A&B Abstract: On October 24, 2023, the U.S. Department of Housing and Urban Development (“HUD”) published, for public comment, a Federal Register Notice (“Proposed Notice”) to implement changes to the Federal housing Administration’s (“FHA”) Home Equity Conversion Mortgage (“HECM”) for Purchase program. The Proposed Notice expands the list of acceptable funding sources and permits additional […]
Mortgage Loans
Majority of States Now Permit Remote Work for MLOs and Mortgage Company Employees
A&B Abstract: On June 9, Illinois became the latest state in a growing trend to authorize remote work for mortgage loan originators and mortgage company employees. This makes five states joining the list of jurisdictions legislatively permitting MLOs to work remotely since Montana enacted similar legislation in March, with more states expected during the 2024 […]
Affirmative Action in Lending: The Implications of the Harvard Decision on Financial Institutions
Early this summer, the U.S. Supreme Court’s ruling in Students for Fair Admissions v. President and Fellow of Harvard College effectively ended race-conscious admission programs at colleges and universities across the country. Specifically, the Supreme Court held that decisions made “on the basis of race” do nothing more than further “stereotypes that treat individuals as the […]
Consumer Finance State Roundup
The pace of legislative activity during this current year can make it hard to stay abreast of new laws. The Consumer Finance State Roundup is intended to provide a brief overview of recently enacted legislation of potential interest. Between the end of July and the first week of August, two states enacted legislation of potential […]
Consumer Finance State Roundup
The pace of legislative activity can make it hard to stay abreast of new laws. The Consumer Finance State Roundup is intended to provide a brief overview of recently enacted measures of potential interest. Since our last update, the following eight states have enacted measures of potential interest to Consumer Finance ABstract readers: Connecticut: Effective […]