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APPRAISAL BIAS FINDINGS BY THE FHFA

Posted by jholzknecht on  November 29, 2022
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On November 2, 2022 the Federal Housing Finance Agency (FHFA) released the Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File and Dashboard. The UAD: Documents appraisal bias. Is derived from more than 47 million appraisals conducted between 2013 and June 30, 2022. Lenders selling loans to Fannie Mae and Freddie Mac must submit appraisal information in the UAD format. Standardizes various data elements regarding an appraisal. Undervaluation Rates The 2021 FHFA appraisal statistics reflect a

NATIONAL COMMUNITY REINVESTMENT COALITION – APPRAISAL DISCRIMINATION

Posted by jholzknecht on  November 28, 2022
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Category: Appraisals, Fair Lending, HUD
In early November, the National Community Reinvestment Coalition (NCRC) filed two complaints against appraisers with the Department of Housing and Urban Development asserting different treatment based on race in violation of the Fair Housing Act. The first complaint, against RMC Appraisal Services, asserts different service levels based on race; and The second complaint, against Atlantic Appraisers & Associates, addresses home valuations that differ based on race. Mystery Shoppers The Complaints evolved from mystery-shopping regarding appraisals

FALL 2022 CFPB SUPERVISORY HIGHLIGHTS

Posted by jholzknecht on  November 17, 2022
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Category: CFPB
On November 16, 2022, the Consumer Financial Protection Bureau (CFPB) released the Fall 2022 Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The key findings of the Report are elaborated upon below. Inaccurate Credit Reports CFPB examiners found that one or more of the nationwide consumer reporting companies failed to report to the CFPB the outcome of their reviews of complaints about inaccuracies on consumers’

SECTION 1033 OF THE DODD-FRANK ACT – DATA AVAILABILITY

Posted by jholzknecht on  November 15, 2022
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Category: Dodd-Frank Act, Privacy
Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires a consumer financial services provider to make available to a consumer information in the control or possession of the provider concerning the consumer financial product or service that the consumer obtained from the provider. On October 22, 2020, the Consumer Financial Protection Bureau (CFPB) issued an Advanced Notice of Proposed Rulemaking to solicit comments and information to assist the agency in developing

CFPB’s Guidance on Junk Fees

Posted by kboatwright on  November 3, 2022
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Category: CFPB
Fee income practices have been making headlines for months, and in some cases years. Financial institutions that have had the unfortunate experience of being cited or accused of having potentially unfair, deceptive, or abusive policies can attest to the damage certain unchecked fee income practices can have on the organization.  Reputation, income, and company morale are all negatively affected when fee income policies are determined to be unfair or deceptive. We here at COMPLIANCE RESOURCE

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