Impending examinations by the Consumer Financial Protection Bureau have mortgage lenders anxious about preparation, reports American Banker’s Kate Berry, from a Ellie Mae conference in Las Vegas.
"Angst over fair-lending enforcement was palpable," she writes. Nonbanks, which don’t have fair lending programs, were especially concerned.
Industry expert advice included: make sure HMDA data quality is up to snuff, check your disclosures for accuracy, and be prepared for the tech-savvy CFPB to review all the files, not just a selection.
"You have to have your HMDA right and be focused on vulnerable customers," said Jo Ann Barefoot of Treliant Risk Advisors.
For the full piece see "Mortgage Lenders Brace for CFPB Exams; Fair-Lending Is Top Concern" (may require subscription).