VA borrowers could stand a better chance when bidding for a home if the agency’s minimum property requirements are aligned with GSE standards, according to mortgage lenders.

The Supreme Court in a unanimous decision last week ruled that federal home loan agencies are not immune from civil monetary penalties for violations of the Fair Credit Reporting Act.

Loans to communities ranked with a high social vulnerability index made up roughly 22% of Rural Housing Service-guaranteed single-family home loans in the fourth quarter of 2023. (Includes data table.)

Rep. Member Maxine Waters, D-CA, urged Congress to pass the housing package that had been part of an earlier session’s Build Back Better bill; MISMO launches working group for federal housing agency dataset to support servicers; VA updates COVID-19-era loss-mitigation support; VA extends rescission date for assisted appraisal processing program; USDA raises appraisal fee for direct loans; USDA announces limited waiver for SFHGL servicers.

“You’re not doing this program without my permission,” said Rep. Derrick Van Orden, R-WI.

Federal agencies aren’t immune from civil monetary penalties for Fair Credit Reporting Act violations, the Supreme Court ruled last week.

Congress must examine AI carefully, to determine “whether AI is extending and reinforcing biases, and how it has the potential to correct them,” according to Sen. Tina Smith, D-MN.

A Senate Banking subcommittee last week heard testimony on the pros and cons of using artificial intelligence in the housing industry.

While Senate Democrats largely called for additional federal aid, Republicans sought more accountability for existing programs.

Public Citizen Litigation Group applauded the decision that confirms federal agencies can't escape accountability when they fail to comply with their responsibilities to consumers under the Fair Credit Reporting Act.