Mortgage

The U.S. Supreme Court was asked to rehear arguments regarding the applicability of federal preemption standards to state laws requiring banks to pay interest on mortgage escrow accounts. The request highlighted the split among federal judges over their interpretations of the preemption standard. Read on »

Mortgage Bankers Association Chief Economist Mike Fratantoni issued commentary describing key takeaways from the latest employment numbers released by the U.S. Bureau of Labor Statistics on June 5. Read on »

Federal regulators may soon push for lenders to strengthen protocols for verifying a loan applicant’s immigration status, following an executive order (EO) issued by President Donald Trump on May 19. Dodd Frank Update spoke with a pair of former regulators about the impact the EO could have on lenders, given the many precautions financial institutions already take to mitigate potential risks associated with lending to noncitizens. Read on »

A federal court approved a $110 million settlement to resolve allegations against Wells Fargo claiming the nation’s third-largest bank by asset-size engaged in systemic discrimination through its mortgage lending and hiring practices. The settlement includes the creation of programs benefiting low-and-moderate-income borrowers. Read on »

After nearly a year of anxious waiting for many veteran homeowners struggling to make their mortgage payments, the U.S. Department of Veterans Affairs announced the release of its new partial claim program and updated loss mitigation “waterfall” on June 1. Read on »

Intercontinental Exchange, Inc., a provider of financial market technology and data powering global capital markets, recently released its May ICE Mortgage Monitor report. The analysis found that U.S. home prices rose 0.32 percent in April on a seasonally adjusted basis — the strongest single-month gain in nearly two years. Read on »

With federal agencies rolling back rules and guidance that governed fair lending compliance while states are ramping up regulation and enforcement in the fair lending space, calibrating compliance risk mitigation strategies accordingly is a daunting task. A panel of fair lending experts recently discussed the rapidly shifting compliance priorities. Read on »

A new industry report from Celent, commissioned by Zest AI, a company founded in 2009 providing services in financial technology with a mission to modernize lending and strengthen the financial system, recently revealed that fraud has moved from an operational cost to a direct contributor to credit losses. Read on »

The House voted 396-13 to pass its amended version of the 21st Century ROAD to Housing Act on May 20. The ball is once again in the Senate’s court to determine what happens next with the bill, which has gained strong bipartisan support from lawmakers and within the financial services sector. Read on »

Managing friction in financial transactions without losing trust requires shifting from a “frictionless” mindset to a “smart friction” approach for stopping fraudsters in their tracks, according to Paul Byrne, head of fraud solutions at SentiLink. Read on »