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loanDepot settles appraisal bias lawsuit 

Housing Wire

A spokesperson for loanDepot told HousingWire that the company “strongly opposes bias in the home finance process.” ” The settlement agreement does not resolve or release any claims against 20/20 Valuations and Lanham. But the company hasn’t admitted any fault.

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Trade groups warn of “unintended consequences” from proposed AVM rules

Housing Wire

The Mortgage Bankers Association (MBA) and the Consumer Bankers Association (CBA) sent a letter to regulators on Monday warning of the “unintended consequences” of new quality control standards for automated valuation models (AVMs). the trade groups state. ” Another trade group weighed in on the newly proposed rule.

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CFPB spring agenda aims to tackle AVMs, overdraft fees, FCRA and more

Housing Wire

At the top of the list of housing issues the Bureau will aim to address is a rule related to automated valuation models (AVMs). Vice President Kamala Harris also spoke soon afterward about the need to address the impact AVMs may have on homeownership prospects for certain Americans.

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Going to Extremes

Appraisal Buzz

Add to this rising replacement costs and legal fees, increased government regulation, inflation, and fraud, and companies are bleeding about a billion dollars every three weeks. I recently attended the Going to Extremes conference in DC on April 18-19, which focused on how climate change is affecting the US housing and finance industries.

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CFPB wants lenders to disclose reason for denial of credit

Housing Wire

The requirement also applies to mortgage lenders, legal experts say. In his own statement Thursday, Chopra said companies have “legal responsibilities when they let a black-box model make lending decisions.”. The CFPB said it is concerned automated valuation models may reflect bias in design and function.

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Biden tax credit to rehab homes is finally unveiled

Housing Wire

HUD has also taken steps to craft a rule on the legal duty to Affirmatively Further Fair Housing. How hybrid title and valuations help increase lending efficiency. Each state’s housing finance agency would administer the tax credits, which would be allocated by population. Streamline by combining services.

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Notarize lays off 25% of its workforce

Housing Wire

In 2019, Notarize was forced to undergo layoffs after financing fell through. “We With the onset of the COVID-19 pandemic increasing the need and demand for RON services, and nearly all states and counties across the country approved emergency legislation legalizing RON, Notarize rapidly expanded.

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