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Regulation and compliance

AI will ease the home-price crisis, if state lawmakers let it

AI will ease the home-price crisis, if state lawmakers let it

Artificial Intelligence, FHFA, Mortgages, Regulation and compliance, Trump administration /

The federal government should step in to prevent an emerging patchwork of state regulations from stifling the benefits of applying the tools of generative artificial intelligence to the mortgage market, writes Leah Price, of the Tinman AI Platform.Adobe Stock The federal government in December took the first steps toward steamrolling any potential bottlenecks that states […]

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Developer Colony Ridge to pay $68M in DOJ, Texas settlement

DoJ, Litigation, Regulation and compliance, State of Texas /

Processing Content What’s at stake: Colony Ridge will pay $48 million to improve infrastructure at its developments near Houston particularly flood control measures. No money is earmarked for harmed borrowers, however, who have a high bar to get relief under a default avoidance plan. Key insight: In a surprise move, the DOJ is requiring that

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CFPB blocks GAO investigators in layoff report

Litigation, Politics and policy, Regulation and compliance, Trump administration /

Key insight: The CFPB’s leadership cited ongoing litigation as the reason for not cooperating with the Government Accountability Office.   Supporting data: The GAO reiterated what was found in court documents, finding that the CFPB had planned to fire 88% of the staff.   Forward look: A federal appeals court will hear oral arguments in late February

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Title company settles RESPA JV referral claims for $1M

Housing markets, Law and legal issues, Marketing, Regulation and compliance, Title insurance /

A Maryland-based title and settlement services company has settled claims that it paid fees to real estate agents and brokers in exchange for customer referrals through joint venture arrangements. Processing Content KVS Title created multiple joint venture companies with real estate agents and brokers, including Alliance Title Services, Clear Title Solutions, Eversure Title, Realty Settlement

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FHFA goes ahead with repeal of Biden fair lending rule

FHFA goes ahead with repeal of Biden fair lending rule

Affordable housing, Fair Housing Act, FHFA, Regulation and compliance /

The Federal Housing Finance Agency is not making changes to its proposed repeal of the Biden Administration’s Fair Lending, Fair Housing and Equitable Housing Finance Plans regulation it first published for comment in July. Processing Content The rule is also identified as part 1293 and the current version was put into place in April 2024.

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CFPB implements new requirements for complaints on its portal

Consumer lending, Credit scores, Politics and policy, Regulation and compliance /

Key insight: The three credit bureaus — Equifax, Experian and TransUnion — say the complaint portal is being abused by third-party credit repair firms and AI bots. What’s at stake: Credit repair firms are using the CFPB’s complaint portal to try to remove accurate but negative information from credit reports. Supporting data: Credit reporting complaints hit

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Bessent offers deregulatory vision, but few specifics

Federal Reserve, FSOC, Politics and policy, Regulation and compliance, Treasury Department, Trump administration /

Key insight: Treasury Secretary Scott Bessent said that the smallest banks should be deregulated, but didn’t endorse any specific policies to do so.  Forward look: Chairman French Hill’s, R-Ark., community bank policy package has been overtaken by crypto bills and other priorities on the House floor and the Senate.  Expert quote: “Stop being his flunky.”

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Rate cap debate sidesteps big unknowns in credit card pricing

Credit cards, Politics and policy, Regulation and compliance, Trump administration /

Key Insight: After calling for a 10% rate cap on credit cards last month, President Donald Trump has grown quiet on the issue. But experts say regulators don’t have a very detailed understanding of how the market works or how pricing decisions are made.   What’s at Stake: Billions of dollars worth of travel rewards would

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Fairway agrees to financial penalty over unlicensed LOs

Law and legal issues, Originations, Regulation and compliance /

Fairway Independent Mortgage Corp. agreed to resolve alleged violations surrounding unlicensed lending activity that occurred at one of its California branches earlier this decade and pay $160,000 in penalties.  Processing Content In 2021 and 2022, unlicensed branch employees were alleged to have conducted origination activity that was only permitted to be carried out by licensed

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Supreme Court rejects Emigrant’s reverse redlining appeal

Law and legal issues, Redlining, Regulation and compliance, Servicing /

The U.S. Supreme Court rejected the appeal of Emigrant Mortgage and Emigrant Bank in a reverse redlining case over predatory lending cases on loans originated between 1999 and 2008. Processing Content The online docket for the case has a Jan. 12 entry stating “Petition DENIED” with no other links or explanations. The loans involved were

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