The New Jersey-based bank was alleged to have restricted mortgage lending services and credit access to certain neighborhoods from 2018 through at least 2022.
“These rules must be updated, and your efforts to stop regulators from doing so is unjustified and harmful,” Sens. Elizabeth Warren and Maxine Waters wrote in a letter to the Chamber of Commerce and the American Bankers Association.
Given confusion around the commission structure for home sales, it’s important for loan officers to advise real estate agents and become a source of knowledge for homebuyers, according to Jonathon Haddad, CEO of the Association of Independent Mortgage Experts.
A new requirement to extend language access for home borrowers within the CFPB's proposal to update Regulation X's mortgage servicing requirements will actually do the opposite, according to a joint comment letter submitted on the proposal.