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.
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.
CFPB Not Helping Lending Disparity Fixes
What is the mortgage industry to make of a new analysis that shows more Black and Latino homebuyers received loans in 2020 than ever before, but racial disparities in who gets financed persist? Unfortunately, the CFPB isn’t helping.
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.
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.
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.
CFPB Issues New HMDA Amendment Rule
The Bureau of Consumer Financial Protection has issued an interpretive and procedural rule to implement and clarify section 104(a) of the Economic, Growth, Regulatory Relief and Consumer Protection Act.
ONE Mortgages Succeed With Black And Latino Borrowers
ONE mortgages have done an outstanding job of helping black and Latino borrowers in Massachusetts purchase their first home, but it is also becoming less effective as area home values rise, according to recently released Data from the Massachusetts Housing Partnership of Home Mortgage Disclosure Act data.
