We recently marked the 40th anniversary of the Equal Credit Opportunity Act, a federal civil rights law that protects you from being discriminated against by lenders. As the holidays approach and we prepare for a new year, I wanted to let you know about key areas where the CFPB’s fair lending team will focus in 2017.
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"The FTC is going to be focused, like the CFPB, but I think their focus is going to be a little more narrow. Under Dodd-Frank, the FTC’s privacy jurisdiction got transferred to the CFPB, but theremained with the FTC. So, they’re focusing on data breaches and other privacy concerns that have to do with data; data sharing, data access.
Today, the CFPB released their Priorities for the next two years. Of particular interest to Mortgage Lenders is the excerpt below. Please close attention to the focus of "Fair Lending". Fair Lending is heating up folks, so now that TRID is mellowing out, it’s time to focus on this important issue.
Zillow: Housing recovery slows to steadier pace “Inadequate supply of homes available to buy – especially at the entry-level end of the market – remains a huge problem,” said Svenja Gudell, chief economist for real estate data provider Zillow..
But don't be fooled into thinking the core focus of fair banking will change.. although the federal focus may shift from enforcement to more traditional. Lenders offering both closed-end mortgage loans and HELOCs should use the. Concerns highlighted by CFPB in 2017 may receive continued attention,
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Fair lending monitoring: Where to focus statistical analysis. Mac’s Loan Prospector in the case of first mortgages). Automobile lending may be fully automated for some lenders, but typically has both an automated and a manual component–even if only applied to.
Attention lenders: The CFPB is now focusing more on fair lending in mortgages Is the FHA about to raise the HECM lending limit? Did Mick Mulvaney just drastically change how the CFPB enforces fair.
Attention Lenders: The CFPB is Now Focusing More on Fair Lending in Mortgages by Brena Swanson The CFPB stated that mortgage lending continues to be a key priority for the Office of Fair Lending for both supervision and enforcement through 2017.
Attention lenders: The CFPB is now focusing more on fair lending in mortgages Bruno Contents Bureau (cfpb) issued Free white paper: redlining risk analysis Cfpb enforces fair.