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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The incoming Trump administration is expected to prioritize an activities-based oversight approach to nonbank entities, just as the Biden administration has. It may also leave its designation power intact, but unused.
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Freedom Mortgage CEO Stan Middleman weighs in on the Fed, servicing policy, and broker-to-banker moves as he comments on challenging career experiences in his new biography.
5h ago -
A Pennsylvania federal judge ruled that HUD's handbook allowed, but did not require servicers to offer partial claim workarounds in tandem with funds from HAF.
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New Mexico is the state least wanting to refinance, with 369.38 keyword searches per 100,000 people.
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The study found nonbank lenders charging the highest interest rates and most points, and fintech pricing more in-line with depositories.
November 13 -
The real estate investment trust reported a GAAP loss and thin earnings available for distribution as a result of market shifts that also affected some peers.
November 13