CFPB’s Second Report on Mortgage Servicers COVID-19 Response Metrics

Adam Witmer
Regulatory Update

On May 16, 2022, the CFPB released a second metrics report providing the observations of data obtained from 16 large mortgage servicers to identify areas of risk in the servicers’ COVID-19 pandemic response. The report addresses similar topics, including call center data, COVID-19 hardship forbearance exits, delinquency, and borrower profiles for the period May through December 2021.

VIDEO: CFPB Guidance on Consumer Reviews

VIDEO: CFPB Guidance on Consumer Reviews

Adam Witmer

In this Compliance Clip (video), Adam talks about a policy guidance that the CFPB issued on March of 2022. Specifically, the policy guidance provides information about potentially illegal practices relating to consumer reviews and how these may lead to violations of the Consumer Financial Protection Act. A transcript of this video is now available.

Revised Interagency Flood Insurance Q&As

Adam Witmer
Regulatory Update, Flood

On May 11, 2022, five federal regulatory agencies jointly issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. The Q&As supersede those originally published by the agencies in 2009 and 2011 as well as consolidate Q&As proposed by the agencies in 2020 and 2021. The revised Q&As also include the changes to the flood insurance requirements made by federal law in recent years. We plan to release a training program coving the Flood FAQs during the summer of 2022, so contact us with more information regarding this future program.

CFPB Advisory Opinion on Coverage of ECOA

Adam Witmer
Regulatory Update, Regulation B

On May 9, 2022, the CFPB issued an Advisory Opinion to affirm that the Equal Credit Opportunity Act and Regulation B protect not only those actively seeking credit but also those who sought and have received credit. ECOA is a civil rights law that protects individuals and businesses against discrimination in accessing and using credit on the basis of race, color, religion, national origin, sex, marital status, age.

Agencies Issue Joint Proposal to Strengthen CRA

Adam Witmer
Regulatory Update, CRA

On May 5, 2022, the federal bank regulatory agencies issued a joint proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. CRA is a landmark law that encourages banks to help meet the credit needs of their local communities, including low- and moderate-income (LMI) neighborhoods, in a safe and sound manner.

VIDEO: Discrimination Based on Religion

VIDEO: Discrimination Based on Religion

Adam Witmer
Fair Lending

In this Compliance Clip, Adam discusses one of the topics that is included in our Spring 2022 Quarterly Compliance Update, that is - the CFPB found lenders discriminating against applicants based on religious beliefs. While discrimination based on religion has long been prohibited, Adam explains that release by the CFPB show us a trend in fair lending that all financial institutions should be ready for. In addition, the CFPB also expressed its concern about digital redlining, a topic that Adam also talked about in another Compliance Clip. A transcript of this video is now available.

FHFA Mandates Use of the SCIF

Adam Witmer
Regulatory Update

On May 3, 2022, the FHFA announced that Fannie Mae and Freddie Mac will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the said Enterprises. The purpose of the SCIF is to collect information about the borrower's language preference, if any, and on any homebuyer education or housing counseling the borrower received, to help lenders facilitate communications with borrowers in their preferred language. Lenders will be required to adopt these changes and reporting requirements for loans with application dates on or after March 1, 2023.

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