HUD’s proposed revisions to its disparate impact rule were published in today’s Federal Register. Comments on the proposal are due on or before October 18, 2019. ...more
8/19/2019
/ Affordable Housing ,
Burden-Shifting ,
Comment Period ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
Federal Register ,
Housing Discrimination ,
Housing Market ,
HUD ,
Proposed Regulation ,
Race Discrimination ,
Rulemaking Process ,
Texas Dept of Housing v Inclusive Communities
We have reported on the attempt by the U.S. Department of Housing and Urban Development (HUD) to impose new documentation requirements for down payment assistance provided by government entities to be used in connection with...more
The Department of Housing and Urban Development is expected to soon release proposed revisions to its 2013 rule under which HUD or a private plaintiff can establish liability under the Fair Housing Act (FHA) for...more
8/5/2019
/ Affordable Housing ,
Burden-Shifting ,
Congressional Review Act ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
HUD ,
Race Discrimination ,
Regulatory Agenda ,
Rulemaking Process ,
Texas Dept of Housing v Inclusive Communities
In Mortgagee Letter 2019-11, the U.S. Department of Housing and Urban Development (HUD) announced that it is reducing the maximum loan-to-value ratio and combined maximum loan-to-value ratio on cash-out refinance mortgages...more
8/2/2019
/ Comment Period ,
Consumer Financial Products ,
Federal Housing Administration (FHA) ,
FHA Loans ,
Financial Regulatory Reform ,
Financial Services Industry ,
HUD ,
Mortgages ,
Public Comment ,
Refinancing ,
Regulatory Requirements ,
Rulemaking Process
As previously reported, recently a US District Court granted a preliminary injunction preventing the US Department of Housing and Urban Development (HUD) from implementing new requirements for government-provided down payment...more
As previously reported, the U.S. Department of Housing and Urban Development issued Mortgagee Letter 2019-06 in April of 2019 to impose new documentation requirements for down payment assistance provided by government...more
For some time the mortgage industry, without success, has asked the US Department of Housing and Urban Development to provide a clear answer to the question of whether Deferred Action for Childhood Arrival (DACA) recipients...more
6/13/2019
/ Consumer Financial Products ,
DACA ,
Eligibility Determination ,
Federal Housing Administration (FHA) ,
Financial Services Industry ,
HUD ,
Immigration Reform ,
Low Income Housing ,
Low-Income Issues ,
Mortgages ,
Residency Status ,
Rulemaking Process
The CFPB recently issued a factsheet addressing whether a Loan Estimate and Closing Disclosure are required in connection with the assumption of a residential mortgage loan....more
As previously reported, on April 18, 2019 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2019-06 setting forth new documentation requirements for down payment assistance provided by...more
On April 18, 2019 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2019-06 setting forth new documentation requirements for down payment assistance provided by government entities to be used...more
The U.S. Department of Housing and Urban Development (HUD) has issued an advance notice of proposed rulemaking (ANPR) seeking comment on whether its 2013 Disparate Impact Rule (Rule) should be revised in light of the 2015...more
A federal district court recently ruled against the CFPB in a long-standing case under the Real Estate Settlement Procedures Act (RESPA) involving a Louisville, Kentucky law firm Borders & Borders, PLC (Borders). In the...more
The D.C. Circuit yesterday issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million...more
10/13/2016
/ Administrative Proceedings ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Process ,
HUD ,
Insurance Industry ,
Kickbacks ,
Mortgage Insurance ,
Mortgages ,
PHH Corp. v CFPB ,
Referral Fees ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations ,
Statutory Interpretation
People with limited English proficiency (LEP) are protected under the Fair Housing Act (FHA) under new guidance announced by the U.S. Department of Housing and Urban Development (HUD). Housing providers can face liability for...more
9/21/2016
/ Discrimination ,
Disparate Impact ,
Fair Housing Act (FHA) ,
Housing Discrimination ,
Housing Market ,
HUD ,
Landlords ,
Limited English Proficiency (LEP) ,
Mortgages ,
National Origin ,
National Origin Discrimination ,
Real Estate Market ,
Tenants
A federal court in Texas recently dismissed a housing discrimination claim that was based on alleged disparate impact under the Fair Housing Act (FHA), the latest in a series of decisions applying landmark U.S. Supreme Court...more
9/2/2016
/ Affordable Housing ,
Burden-Shifting ,
Causation ,
Discrimination ,
Dismissals ,
Disparate Impact ,
Fair Housing Act (FHA) ,
HUD ,
LIHTC ,
Pleading Standards ,
Race Discrimination ,
Texas Dept of Housing v Inclusive Communities ,
Title VII
As we have reported, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring “Covered Institutions” to report certain...more
7/22/2016
/ Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
FFIEC ,
Filing Requirements ,
HMDA ,
HUD ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Regulation C ,
Reporting Requirements
The Federal Housing Administration (FHA) announced the 2016 Nationwide Forward Mortgage Limits in Mortgagee Letter 2015-30 and the 2016 Nationwide Home Equity Conversion Mortgage (HECM) limits in Mortgagee Letter 2015-29...more
The U.S. Supreme Court recently heard oral argument in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc.—the case presenting the issue of whether disparate impact claims are...more
In a Fair Housing Act (FHA) case we have been watching for some time, the federal district court in Washington, D.C., recently issued an opinion vacating the U.S. Department of Housing and Urban Development’s (HUD’s)...more
The CFPB’s final rule amending certain provisions of the 2013 Title XIV final mortgage rules which includes a post-consummation points and fees cure mechanism for qualified mortgage loans, became effective on Monday, November...more
On March 13, 2014, HUD published a proposal to eliminate the requirement that an FHA loan borrower be required to pay interest after the loan is prepaid. The move is needed because the requirement would effectively cause FHA...more
The CFPB has announced that it has issued a Consent Order to settle charges that a mortgage lender and its principal violated RESPA Section 8 by paying illegal kickbacks to a bank in exchange for mortgage loan referrals....more
1/17/2014
/ Banking Sector ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Drafting ,
Disgorgement ,
Dodd-Frank ,
HUD ,
Kickbacks ,
Lenders ,
Real Estate Market ,
RESPA
Federal regulators have issued their long-awaited revised qualified residential mortgage (QRM) proposal. The proposal, which implements Section 941 of the Dodd-Frank Act, was issued jointly by the FDIC, Fed, OCC, SEC and,...more
8/30/2013
/ Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
FHFA ,
HUD ,
Mortgage-Backed Securities ,
Mortgages ,
OCC ,
QRM Standard ,
Securities and Exchange Commission (SEC)
The CFPB has announced the settlement of an enforcement action in which it was alleged that two affiliated business arrangements (ABAs) violated Section 8 of the Real Estate Settlement Procedures Act....more
The Department of Housing and Urban Development has issued a final rule that provides that if a practice has a "discriminatory effect," HUD or a private plaintiff can establish liability under the Fair Housing Act (FHA), even...more