News | Firstline Compliance

Jun 9, 20223 min read

Adverse Action Requirements Enforced Regardless of “Black-Box” Algorithms and Technology

As any mortgage compliance professional will tell loan production, “You can’t put ‘Low FICO’ as a decline reason!’” That’s because the...

Jun 2, 20222 min read

The Federal Housing Finance Agency (FHFA) on May 3rd, 2022, announced that new loans sold to Fannie Mae and Freddie Mac (GSEs) will...

May 19, 20222 min read

On May 16, 2022, the CFPB published a metrics report examining mortgage servicer’s responses to the COVID-19 pandemic. The data,...

Apr 6, 20223 min read

Margin compression continues to be a major challenge for lenders. Let’s look at the key factors recently affecting the financial markets...

Mar 23, 20223 min read

Check out these excerpts from the recently updated CFPB Examination Manual regarding UDAAP and discrimination: Consumers must not be...

Mar 17, 20222 min read

The Consumer Financial Protection Bureau (CFPB), on March 1st, 2022, released a report summarizing key areas of concern in medical debt...

Mar 3, 20221 min read

The Central Financial Protection Bureau (CFPB) on February 23rd, 2022, outlined options to assist in ensuring accurate and fair...

Feb 24, 20222 min read

The US Federal Trade Commission (FTC), on February 14th, 2022, announced that it will take legal action against Voice-over-Internet...

Feb 10, 20222 min read

As mentioned in last week’s post, the CFPB has taken a particularly aggressive stance over the past year. Historically, this would signal...