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Another lender settles redlining accusations with DOJ

Housing Wire

The complaint filed in federal court on Wednesday alleges that from at least 2015 to 2021, Lakeland failed to provide mortgage lending services to Black and Hispanic neighborhoods in Newark. The largest settlement recorded , at $25 million, was with New Jersey-based Hudson City Savings Bank in 2015.).

Law 371
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The fate of HUD

Housing Wire

As some independent mortgage banks have found out, a modern-day redlining allegation does not need to prove intentionality. A spokesperson for HUD said the agency could not discuss investigations or strategy of fair lending enforcement, but said that fair lending is a priority of the Biden-Harris Administration and HUD.

Insurance 332
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FHA Commissioner Julia Gordon gets to work

Housing Wire

During her visits, one thing stood out to Golding, who served as the Department of Housing and Urban Development ’s principal deputy assistant secretary from 2015 to 2017. Industry stakeholders have some ideas for how to further that goal, starting with more clarification on some FHA lending programs.

Insurance 311
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Inside the government’s feeble fight to end redlining

Housing Wire

The three agencies in charge of such reviews — the Federal Reserve , the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency — have not denied a single bank merger in 15 years. Senior administration officials claim that rooting out “modern-day redlining” is a top priority. But there was a catch.

Lending 350
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“It’s math:” How mortgage solutions companies are fighting for survival

Housing Wire

Blend brought in more than $71 million in the first three months of 2022, but more than half of its revenue came from title insurance and settlement services provider Title 365 in the challenging origination environment. Many mortgage analysts and consultants noted new tech is needed to build modern, efficient and automated processes.

Mortgage 330
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Help for troubled borrowers is on the way. But will it come soon enough?

Housing Wire

In 2015, the family paid $250,000 for a 2,900-square-foot house in Ormond Beach, Florida. The recent experience with state distribution of rental assistance and unemployment insurance is perhaps a preview of the challenges ahead. States, overwhelmed with claims and understaffed, also had problems paying unemployment insurance.

Mortgage 317
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Appliances for FHA appraisals

Appraisal Today

Bradley, SRA, CDEI In September of 2015, FHA revised Handbook 4000.1 An Inside Look at E&O By Peter Christensen Excerpts: There is no law requiring that real estate appraisers must have professional liability insurance – or E&O insurance as it is often called – except in one state. How does the FHA define appliances?