For more than a decade, innovation in the mortgage industry has lagged behind other sectors being transformed by the fintech revolution. Now the time for change has come. Unless you are Rip Van Winkle, you’ve been inundated by messaging about the ongoing digital transformation, and perhaps worried you are missing the boat. However, an organization […]
The Uniform Residential Loan Application can be complicated for both the borrower and the lender, especially when it comes to staying up-to-date on the new changes to the application and what they mean. In this blog post, we’ll explore what the Uniform Residential Loan Application is, the recent updates to the application, and what these […]
While neither candidate for president has really focused on housing and fair lending laws during his campaign, no matter who takes office in 2021, the future of housing finance could look quite different over the next few years.
On July 24th, the CFPB announced plans to issue an advance notice of proposed rulemaking later this year implementing a section of the 2010 Dodd-Frank Act regarding consumer access to financial records held by, among others, residential mortgage lenders.
Loan servicers currently operate between a rock and a hard place. Borrowers want high-quality service. Regulators demand that products and services are provided fairly and equitably.
On March 27th, the CFPB issued a public request for information (RFI) to obtain input on areas where it should focus its research and analysis. The comment period ends on June 1, 2020.
With home values increasing and interest rates nearing all-time lows, lenders can expect to see a growing demand for HELOC programs as homeowners seek to capitalize on the equity they have in their homes.
The Federal Housing Finance Agency announced the process by which Fannie Mae and Freddie Mac plan to transition from the use of LIBOR to SOFR as the standard index rate for adjustable rate mortgage (ARM) loan products.
On January 7th, the FTC alleged that a California mortgage broker violated federal law by posting its borrowers’ personal financial information on Yelp.
Lenders should make sure all their fair-lending policies, procedures, and documentation remain fresh, are actively used, and are effective.
