Mortgages

The interagency Property Appraisal and Valuation Equity initiative, which was tasked by the Biden administration with rooting out bias in home valuations, appears to have run its course. But experts say it could be years before the group's efforts bear fruit.

The Federal Home Loan Bank of New York paid its departing director of diversity and inclusion $561,600 after an external review found "oversight issues" that led to a shake-up of the bank's human resources department; CDFI Friendly America launches an online mapping system to spotlight growth opportunities nationwide; global law firm A&O Shearman expands its U.S. debt finance team; and more in this week's banking news roundup.

Vice President Kamala Harris' pledge to deliver 3 million homes has drawn applause from homebuilders, lenders and affordability advocates, but experts are uncertain how her administration would pull it off.

The Federal Home Loan banks must be looking at the shift in presidential polling with alarm. A Democratic victory would open the door to tougher regulation and potential streamlining of the 11-bank system.

Fay disputes claims it violated servicing laws and a previous order related to dual tracking allegations but agreed to settle without admission of wrongdoing.

The banking giant's sale of the non-agency, third-party portion of its commercial servicing business will boost the buyer's position in the securitized market.

Borrowing costs have fallen to their lowest level in more than a year as inflation metrics drop to 2021 levels, seemingly vindicating the Federal Reserve's decision to maintain their restrictive monetary policy.

Specialized Portfolio Servicing's sale resolves questions about it that arose when UBS bought the troubled Credit Suisse last year.

Thanh Roettele will help guide the Canadian bank's growth in the mortgage warehouse space in one of its latest moves aimed at the U.S. market.

The administration will release $100 million in grant funds focused on slashing red tape at the state and local levels, and will advance other programs to increase home construction.