Many mortgage lending institutions whose affiliates in the banking industry are subject to the Community Reinvestment Act may find the transition to the proposed regulatory burden easier if they have a relative in the industry already knowledgeable about the compliance issues and practices.

Congress heard testimony on the issue Oct. 21 and is mulling over H.R. 1700, the Community Reinvestment Act Reform Act, which would pull mortgage bankers into the CRA world. HUD also plans to review its lender discrimination policies on FHA mortgage lending, as well as Ginnie Mae requirements.

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