Richard Horn, a partner at the law firm of Garris Horn, said a huge barrier to participating in this program is whether software exists to populate forms in the manner described in the template.
The statement on principles relates to the examination of lenders’ residential property appraisal and evaluation practices. Federal regulators believe it will help lenders mitigate risks due to potential discrimination or bias in appraisal practices and to promote credible valuations.
The update, the first in nine years, broadens the pool of CFPB officials eligible to evaluate appeals, the options for resolving appeals and the matters subject to appeals.
Former HUD officials launch new compliance consulting firm; CFPB issues CID to Honda Finance; CFPB seeks further auto finance data; bureau to distribute funds to consumers harmed by debt relief company.
The Fed provided a list of “sound practices” for HMDA reporting, including recommending oversight by the bank’s board and senior management, standardized processes and training.