ANOTHER MATURNITY CASE
Category: Fair Lending, Lending Compliance
On November 3, 2011 HUD announced (HUD No. 11-261) that it reached an agreement with Luxury Mortgage Corporation (LMC), a mortgage lender based in Stamford, Connecticut, settling accusations that the lender discriminated against a woman by denying her mortgage loan because she was on maternity leave. Under the settlement, LMC agrees to pay the woman who was denied the mortgage $12,000. The settlement is the result of a complaint that was filed by a couple
STUDENT LOAN – KNOW BEFORE YOU OWE
Category: CFPB, Lending Compliance, Regulation Z, Truth in Lending
The CFPB is assisting the Department of Education with creating a “financial aid shopping sheet” that colleges could use to improve information for students and their families. The draft shopping sheet is posted on the CFPB website, where comments from students, families, and other stakeholders are sought. It includes estimated monthly payments after leaving school and helpful school-related information such as graduation rates. And, importantly, it allows students to compare an offer from one school
The Consumer Financial Protection Bureau (CFPB) recently announced the selection of Hubert H. (“Skip”) Humphrey III to head up the newly established Office of Older Americans. Humphrey has spent much of his professional life working to protect consumers, serving first as a state Senator and later as Attorney General of Minnesota. He has also worked on behalf of seniors as president of the Minnesota AARP and, until recently, served on AARP’s national board. The Dodd-Frank
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) mandates the registration of mortgage loan originators (MLOs). Section .103(b)(1)(i) of the SAFE Act regulations requires MLOs to renew their registration each year during the annual renewal period. The annual renewal period extends from November 1st to December 31st. The annual registration requirement does not apply to a registered MLO who completed his or her initial registration with the Registry less than 6 months
The Agencies are adopting two of the five questions and answers proposed in the 2009 Interagency Questions and Answers: one question and answer relating to insurable value (question and answer 9) and another question and answer relating to force placement of flood insurance (question and answer 61). The Agencies are also withdrawing one question and answer relating to insurable value and have reserved this question and answer for later use (question and answer 10). The
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