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Tech firm Polly bulks up to help modernize mortgage industry

Housing Wire

The prior two Series A funding rounds undertaken in April 2019 and March 2021 raised a total of $20 million, according to the deal-tracking service Crunchbase. Building the next generation of tech: Three ways to digitize home lending. It operates more than 650 branches nationwide and employs some 4,000 people.

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Bank regulators release plan to increase capital requirements for mortgage lending

Housing Wire

The Federal Reserve , Federal Depository Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released on Thursday the proposed changes for the Basel III rule (called the Basel endgame), which significantly increases capital requirements for banks. Community banks would not be impacted.

Lending 337
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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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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 328
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Opinion: Reformed FHA program will offer lenders new business opportunities

Housing Wire

Modern manufactured homes are an unusual feature of today’s housing market, the rare homeownership opportunity that is both lower-cost and high-quality. Nevertheless, in 2021, only 36% of completed home-only loan applications were approved; this 64% denial rate has remained relatively unchanged over the last four years.

Business 389
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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. Federal officials said similar banks generated five times as many loan applications from prospective Black and Latino home buyers as Lakeland.

Law 366
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ESSA Bank to pay $3M to settle DOJ’s redlining allegations

Housing Wire

District Court for the Eastern District of Pennsylvania , ESSA “failed to provide mortgage lending services and did not serve the credit needs of majority-Black and Hispanic neighborhoods in the Philadelphia metropolitan area” from 2017 to 2021. According to a complaint filed by DOJ in the U.S.

Lending 262