FHFA adds fair lending reporting mandate for servicers
FHFA adds fair lending reporting mandate for servicers
Abstract
The requirement will become effective in March of next year. The FHFA characterized its latest move as building on a previous requirement to collect borrowers' language preference data. The Consumer Financial Protection Bureau registered some frustration with an inability to consistently track data points related to language preference and race when it studied pandemic response metrics from 16 large servicers last year. As a result, the CFPB could not evaluate the impact of the CARES Act's home mortgage loan forbearance provisions. The CFPb could not assess the impact. "Having fair lending data will help servicers, the FH FA could not determine the impact, the agency said.
