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The opportunity cost of modern-day redlining

Housing Wire

Modern-day redlining persists, and it’s costing lenders millions in legal fees. The true cost of redlining Lenders need to carefully evaluate their lending strategies to ensure that they are not unintentionally practicing redlining by neglecting MMCT and LMI neighborhoods, or they may face millions in penalties.

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OCC moves to rescind 2020 version of CRA rule

Housing Wire

The Office of the Comptroller of Currency announced today that it is moving to gut the controversial Community Reinvestment Act (CRA) rule issued in 2020. The issuance of the OCC’s NPR today is an important step toward strengthening and modernizing the CRA,” said Acting Comptroller Michael J.

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How 2020 raised the stakes for the mortgage industry

Housing Wire

Prior to 2020, the mantra around the mortgage industry going back to 2016 was that launching a new “digital experience” was the equivalent to table stakes in poker. More than that, the fintechs that flooded in brought with them a promise to modernize the mortgage industry with data-rich, cloud-enabled and digitally secure workflows.

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Ready or not, CRA modernization is at the door

Housing Wire

That’s partly because, according to a joint notice of proposed rulemaking from bank regulators on Thursday, banks’ performance would be judged by where they lend, not just where they have branches. Honestly we don’t know if that is coming or not,” said Ricard Pochkanawala, senior policy council at the Center for Responsible Lending.

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Introducing the HousingWire 2020 Tech Trendsetters

Housing Wire

This year’s 2020 list of Housingwire Tech Trendsetters certainly earned their status as the housing industry was met with incredible challenges and new opportunities. This diverse group of tech professionals helped to bring about the long-awaited modernization of the housing industry. The rest of this content is for HW+ members.

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2020 HW Tech Trendsetter: Samir Agarwal

Housing Wire

Despite the proliferation of mobile and online banking channels, local and regional financial institutions often lack the resources, expertise, and infrastructure to obtain modern digital solutions. The post 2020 HW Tech Trendsetter: Samir Agarwal appeared first on HousingWire.

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Bank survey: Regulatory worries reach three-year high

Housing Wire

The survey’s main indicator score reached 128, a 20-point increase from 2020 to 2021. Fair lending laws and regulations have 60% of respondents very or somewhat concerned. The CFPB has made it clear, already, that fair lending enforcement is a top priority. 4 to Sept. It’s no mystery why.