It appears that a final bill to extend and enhance the Fair Credit Reporting Act will expand the use of adverse-action notices, if this section of the bill can be improved to provide more certainty for lenders.House and Senate conferees are trying to reach an agreement on a final FCRA bill as Congress prepares to adjourn for the year by Thanksgiving. One of the outstanding issues involves a Senate-passed provision that requires adverse-action notices in cases where borrowers are not offered the lender's usual interest rate or terms because of their credit score. The Mortgage Bankers Association of America and other lender groups are concerned that the legislative language is too vague on what circumstances would trigger the notices and leaves too much discretion to the regulators in interpreting the new adverse-action requirement. "We are looking for more certainty in the triggers and more certainty in the class of individuals that would qualify for these disclosures," said MBA lobbyist Erick Gustafson.
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A National Mortgage News/Snapdocs survey of 100 lenders found 90% use some form of what could be considered a digital closing, up from 74% two-years ago.
35m ago -
The state has largely solved for the industry's biggest concerns but the broader secondary mortgage market could still have some additional responsibilities.
47m ago -
In its latest financial stability report, the Federal Reserve found that asset prices continue to exceed underlying fundamentals and leverage levels remain high, especially by hedge funds.
April 25 -
The Long Island-based regional bank, which reported another quarterly loss Friday, continues to hire in the commercial-and-industrial lending sphere as it seeks to diversify its commercial real estate-heavy business.
April 25 -
The lender's parent also said it is actively in preparation to move forward on plans to unlock equity value in 2025, with a Newrez spinoff among its options.
April 25 -
Doug Duncan may be retired from Fannie Mae, but not from the housing market—his new firm is ramping up with writing, speaking, and advisory work.
April 25