Think the Community Reinvestment Act’s (CRA’s) focus on measuring how many loans are made to underserved, largely low- and moderate-income communities does not apply to nonbanks? Think again. While that’s true of the federal law, at least three states have passed CRA-like laws that apply to nonbanks, and the Mortgage Bankers Association (MBA) predicts more states could follow suit.
New York recently became the third state to expand CRA mandates – Massachusetts and Illinois