Fair Housing Act (FHA) Mortgages

News & Analysis as of

CFPB Relies on “Mystery Shoppers” in BancorpSouth Mortgage Discrimination Settlement

CFPB “mystery shoppers,” along with secret recordings, were part of the CFPB’s factual allegations in a recent mortgage discrimination settlement. The DOJ and CFPB announced a settlement with BancorpSouth Bank to resolve...more

Diversity assessment and remedial measures required by CFPB consent order

On June 29, 2016, BancorpSouth Bank announced a proposed settlement and consent order with the CFPB and the U.S. Department of Justice of charges that the bank’s mortgage lending practices violated the Equal Credit...more

BancorpSouth Bank Agrees to Pay More Than $10 million to Settle Charges of Redlining and Discrimination in Mortgage Underwriting...

On June 29, the Consumer Financial Protection Bureau (CFPB), the Department of Justice (DOJ), and BancorpSouth Bank (BancorpSouth) agreed to settle allegations of redlining and discrimination in violation of the Equal Credit...more

Can New Federal Guidance Unlock the Residential PACE Market? We’re Almost There!

Under newly issued guidance, the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) will begin insuring mortgages on qualifying properties with PACE assessments....more

CFPB, DOJ Settle Fair Lending Claims Involving Allegations of Redlining, Discretionary Underwriting and Pricing, Overt...

The Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the Fair...more

CFPB and DOJ settle fair lending claims involving allegations of redlining, discretionary underwriting and pricing, and overt...

The CFPB and DOJ recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the Fair Housing Act and the Equal Credit Opportunity Act....more

CFPB and DOJ Settle Fair Lending Claims Involving Allegations of Redlining, Discretionary Underwriting and Pricing, and Overt...

The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the...more

CFPB and DOJ Propose $10.6 Million Settlement in Discriminatory Lending Action

On June 29, the Consumer Financial Protection Bureau (CPPB) and Department of Justice (DOJ) announced a joint enforcement action against a regional bank for alleged discriminatory mortgage lending in violation of the Equal...more

Financial Services Weekly News - July 2016

Regulatory Developments - NY DFS Adopts Final Anti-Terrorism Program Regulation - On June 30, New York’s Department of Financial Services (DFS) adopted a risk-based anti-terrorism and anti-money laundering...more

Department of Housing and Urban Development Announces Settlement with National Bank over Alleged Discriminatory Lending Practices

On June 8, 2016, the Department of Housing and Urban Development (HUD) announced it entered into a settlement agreement with a national bank over allegations the bank engaged in discriminatory lending practices in violation...more

Financial Services Weekly News - March 2016 #4

Regulatory Developments - FHA Revises Loan-Level Certification Form - On March 15, the Federal Housing Administration (FHA) announced changes to its loan-level certification form. The changes resulted from concerns...more

FHA Withdraws Proposed Rule Establishing Insurance Claim Deadline

Recently, the Federal Housing Administration (FHA) withdrew part of a proposed rule that sought to establish a maximum time period within which an FHA approved mortgagee must file a claim with FHA for insurance benefits. The...more

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

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

Fair Lending Director Ficklin Discusses Small Business Lending, LGBT issues, LEP consumers and Inclusive Communities at ABA...

Last Thursday, I had the pleasure of teaching a class on payments and banking products to new lawyers at the American Bar Association’s Consumer Financial Services Institute. I arrived early for the class and got to hear a...more

CFPB and DOJ Announce Redlining Settlement

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

Hudson City Savings Bank Reaches Largest Mortgage Redlining Settlement in DOJ History

The CFPB, DOJ, and Hudson City Savings Bank, F.S.B. (“Hudson City”) recently entered into the largest residential mortgage redlining settlement in DOJ history. On September 24, 2015, the parties filed a Joint Motion for Entry...more

CFPB Brings Long-Anticipated First Redlining Enforcement Action – New Approach to Redlining Analysis is put into Action

On September 24, 2015, the CFPB and DOJ announced a joint action against Hudson City Savings Bank for allegedly discriminatory redlining practices from 2009 through 2013 in certain neighborhoods in New York, New Jersey,...more

CFPB and DOJ announce redlining settlement

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

CFPB and DOJ Announce Joint Action Against Hudson City Savings Bank, F.S.B.

On September 24, 2015, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank, F.S.B. (Hudson). The complaint alleges that Hudson...more

Eleventh Circuit Allows Miami’s Claims under the Fair Housing Act to Move Forward

The Eleventh Circuit Court of Appeals recently reversed a lower court ruling that dismissed discriminatory lending claims against Wells Fargo & Co., Bank of America Corp. and Citigroup Inc., all brought by the City of Miami....more

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

2015-2017 Housing Goals for Fannie Mae and Freddie Mac Finalized

On August 19th, 2015, the Federal Housing Finance Agency (FHFA) adopted a final rule establishing single-family and multifamily housing goals for Fannie Mae and Freddie Mac for 2015 through 2017. In addition, the final rule...more

FHA Hopes to Encourage Mortgage Lending with Neighborhood Watch Enhancement

The Federal Reserve Bank of New York recently did a study which found that, while mortgage loan originations increased through the second quarter of 2015, the increase is only for borrowers with credit scores above 660). ...more

HUD’s Proposal to Terminate FHA Insurance Policies Could Terminate the FHA Program

If there is anything that galls servicers of government-insured loans, it is the forfeiture or curtailment of all accrued interest from mortgage insurance claims resulting from the failure to foreclose fast enough within...more

FHA Attempt To Provide New Guidance: Too Little, Too Late?

On June 18, the Federal Housing Administration provided lenders with a new Defect Taxonomy for Single Family Housing Loans, or Loan Quality Assessment Methodology. It has been working on the new taxonomy for almost a year,...more

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