News & Analysis as of

Fair Housing Act (FHA) Mortgage Loan Originators

Bradley Arant Boult Cummings LLP

FHA Changes its Defect Taxonomy for Originators and Services

Over the past month, the Federal Housing Administration (FHA) has enacted and proposed several changes to its Defect Taxonomy. The Defect Taxonomy is contained in Appendix 8 to FHA Handbook 4000.1. The Defect Taxonomy was...more

Ballard Spahr LLP

FHA Seeks Comment on Third Party Originator Fraud With Short Comment Timeframe

Ballard Spahr LLP on

On June 17, 2024, FHA announced in draft Mortgage Letter 2024-12 a proposed revision to its Defect Taxonomy to clarify that fraud or material misrepresentation involving a sponsored Third-Party Originator (TPO) is a Tier 1...more

Bradley Arant Boult Cummings LLP

FHA Makes Rule Changes for Branch Registration

Based upon “the mortgage industry’s evolution over time, the advancement of technology, and due to no longer needing to maintain several branch offices to conduct FHA business nationwide,” the FHA has adopted a new rule...more

Bradley Arant Boult Cummings LLP

New DOJ Redlining Settlement Continues Enforcement Trend

In a continuation of enforcement activity related to redlining under October 2021’s Combatting Redlining Initiative, the U.S. Department of Justice (DOJ) announced on May 31, 2023, that ESSA Bank & Trust has agreed to pay $3...more

White & Case LLP

Consumer financial services: The road ahead: Mortgage origination and servicing

White & Case LLP on

In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more

K&L Gates LLP

GSEs Release Revised Framework for Origination Defects and Remedies — The Proof Will Be in the Execution

K&L Gates LLP on

By recently releasing yet another revised representation and warranty framework, Fannie Mae and Freddie Mac continued their efforts to assuage the concerns of the lending industry that a default by a borrower poses an unfair...more

MoFo Reenforcement

CFPB Enforcement Actions Take on LO Comp and Fair Lending

MoFo Reenforcement on

Over the past couple of weeks, the CFPB has kept itself busy in the mortgage origination enforcement arena. In one complaint, the CFPB ordered a residential mortgage lender and its CEO to each pay a $1 million civil penalty...more

Goodwin

FHA Releases New Manual Underwriting Standards

Goodwin on

The United States Department of Housing and Urban Development released new standards for manually underwriting FHA mortgage loans. The standards are intended to provide more “definitive underwriting standards” and address...more

Ballard Spahr LLP

Bipartisan Policy Center Proposes New Directions for National Housing Policy

Ballard Spahr LLP on

The Housing Commission of the Bipartisan Policy Center (BPC) recently released proposals for reforming federal housing policy. The Housing Commission report, issued on February 25, 2013, proposes a number of changes to...more

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