A new Federal Housing Finance Agency (FHFA) report showed room for improvement in Fannie Mae and Freddie Mac's fair lending performance.
The post FHFA report on GSE fair lending reveals โpersistentโ racial divide appeared first on HousingWire.
A new Federal Housing Finance Agency (FHFA) report showed room for improvement in Fannie Mae and Freddie Mac's fair lending performance.
The post FHFA report on GSE fair lending reveals โpersistentโ racial divide appeared first on HousingWire.
In 1869, the English judge Baron Bramwell rejected the idea that โbecause the world gets wiser as it gets older, therefore it was foolish before.โ Financial regulators should adopt this same reasoning when reviewing financial institutionsโ efforts to make their lending practices fairer using advanced technology like artificial intelligence and machine learning.If regulators donโt, they risk holding back progress by incentivizing financial institutions to stick with the status quo rather...
In 1869, the English judge Baron Bramwell rejected the idea that โbecause the world gets wiser as it gets older, therefore it was foolish before.โ Financial regulators should adopt this same reasoning when reviewing financial institutionsโ efforts to make their lending practices fairer using advanced technology like artificial intelligence and machine learning.If regulators donโt, they risk holding back progress by incentivizing financial institutions to stick with the status quo rather...
The Office of the Comptroller of the Currencyโs examination process on fair-lending practices is outdated, according to a new report from the Government Accountability Office.ย In a review of five examinations of potential redlining, the GAO found that examiner guidance didnโt account for new statistical methods to analyze redlining, and that examiners were sometimes inconsistent.ย ย Andrew Harrer/Bloomberg Examiners in three of those cases didnโt find banksโ responses sufficient ...
The Office of the Comptroller of the Currencyโs examination process on fair-lending practices is outdated, according to a new report from the Government Accountability Office.ย In a review of five examinations of potential redlining, the GAO found that examiner guidance didnโt account for new statistical methods to analyze redlining, and that examiners were sometimes inconsistent.ย ย Andrew Harrer/Bloomberg Examiners in three of those cases didnโt find banksโ responses sufficient ...
Questionnaires sent to banks in recent months seek information about loans to same-sex couples, women on maternity leave and people with limited English proficiency. Industry executives and attorneys say the Consumer Financial Protection Bureau may be offering hints about specific types ofโฆ
Questionnaires sent to banks in recent months seek information about loans to same-sex couples, women on maternity leave and people with limited English proficiency. Industry executives and attorneys say the Consumer Financial Protection Bureau may be offering hints about specific types ofโฆ
In a move the FHFA said will bolster sustainability and equity, servicers for federally backed loans will obtain and maintain fair lending data.
The post FHFA: GSE servicers must keep fair lending data appeared first on HousingWire.
In a move the FHFA said will bolster sustainability and equity, servicers for federally backed loans will obtain and maintain fair lending data.
The post FHFA: GSE servicers must keep fair lending data appeared first on HousingWire.
The Federal Housing Finance Agency on Wednesday announced that mortgage servicers working with loans backed by the government-sponsored enterprises will need to report and maintain fair lending data.The requirement, which will become effective in March of next year, is in line with the agency's ongoing push to use the GSEs' considerable influence in the market to establish a more equitable housing finance system through means that include tracking new types of data.The FHFA characterized its lat...
The Federal Housing Finance Agency on Wednesday announced that mortgage servicers working with loans backed by the government-sponsored enterprises will need to report and maintain fair lending data.The requirement, which will become effective in March of next year, is in line with the agency's ongoing push to use the GSEs' considerable influence in the market to establish a more equitable housing finance system through means that include tracking new types of data.The FHFA characterized its lat...
The Consumer Financial Protection Bureau is examining whether artificial intelligence discriminates against minorities and other applicants. But GreenState Credit Union in Iowa says the technology can be harnessed to make lending fairer in underserved communities.
The Consumer Financial Protection Bureau is examining whether artificial intelligence discriminates against minorities and other applicants. But GreenState Credit Union in Iowa says the technology can be harnessed to make lending fairer in underserved communities.
