest in the use of temporary buydowns to help borrowers lower their initial monthly mortgage payments.  A temporary buydown allows a lender, seller, builder or other third party to deposit funds which will subsidize the borrower’s mortgage payments for a predetermined period of time, […]

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TRID Refresher Series (Part 2): Understanding TRID Timing Requirements for Disclosures on Mortgage Transactions

The mortgage process can be daunting, with its myriad regulations and requirements. Among these, the TILA-RESPA Integrated Disclosure (TRID) Rule, implemented by the Consumer Financial Protection Bureau (CFPB) in 2015, stands out for its impact on disclosure timing requirements for mortgage lenders. Similar to the fee tolerance requirements discussed in Part 1 of this series, […]

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Focusing on Fairness: A Look at Fannie Mae's Fair Servicing Best Practices

Fannie Mae recently published Fair Servicing Best Practices (“FSBP”). Developed with input from more than 30 mortgage servicers and community advocacy groups, the FSBP is intended to ensure Fannie Mae servicers are aware of the expectations that servicers will treat all borrowers fairly and consistently, and comply with the Equal Credit Opportunity Act (“ECOA”), the […]

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TRID Refresher Series (Part 1): Understanding TRID Tolerance Requirements and Valid "Change of Circumstance" in Mortgage Transactions

This is the first entry of a three-part refresher series covering various aspects of the TILA-RESPA Integrated Disclosure Rule.  The TILA-RESPA Integrated Disclosure (TRID) Rule, implemented by the Consumer Financial Protection Bureau (CFPB) in 2015, revolutionized the mortgage industry by consolidating several forms and disclosures into two main documents: the Loan Estimate (LE) and the […]

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CRA Public File Updates: The Lawsuit Lingers, but the Deadline Looms

Following the publication of this article, the Public File deadline was adjusted to January 1, 2026. The recent lawsuit challenging the Community Reinvestment Act (CRA) File Rule may have added uncertainty to the implementation timeline, but one crucial aspect remains unchanged: your CRA Public File must be updated and readily available by April 1, 2024. […]

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Credit Algorithms, Disparate Impact, and The Search For Less Discriminatory Alternatives

(Originally published in ABA Risk and Compliance, July/August 2023) Bill Fair and Earl Isaac created the first modern credit scoring system, the Credit Application Scoring Algorithms, in 1958, and the first FICO score was introduced in 1989. Since then, the use of credit algorithms has become ubiquitous in the lending industry. These algorithms use statistical […]

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Assumptions: Hello Old Friend - Why Assumptions Are Making a Comeback

It’s no secret that mortgage lenders have seen a sharp decrease in origination volumes over the past two years. Higher interest rates coupled with a shortage in housing inventory translate into a market environment where origination volumes are likely to remain depressed for the near future.    The mortgage industry must explore different avenues for […]

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Five Ways to Manage Exceptions and Overrides for Risk Mitigation

(Originally published in ABA Risk and Compliance, November/December 2023) In lending, discretion can take several forms, including exceptions and overrides. An exception is an application whose outcome is not fully consistent with credit underwriting and pricing policies. The variation can be either in the underwriting outcome, or in loan terms and conditions, such as interest […]

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HMDA and CRA Submission Season - Remembering to Keep Sight of the Forest for the Trees

As the submission March 1 deadlines loom for annual CRA and HMDA data reporting, Compliance Officers can sometimes feel a bit lost in the woods. While the details of filings are always important, it’s critical to take the time to pick your head up and look at your data at a macro level. This past […]

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Unlocking Insights: Analyzing the 2022 CRA Peer Data for Small Business, Small Farm and Community Development

Unlocking Insights: Analyzing the 2022 CRA Peer Data for Small Business, Small Farm and Community Development On December 20, 2023, the three Federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) with Community Reinvestment Act (CRA) responsibilities — the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance […]

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