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The CFPB has issued its 24th Supervisory Highlights, sharing observations and findings from examinations in the areas of auto servicing, consumer reporting, debt collection, deposits, fair lending, mortgage origination, mortgage servicing, private education loan origination, payday lending, and student loan servicing.
The CFPB issues Supervisory Highlights “to help institutions and the general public better understand how the Bureau examines institutions for compliance with Federal consumer financial law.” The Summer 2021 report includes highlights from examinations that were completed from January 1, 2020 to December 31, 2020, but excludes pandemic-related highlights, which the CFPB covered in its 23rd issue. The primary findings in the Summer 2021 report include:
In the Banking Capital of the South, Some Communities Find Challenges in Accessing Mortgage Loans
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MLO Jobs; Pre-Qual, Warehouse, CE, Marketing, Sales Tools; CFPB: Worth Keeping an Eye On
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Black borrowers are 80% more likely to be denied a mortgage than white borrowers.
The Fair Lending for All Act would establish a new federal office to ensure discrimination in lending is not happening.
The bill would help end discriminatory practices by clarifying that discrimination based on zip code or census tract is prohibited under ECOA.
This is an opinion column. The thoughts expressed are those of the author.
In 2020, Black borrowers were 80% more likely to be denied a mortgage than white borrowers. While this statistic is jarring, it is hardly surprising to those of us familiar with the US mortgage industry. A holistic look at America’s housing market shows that it disadvantages people of color in some startling and systemic ways that are not always obvious at the loan level.