By KIMBERLEY HAAS Vice President Kamala Harris joined officials from the U.S. Department of Housing and Urban Development on Wednesday to announce the delivery of a plan designed to dismantle racial bias in the home lending and appraisal process. The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan submitted to President Joe Biden will, when enacted, represent the most wide-ranging set of reforms ever put forward to advance equity in the home appraisal process, according to a press release. During her speech, Harris described how a home ensures future financial security and peace of mind for families. “Imagine a young couple that saves enough money to put a down payment on a home. The day they…
By KIMBERLEY HAAS The Consumer Financial Protection Bureau is targeting discrimination and officials there plan to closely examine financial institutions’ decision-making practices to ensure companies are appropriately testing for and eliminating potential harm to customers. On Wednesday, an updated exam manual was published for evaluating unfair, deceptive, and abusive acts or practices. Officials said in a press release that discrimination can occur in cases where the conduct may be covered by the Equal Credit Opportunity Act – a fair lending law that covers extensions of credit – as well as instances where it does not. The example of being denied a checking account due to race was used as an example of a discriminatory practice. “When a person is denied…
The number of loans in forbearance stayed more or less the same as exits stalled mid-month, making up 1.9% of all active mortgages, according to Black Knight’s blog, Vision. November has hit a lull in its third week that mimics similar slowdowns in the last few months. Black Knight has characterized these declines as “expected.” The number of active forbearance plans rose 0.2% as activity hit its lowest level since mid-August. Plan volume rose by 5,000 for portfolio and PLS loans with small declines for FHA/VA (-2000) and GSEs (-1000). FHA/VAs saw an increase in new plans, pushing start volume to its highest level since October. Consumer Finance Protection Bureau (CFPB) head Rohit Chopra has zeroed in on foreclosures since…
The Consumer Financial Protection Bureau (CFPB) released a joint statement with other government agencies to mortgage servicers announcing a return to enforcement of protections for families and homeowners. The statement cited an April 2020 decision not to take “supervisory or enforcement action” regarding the timing requirements of the Regulation X mortgage servicing rules during the pandemic. The decision would last indefinitely “as long as the servicers made good faith efforts to provide those required notices or disclosures and took the related actions within a reasonable period of time. “ Wednesday’s statement from the CFPB walked back that flexibility, saying mortgage servicers have had plenty of time to adapt their operations to the ongoing challenges of Covid-19. The agencies will return…
