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How to Proactively Maintain Fair Lending

2022-03-24T07:44:58-07:00Timely|

The Consumer Financial Protection Bureau (CFPB) has continuously shown over time that fair lending and fair servicing are the same and that fair lending affects the servicing of mortgages. However, recently, specific servicing problems have been raised by the CFPB regarding this, including CARES [...]

CFPB Proposes Changes to HMDA Reporting Requirements that will Benefit Lenders

2022-03-18T07:32:59-07:00Timely|

The Home Mortgage Disclosure Act ("HMDA") data collection and reporting standards were recently changed by the Consumer Financial Protection Bureau ("CFPB"). According to the new regulation, insured depository institutions and credit unions are excluded from certain HMDA criteria if they generated less than 500 [...]

Affordable Lending Requires Creative Thinking

2022-03-18T07:32:59-07:00Timely|

This year, the mortgage business will see a shift in trend forecasts, as experts informally name a "color of the year" in the industry. For example, affordable, underserved, accessible, and equity are all current keywords in the mortgage sector. In addition, mortgage lenders must [...]

Consumer Engagement Solutions for Lenders to Win a Borrower’s Business for Life

2022-03-12T05:08:18-08:00Timely|

This year, lenders' efforts are projected to change from operational efficiency in the high purchase and refi volumes to expanding sales volume and competitive differentiation in a market dominated by purchases. In 2022, the ability of lenders to compete will come down to their [...]

CFPB Issues Final Rule Loosening HMDA Requirements

2022-03-12T05:08:18-08:00Timely|

The Consumer Financial Protection Bureau (CFPB) recently announced a proposed rule package that contained temporary HMDA data collection and reporting thresholds for open-end lines of credit. The rule also established partial exclusions for lenders from certain HMDA standards included in Congress's Economic Growth, Regulatory [...]

California Passes AB3088 – Some Relief for Lenders

2022-03-12T05:21:33-08:00Timely|

AB 3088 is an omnibus law that brings together several past tenant and landlord protection bills. For months, the American Association of Private Lenders has been at the vanguard of the legislative fight against these measures, first with opposition to AB 828, then with [...]

How Does the Current Market Impacts Lender’s Adoption of Technology?

2022-03-05T03:34:04-08:00Timely|

Adopting technological advancements has always been difficult for lenders because it is filled with several unprecedented workflow considerations and expenses. Unfortunately, most lenders have been compelled to accept this position over time because there was no other option given the absence of legacy software [...]

Understanding the Temporary Impacts of the Consolidated Appropriations Act of 2021

2022-03-05T03:34:04-08:00Timely|

Congress recently approved the Consolidated Appropriations Act, 2021 (CAA 2021), which has several temporary modifications to the bankruptcy code embedded in its Title X. These temporary changes and how it affects the lending business for private lenders are briefly discussed. Temporary Modification 1: Late [...]

Three Proposed Rules to Amend CFPB’s Ability to Repay Rule

2022-03-05T03:34:04-08:00Timely|

The ability to repay the Qualified Mortgage rule, with certain exclusions, demands lenders to make a valid, good faith identification of a consumer's capacity to pay a residential mortgage loan and provides specific liability protections for residential mortgage loans that satisfy the rule's conditions [...]

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