Mortgages

On Dec. 31, 2021. Dollars in thousands.

The Consumer Financial Protection Bureau took a step toward addressing appraisal bias with a proposal that kicked off an interagency rulemaking on automated valuation models, which use reams of data to assess property values.

The complaint seeks unspecified damages over the bank’s mortgage origination and underwriting practices, alleging minority homebuyers were excluded from affordable, low-risk loans.

Democrats cited the increasing share of home purchases by Wall Street firms while Republicans pointed to rising conforming loan limits and other measures by Fannie Mae and Freddie Mac during the Senate Banking, Housing and Urban Affairs committee hearing.

CFPB Director Rohit Chopra launched an inquiry into so-called “junk fees,” with bankers and lenders countering that the fees they charge are related to specific types of work performed and that existing laws already prohibit excessive fees.

The Indiana bank announced a five-year, $8.3 billion agreement with the National Community Reinvestment Coalition in connection with its acquisition of First Midwest Bancorp. The Federal Reserve approved the purchase last month.

The moves, which are part of a multiyear strategy, are meant to focus resources in areas where the Spanish banking giant can earn solid returns.

Three housing finance organizations asked for an interactive process similar to that used previously for originations and said they preferred less reliance on life-of-loan indemnification as a remedy.

On Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

The Troy, Michigan-based bank is looking for companies already innovating across the various aspects of the home finance business.

Home valuation professionals have had mixed feelings about automation out of concern that some forms could result in less accurate assessments.

The new offering’s loan structure is designed to hedge against digital currency's price volatility.

While some in the industry support the change, mortgage broker trade group AIME called on the agency to reconsider it.

Average per-loan charges last year were little changed despite the addition of a new temporary fee for refinancing. Those for loan-to-value ratios above 80%, home-purchase financing and adjustable-rate mortgages only rose slightly.

On Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

The Servicemembers Civil Relief Act includes extra protections aimed at preventing foreclosure for homeowners in the military.

Rohit Chopra, director of the Consumer Financial Protection Bureau, pledged to make it easier for state attorneys general to draw on the Consumer Financial Protection Act in filing lawsuits against corporate wrongdoers.

On Sep. 30, 2021. Dollars in thousands.