Attention lenders: The CFPB is now focusing more on fair lending in mortgages

Should you lend in areas with fracking? Furthermore, there is language in the bill that could be construed as precluding Pennsylvania from banning or even regulating fracking in a way that could endanger the fracking tax revenue. In short, the banks that would lend the $4.5 billion could sue a future governor or legislature for protecting communities from fracking.

Like many other regulatory issues, however, the devil is in the details when it comes to fair-lending laws. What does your company need to know to be the fairest lender in all the land? The legal momentum is building for a sustained federal focus on violations of fair-lending laws and unfair, deceptive, or abusive acts or practices (i.e., UDAAP).

regional, and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits, and extend more than $9 trillion in loans. May 2017

Trends From CFPB’s Unwavering Focus On Fair Lending. According to its report, the CFPB promises to remain committed to fair lending compliance in all credit markets, and irrespective of the present political climate, plans to increase its focus in the coming years on three areas: redlining, mortgage and student loan servicing,

CFPB, DOJ Stepping Up Interest in Redlining Cases. Lenders will be required to submit more data fields about their home loans, which could provide more evidence to regulators of potential redlining. "The proposed changes to HMDA will provide more insight to the CFPB, with regard to its fair lending enforcement efforts.

2012 marks milestone year for Trulia Zillow home values rise for 16 consecutive months NEW YORK ( — May home prices dropped a record 15.8% from a year ago, according to the S&P/Case-Shiller Home Price Index of 20 cities. It was the 22nd consecutive month. over year.The housing market is now 64 percent of the way back to "normal," and we are entering the third phase of the recovery, according to Trulia’s monthly housing barometer. The first two phases of the recovery began in 2009 and 2012, respectively.Average time to foreclose sets new record of 631 days Or, the owners could just decide they aren’t interested in keeping the property at all and just sell it right away which could put it on the market very soon after the notice of default hits, like days. Important thing to know is that a pre-foreclosure is not a property that is available for purchase and it may not be for a very long time.

9 fair lending report of the consumer financial protection bureau, december 2012 In addition to responsibilities for ECOA and HMDA, Congress also charged the CFPB with addressing a number of fair lending-related areas of interest, set forth in the Dodd-Frank Act.

Of course, fair lending is a critical component of fair and responsible banking. With the emphasis on consumer harm, however, regulators are looking at a wide spectrum of lending practices rather than maintaining a narrow focus on mortgage loans. For example, the CFPB is also investigating disparate practices by automotive lenders, consumer.

In her prepared remarks, Ms. Ficklin discussed the CFPB’s enforcement priorities and areas of interest. Much of what she said tracked information previously released by the CFPB, but the following items caught my attention: First, she said that the CFPB was starting its first fair-lending-focused exams of business lenders.

CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market. In 2014, 7,062 financial institutions reported information about approximately 11.9 million mortgage applications, preapprovals, and loans. While the HMDA dataset is the leading source of information about the mortgage market,