DS News

» VISIT US ONLINE @ DSNEWS.COM 7 A look at facts you didn't know you couldn't live without. Compiled by the DS News Staff Foreclosure inventory fell 3.1 percent in September 2016 from the month prior, according to CoreLogic. The percent decrease of homes in the U.S. that were in some stage of foreclosure in September from the year prior was 31.1 percent, according to CoreLogic. CFPB ISSUES WARNING LETTERS TO 44 MORTGAGE LENDERS AND BROKERS INSIDE THE JOURNAL // MOVERS & SHAKERS // ON THE WEB // THE APP SPECTRUM e Consumer Financial Protection Bureau (CFPB) has is- sued a letter of warning to 44 mortgage lenders and brokers that they may be in violation of the Home Mort- gage Disclosure Act (HMDA). HMDA, originally enacted in 1975, requires financial institutions to collect data related to mortgage lending activity such as home purchase loans, home improvement loans, refinancings they originate, purchase, or for which those institutions receive applications. HMDA's goal is to moni- tor whether financial institutions are serving the needs of their communities, attract private investment, and identify possible discriminatory lending patterns. Data collected as required by HMDA is reported to appropriate regulators an- nually and made available to the public, according to the CFPB. e CFPB finalized a rule in October 2015 that updated the reporting require- ments of HMDA to improve the quality and type of data that institutions are col- lecting. Most of the final rule's provisions will go into effect on January 1, 2018. "Financial institu- tions that fail to report mortgage information as required make it harder to identify and address discriminatory lending," said CFPB Director Richard Cordray. "No mortgage lender that is required to report their loan data can avoid this respon- sibility." e CFPB identi- fied the 44 companies it is warning of possible HMDA violations by reviewing available bank and non-bank mortgage data. e warning letters note that companies that meet certain requirements are subject to HMDA oversight, which means they are required to collect and report data on mortgage lending. In the letter, the Bureau encourages the companies to review their practices to ensure they are complying with the law, and if they are not, to advise if they have taken or will take steps to become com- pliant. By sending the letters, the CFPB is not stating that a HMDA violation occurred. TAKE A LOOK INSIDE THE NUMBERS D ATA B I T S Source: CoreLogic Source: CoreLogic THE STATES AND WASHINGTON, D.C., WITH THE HIGHEST FORECLOSURE INVENTORY 1 New Jersey 3.0 2 New York 2.7 3 Maine 1.8 4 Hawaii 1.8 5 Washington, D.C. 1.7 6 Florida 1.6 7 New Mexico 1.5 8 Massachusetts 1.4 9 Delaware 1.4 10 Oklahoma 1.2 Market Percentage Ranking THE STATES WITH THE LOWEST FORECLOSURE INVENTORY 1 Colorado 0.3 2 Minnesota 0.3 3 Arizona 0.3 4 Michigan 0.3 5 Utah 0.3 6 Alaska 0.3 7 Nebraska 0.3 8 California 0.3 9 Virginia 0.4 10 Tennessee 0.4 Ranking Market Percentage PAGE 18 Chief Economist, Redfin ASK THE ECONOMIST WITH Nela Richardson "The CFPB identified the 44 companies it is warning of possible HMDA violations by reviewing available bank and non-bank mortgage data."

• Cover