For People of Color, Banks Are Shutting the Door to Homeownership

Fifty years after the federal Fair Housing Act banned racial discrimination in lending, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts. This modern-day redlining persisted in 61 metro areas even when controlling for applicants’ income, loan amount and neighborhood, according to a mountain …

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House approves changes to SAFE Act, TRID

The House of Representatives has approved a bill that modifies TRID and would ease requirements on loan originators moving from a bank to a non-bank. The bill, HR 3978, includes changes to the Secure and Fair Enforcement of Mortgage Licensing (SAFE) Act. Under the SAFE Act as it now stands, originators who move from a …

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House approves changes to SAFE Act, TRID

The House of Representatives has approved a bill that modifies TRID and would ease requirements on loan originators moving from a bank to a non-bank. The bill, HR 3978, includes changes to the Secure and Fair Enforcement of Mortgage Licensing (SAFE) Act. Under the SAFE Act as it now stands, originators who move from a …

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Mulvaney: I am not ‘gutting’ the CFPB

In an editorial for USA Today, Mick Mulvaney has denied that he is “gutting” the Consumer Financial Protection Bureau. Mulvaney, the acting director of the CFPB, has faced criticism from many quarters for having a lighter regulatory hand than his predecessor, Richard Cordray. A Feb. 2 article on the Money Magazine website accused Mulvaney of …

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New Association of Independent Mortgage Experts aims to rebrand industry

A new organization has launched to fight for independent mortgage experts, with the goal of doubling their business within three years. Anthony Casa, Garden State Home Loans president, said he founded the Association of Independent Mortgage Experts (AIME) to provide “real tangible financial value” for brokers, loan originators and processors who work for companies that …

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Reverse giant expands into traditional mortgages

Reverse mortgage lender American Advisors Group (AAG) is expanding into traditional mortgage lending, the company has announced. AAG began offering traditional mortgages and residential services in a pilot program last yearm as a way to provide its customers additional ways to access their home equity. “For many retirees, income from savings and retirement accounts isn’t …

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