fizkes - stock.adobe.com
When Philip Weiss, a systems engineer in New Jersey, saw a rustic house on a four-acre lot in the Poconos, it was love at first sight. He was preapproved for a mortgage, placed an offer on the home and the seller accepted.
Nearly one month later, the unexpected happened.
Weiss says despite having a 700+ credit score, a low debt-to-income ratio and stable income, two past delinquencies on his credit report came back to haunt him, even though the accounts were paid in full. He was denied the mortgage loan.
Getting approved for a mortgage isn’t easy.
Non-QM, LOS Admin, Ops, MLO, IT Jobs; Broker, Sales Tools; QC and Compliance Dec 28 2020, 8:09AM
Congress and the press have been talking about a second stimulus plan since the summer. The bill signed by President Trump last night keeps the U.S. Government running through next September, including USDA housing programs. For ordinary citizens we hope that it is not too little, too late. Did you know that, driven by stock market gains, the current net worth of the 4 richest U.S. citizens is double the entire net worth of the lowest 50 percent of the U.S. population? Fortunately, many lenders and vendors help their communities in numerous ways, and this Commentary highlights them in our Saturday Spotlights. (For information on being featured, contact Anjelica Nixt.) What about Goodwill? Do you think it is an organization owned by churches, or a non-profit? Nope. Goodwill Industries is a privately held, not-for-profit company which has come under fire for pa
The CFPB recently issued a
final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA) and a
final rule increasing the asset exemption threshold for the Truth in Lending Act (TILA) requirement to maintain an escrow account for a higher-priced mortgage loan.
Banks, savings associations, and credit unions are not subject to HMDA for a calendar year if their assets as of December 31, of the prior calendar year did not exceed an asset threshold. The asset threshold is subject to annual adjustment based on inflation. The asset threshold for calendar year 2020 HMDA data collection and reporting was $47 million. The final rule increases the asset threshold for calendar year 2021 HMDA data collection and reporting to $48 million. As a result, banks, savings associations, and credit unions with assets of $48 million or less as of December 31, 2020, are exempt from collecting and reporting HMDA data for 2021 activity.
Laurie Myers of CIT Bank honored at 24
th Annual CRA & Fair Lending Colloquium
MINNEAPOLIS–(BUSINESS WIRE)–#CRAcolloquium Wolters Kluwer’s Compliance Solutions business has named Laurie Myers, VP, CRA Quality Assurance and Data Analytics at CIT Bank in Pasadena, Calif., as the 2020 honoree of its Alfredo deHaas Excellence in Analytics Award. The award, which recognizes a banking professional who “excels in leveraging data to demonstrate his or her institution’s commitment to regulatory compliance,” was announced at the company’s 24th annual CRA & Fair Lending Colloquium on Monday, Dec. 7.
Named after longtime Community Reinvestment Act (CRA) analyst Alfredo deHaas of MUFG Union Bank, N.A., the award is meant “to trumpet the ‘unsung heroes’ who embody Alfredo’s passion and spirit for championing the creative and thoughtful use of data.”
A CRA To Meet the Challenge of Climate Change
Advancing the Fight Against Environmental Racism Getty/Thomas B. Shea/AFP
A car gets towed while men walk in floodwaters on a road in Houston, August 2017, in the wake of Hurricane Harvey.
Julia Cusick
Introduction and summary
A federal law passed more than 40 years ago to address the discriminatory practice of redlining in low-income neighborhoods and communities of color can and should be modernized to address other systemic racism-fueled inequities. These inequities, including the disproportionate exposure to environmental hazards and climate-related challenges, have been exacerbated by the coronavirus pandemic.
The Community Reinvestment Act (CRA) was enacted in 1977 to combat redlining the practice of systematically denying mortgages and other financial services to communities based on their racial makeup and other forms of racial discrimination in lending. The CRA should be updated to spur lending, investment, and other se