Housing Wire
FEBRUARY 27, 2023
RMK Financial Corporation , which does business as Majestic Home Loans , has been permanently banned by the Consumer Financial Protection Bureau (CFPB) from the mortgage lending industry following a series of repeat offenses — which occurred despite the CFPB’s law enforcement order issued in 2015. government.
Housing Wire
NOVEMBER 3, 2023
The Consumer Financial Protection Bureau (CFPB) this week published a report analyzing state-level community reinvestment laws and ways they promote reinvestment activities for entities including mortgage companies. In 1977, banks held 74% of outstanding mortgage debt. By 2007, this share had declined to just 28%.
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Housing Wire
JULY 6, 2022
As recession talk becomes more prevalent, some people are concerned that mortgage credit lending will get much tighter. One of the biggest reasons home sales crashed from their peak in 2005 was that the credit available to facilitate that boom in lending simply collapsed. The short (and long) answer is no, not a chance.
Housing Wire
DECEMBER 11, 2023
Wells Fargo , once the largest mortgage lender in America, was accused of discrimination through the common industry practice of offering mortgage loan discounts to select borrowers, CNBC reported. fair lending laws has been on regulators’ radar in recent years.
Housing Wire
AUGUST 17, 2023
Bank of America (BofA) prevailed in a court case brought against it by Cook County , Illinois , which sued the bank alleging predatory mortgage loans to Black and Hispanic borrowers in the Chicago area. The news was first reported by Bloomberg Law. Easterbrook in his decision cited by Bloomberg Law.
Housing Wire
DECEMBER 7, 2021
Today, HUD is making it clear that certain SPCPs that are lawful under ECOA generally are not barred by the Fair Housing Act,” said HUD Sec. ECOA prohibits reverse redlining — targeting minority communities for predatory lending — but Congress amended the statute in 1976 to allow for special purpose credit programs.
Housing Wire
MAY 23, 2022
The Mortgage Bankers Association supports the legislation. Last week, Mark Jones, CEO of Amerifirst Home Mortgage and a member of the MBA, testified before the House subcommittee on Economic Opportunity, and encouraged the subcommittee to align VA’s appraisal processes with other housing entities. Sponsored Video.
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