Mortgages

A former employee of The Change Company, which is the largest non-traditional mortgage lender in the U.S., claims in a new lawsuit that the firm mischaracterized the race, ethnicity and income of its borrowers. The company says the allegations, which relate to the representations it makes to be certified as a community development financial institution, are meritless.

We have the tools to address our housing challenges through a mix of regulatory reforms, policy changes, incentives and investment. What's needed is the will and leadership to put those tools to work.

Under guidelines proposed this month, credit unions would see changes in the quality standards for computer-generated appraisal systems, along with when and how financial institutions and consumers can request reconsiderations of value.

The markets had a muted reaction to the Federal Open Market Committee pause on raising short-term rates a week ago, Freddie Mac found.

The amount of distressed assets rose 10% in the first three months of the year, according to a new report from MSCI Real Assets.

The bank's $4.6 billion commitment is smaller in size and shorter in duration than a previous plan. It also pledged $9 billion to sustainable finance initiatives over the next three years.

Bank of America had a 55% increase in new clients in May, and the lender is planning to bulk up staffing to keep up with demand. 

Decision-making algorithms powered by machine learning are seen as the next frontier for a more nuanced approach to mortgage decisions but skeptics worry this will just be a new way to discriminate.

Pride month is the perfect time to take a hard look at the discrimination that LGBTQ people face in the financial services industry, particularly when it comes to obtaining credit.

Total loans from credit unions increased by nearly 18%, driven in part by car dealerships rebuilding their inventory. Headwinds in the mortgage market also fueled interest in home equity loans.

Bank regulators rolled out two joint proposals this month as part of a broader push to address discrimination in home valuations. Advocates see promise, but appraisers fear the changes could artificially inflate valuations.

CEO Curtis Farmer said the warehouse sector, where Comerica provides lines of credit to mortgage banking companies, has not been providing much help as the company seeks to bolster deposits.

A West Virginia homeowner is suing the banking giant for charges incurred when paying by phone, claiming breach of contract and violation of consumer protection laws.

Federal bank regulators issued proposed guidelines for banks and other mortgage lenders to craft policies around reconsideration of value requests. The move is the latest aimed at rooting out bias in home appraisals.

Jennifer Schachterle will oversee the Home Loan bank's relationships with nearly 330 members. Two former members — Silicon Valley Bank and First Republic — failed this year, and consolidation has also thinned its ranks.

Wells Fargo is pursuing private mediation to settle claims of widespread discrimination against Black homeowners by denying them lower interest rates through refinancing and forcing them to pay more for loans.

Six regulatory agencies are seeking public comment on a proposed rule that would establish best practices for using automated valuation models to assess collateral.