The Supreme Court agreed to take a case this week involving liability under the Fair Credit Reporting Act for a mortgage from the U.S. Department of Agriculture’s Rural Housing Service.
Cenlar, the big kahuna of subservicing, could be poised for explosive growth. There’s just one problem: The outsourcer is still operating under OCC-imposed limitations. But for how much longer?
CFPB Director Rohit Chopra said the mortgage market would see severe disruption if the Supreme Court finds the bureau’s funding structure unconstitutional.
Despite their support for a standardized approach for evaluating the validity of an ROV, trade groups disagree that lenders should face fair-lending liability for the valuations made by independent appraisers.
The proposed rule would require mortgage originators to adopt policies and procedures to ensure automated valuation models protect against manipulation of data and ensure confidence in the appraisal estimates.
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