A new tech showcase is in the works that aims to provide guidance and clarity to the mortgage industry as it tries to uniformly address shared residential lending compliance issues. A cooperative effort between the Conference of State Bank Supervisors and the Mortgage Industry Standards Maintenance Organization, the tech sprint will kick off with a […]
Mortgage industry groups announce new tech sprint Read More »
Key insight: The second-largest U.S. bank has been providing relief for federal employee customers since the start of the shutdown, CEO Brian Moynihan said. What’s at stake: The shutdown has now reached 21 days, leaving many federal workers without regular paychecks, which can impact their ability to make payments. Expert quote: “We handle it just
BofA treating gov’t. shutdown like natural disaster: CEO Read More »
Lenders can expect to see a concrete milestone reached in credit scoring changes by early next year, a Mortgage Bankers Association official said at the 2025 MBA Annual conference in Las Vegas on Monday. Sasha Hewlett, associate vice president of secondary and capital markets at the MBA, said regulators are currently weighing credit score change
Credit score update coming early 2026, MBA says Read More »
Key insight: The trade association letter urges the White House to reverse cuts to the congressionally mandated program. Supporting data: The Office of Management and Budget has let go CDFI Fund staff as part of a reduction in force across the government, and the administration has singled out the program for cuts to the extent
Banks urge Trump admin to restore CDFI Fund staff, funding Read More »
A Southern California mortgage brokerage has reached a settlement with four states over claims of wrongdoing that included several allegations of unlicensed lending activity. E Mortgage Capital, based in Irvine, California, agreed to settle with banking supervisors of Hawaii, Idaho, Oregon and Texas in late September following a multistate investigation that began in late 2023.
California broker fined for unlicensed activity Read More »
Key Insight: A higher volume of litigation necessitates the hiring of more defense and appellate counsel. What’s at Stake: A shortage of attorneys could delay rulemakings and weaken the agency’s defense in federal courts. Supporting Data: By some estimates, about 500 employees have left the agency since the Trump administration took over and Vought told
Amid looming layoffs, CFPB is hiring attorney-advisors Read More »
The National Fair Housing Alliance and a top Democrat are criticizing the new leader of a federal fair housing office over his alleged troubling record regarding civil rights. Craig Trainor was confirmed Wednesday as the assistant secretary for the Office of Fair Housing and Equal Opportunity at the Department of Housing and Urban Development. Senators
Critics question HUD fair housing boss’ civil rights record Read More »
What’s at Stake: A three-judge panel already ruled in August that the Trump administration can fire up to 1,500 employees of the CFPB. Forward Look: Allowing the Trump administration to dismantle the agency would represent “a blatant disregard for Congress’s constitutional role,” Democrats claim. Expert Quote: “Only Congress has the power to shutter the CFPB,”
Democrats urge full D.C. Circuit to hear CFPB court case Read More »
Key Insight: McKernan’s confirmation comes as the Trump administration’s deregulatory financial agenda begins in earnest, positioning a seasoned industry ally in a key Treasury post. Supporting data: McKernan was confirmed in a 51–47 vote. McKernan was nominated to lead the Consumer Financial Protection Bureau earlier this year but his nomination was withdrawn in May. Forward
Former FDIC board member confirmed to top Treasury role Read More »
Borrowers suing Loandepot are sharing alleged evidence of the lender’s scheme to steer borrowers to higher rates and deprive its loan officers of their full compensation. The latest filing in a Truth in Lending Act lawsuit cites emails, screenshots and the testimony of three LOs discussing the company’s actions to circumvent the loan officer compensation
Loandepot faces claims of ‘smoke and mirrors’ rate scheme Read More »