CFPB Orders Bank of America to Pay $12M for False Reporting of Mortgage Data
The Consumer Financial Protection Bureau has ordered Bank of America to pay a $12 million penalty for falsely reporting mortgage applicants’ data from 2016 to 2020.
As Margins Shrink, Mass. Banks Wait for Clarity on Section 1071 Rule
A proposed bank regulation intended to highlight any existing racial discrimination in small business lending is being met with resistance by local and national banks who say their finances are under pressure.
Advocate Says Not Enough Mortgage Companies Offer FHA Alternatives
A new analysis of Home Mortgage Disclosure Act data shows too many Black and Latino first-time homebuyers are still using expensive FHA loans when much cheaper local options exist, a major housing advocacy group says.
Pandemic Dramatically Boosted Mass. Minority Homebuying
A new analysis of Home Mortgage Disclosure Act data shows the low interest rates homebuyers enjoyed in 2020 and 2021 had an outsized impact on efforts to close the racial home ownership gap in Massachusetts.
Gov’t to Start Looking for Bias in Small Business Lending
Banks will need to start reporting the demographics and income of small business loan applicants under new rules published by the Consumer Financial Protection Bureau last week.
Pandemic’s First Year a Boon to Black Buyers
Black homebuyers receive a record number of home loans in Massachusetts in 2020 but persistent inequalities continued, and advocates say they face a major barrier to understanding why.
MCBC: Black Borrowers Denied Mortgages at Higher Rates
Black borrowers with down payments of 20 percent or more were denied home mortgages in Massachusetts at higher rates than other borrowers in 2020, according to a new report from the Massachusetts Community & Banking Council.
CFPB to Evaluate HMDA Rules Changes
Citing studies that have found racial disparities in mortgage lending, the Consumer Financial Protection Bureau said it plans to review recent changes to the Home Mortgage Disclosure Act (HMDA) rules and has requested public input on those rules.
HMDA Data Shows Need for More Homes
A new analysis of Home Mortgage Disclosure Act data by the UMass Donahue Institute and the Massachusetts Community & Banking Council shows the toll high home prices are taking on the Bay State’s Black and Brown communities, and the importance of building more housing in Greater Boston.
CFPB Ends Policies that Provided Flexibility for Lenders
The Consumer Financial Protection Bureau on Wednesday rescinded seven policies that had been issued in 2020 to provide financial institutions with temporary flexibilities during the pandemic.
Report: Priced Out, Black and Latino Homebuyers Moving to Gateway Cities
A new study is raising alarm about trends among Black and Latino homebuyers that its authors say could worsen the state’s racial wealth gap.
Consent Order Alleges HMDA Issues at Freedom Mortgage
New Jersey-based Freedom Mortgage must update its procedures for complying with fair lending laws as part of a consent order with the Massachusetts Division of Banks.
CFPB Proposes to Change HMDA Reporting Thresholds Again
Small lenders could be looking at some relief from changes to the Home Mortgage Disclosure Act that went into effect at the beginning of the year.
Fed Rate Hikes, Purchase Market Will be Big Mortgage Issues in 2019
The industry in the coming year will continue to watch how the Fed deals with interest rates, the continued shift to a purchase market and how regulation will impact the speed of closing.
HMDA Changes Leave Small Credit Unions With Whiplash
Changes to reporting requirements under the Home Mortgage Disclosure Act have given small credit unions a bumpy ride in 2018, leaving them to contemplate changing their internal processes, systems and product offerings.
Is $1B the New Threshold for Community Banks?
When North Easton Savings Bank and Whitman-based Mutual Bank announced they would merge in early November, together they created the 41st bank in Massachusetts that holds over $1 billion in assets.
Little Guidance Exists for Addressing Banking Reg Violations
In many, if not all, cases where a banking regulation is violated, there is no clear requirement on what to do next. A typical institution, wanting to do the right thing, labors over this decision. “We admit we messed up, but how can we fix this?”
AG’s Office Announces Settlement with Nationstar Mortgage
Attorney General Maura Healey has secured millions of dollars in relief for hundreds of Massachusetts residents in a settlement with a national mortgage servicer over its failure to help homeowners avoid foreclosure.
Report Finds Persistent Racial Disparities in Mortgage Lending
The Changing Patterns report from the Massachusetts Community & Banking Council has for 25 years identified persistent disparities in mortgage loan approvals among diverse applicants.
CFPB Unveils Digital Tools for HMDA Changes
With amendments to the to the Home Mortgage Disclosure Act now in effect, the Consumer Financial Protection Bureau has released two new digital tools to help financial institutions comply.
