Answer: Yes. A new CFPB initiative has been developed known as PAVE – Property Appraisal and Valuation Equity. It is an Interagency Task Force to address inequity in home appraisals. Examiners will be looking to see how financial institutions ensure there is no appraisal bias in minority neighborhoods or minority homes by monitoring the financial […]
When: August 17, 2021 10am – 11:30 am CST Fair lending continues to be a hot topic for all lending institutions. Understand the fair lending risk factors that the regulators are focusing on such as redlining, disparate impact, fair lending monitoring, pricing exceptions, underwriting exceptions, and marketing. Know the importance of understanding your lending pattern
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The Consumer Financial Protection Bureau (CFPB) mandated changes to the collection of HMDA dataset information which was implemented in 2018. Significant changes were made in the areas of Ethnicity and Race which impacts the fair lending analysis process. In 2018 and going forward, Ethnicity and Race require additional information be available on the dataset form
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A common acronym being discussed more and more in fair lending circles is REMA. The goal of this article is to establish a better understanding of what REMA is and how it can impact your bank. REMA is defined as the Reasonable Expected Market Area, which is the geographical area the regulatory agency believes a
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