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Change Lending loses CDFI certification

Housing Wire

Non-bank originator Change Lending lost its Community Development Fund Institution (CDFI) certification, according to a report from Barron’s. Change Lending was removed from the CDFI Fund’s list of certified program lenders last week, the outlet reported. The CDFI certification is a designation given by the U.S.

Lending 370
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CFPB issues its final rule on small business lending

Housing Wire

The Consumer Financial Protection Bureau (CFPB) has finalized the rule on small business lending, which fulfills a mandate from Congress and aims to increase transparency while mitigating discrimination. For decades, the government has assembled data pursuant to Congressional mandates on residential mortgages,” the CFPB said.

Lending 397
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LoanSnap troubles continue as California revokes its lender license

Housing Wire

A California regulator has revoked the residential mortgage lending license of LoanSnap , the latest in a series of difficulties for the fintech lender. That policy, which is designed to protect consumers from lender fraud and financial risk, expired in early August.

Landlords 448
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FHA proposes updates to reverse mortgage debenture interest rates

Housing Wire

The draft Mortgagee Letter (ML) “proposes updates to HUD’s calculations for the payment of debenture interest for HECM claims and establishes a process for retroactively adjusting the calculation of debenture interest for claims filed on HECMs that became due and payable on or after September 19, 2017,” FHA said in an announcement of the proposal.

Mortgage 443
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California expands oversight of consumer protection watchdog

Housing Wire

We have already seen an increase in predatory financial lending and scams as the most vulnerable in our state try to weather the economic downturn induced by the COVID-19 pandemic,” said Manuel Alvarez, DBO commissioner.

Law 511
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Fintech lender LoanSnap evicted, faces financial and legal turmoil

Housing Wire

Founded by Karl Jacob and Allan Carroll in 2017, the company quickly took off after raising about $100 million in seed funding. Its “ smart loans ,” which were built using artificial intelligence technology, are designed to help homebuyers find the best mortgage for their unique financial situation.

Legal 487
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Redfin: Former redlined neighborhoods at massive flood risk

Housing Wire

of households in current neighborhoods that were once designated undesirable for mortgage lending are non-white, compared with 40.4% of households in current neighborhoods that were labeled desirable for lending. Presented by: Ylopo. Per Redfin, 58.1% and Chicago. of homes worth approximately $2.6