HMDA

At least 400 loan officers working for Bank of America violated the requirements of the Home Mortgage Disclosure Act by failing to collect the race, ethnicity and sex of mortgage applicants and then falsely reporting that the applicants had chosen not to respond, according to the Consumer Financial Protection Bureau.

The Consumer Financial Protection Bureau alleged in a lawsuit that the nonbank lender violated a 2019 consent order and submitted incorrect information in 2020.

Some pandemic-related gains have been ceded to depositories, national numbers from last year's Home Mortgage Disclosure Act reporting confirm.

A federal judge found that the Consumer Financial Protection Bureau overstated the costs and understated the negative impact of exempting 1,700 financial institutions from reporting Home Mortgage Disclosure Act data.

Nonbanks claimed more of the top slots based on loan volume, while the origination gains experienced by Hispanic, Black and Native American borrowers were weaker than those of other groups.

A new report from California shows that less-regulated mortgage lenders may be doing a better than banks of serving Black and Latino homebuyers. But consumer advocates say the data bolsters the case for tougher supervision of nonbanks.

The agency found a 40% error rate in the 2016 data submitted by the Seattle bank. In addition to the fine, the institution is required to improve its compliance systems.

In the first episode of the five-part Arizent documentary series, we look at how disparities in net worth and mortgage discrimination impact Black home ownership — and why it's impossible to close the gaps without attacking systemic racism.

In the first episode of the five-part documentary series, we look at how disparities in net worth and mortgage discrimination impact Black home ownership — and why it's impossible to close the gaps without attacking systemic racism.

The agency’s report on mortgage data submitted by lenders identified persistent disparities between white borrowers and minorities in denial rates and pricing. Some observers say the bureau should have been more explicit as the nation wrestles with systemic racism.