In November 2024, a provision in the Economic Development bill (Section 269) created a dangerous loophole for homeowners by granting a blanket waiver of liability for non-profit Shared Appreciation Mortgages (SAMs), stripping away crucial consumer protections and leaving homeowners vulnerable to predatory lending practices. S.731 / H.1145 closes the loophole created by Section 269 and…
With the assistance of Gupta Wessler, we filed for leave to file an amicus brief in Weingot v. Unison Agreement Corp. (E.D.N.Y.) to assist the court in reaching a decision on the first case involving a home equity investment loan to reach summary judgment. The brief provides background on Unison’s business model and support for…
Read More about Amicus Brief: Weingot v. Unison Agreement Corp. et al.
The Mortgage Conference in Los Angeles, California features expert-led sessions on the fundamentals of mortgage law and the latest updates on foreclosure prevention policies and practices.
NCLC will pursue common-sense regulatory and legislative reforms to ensure fairness, fight fraud, and protect consumers in 2025.
This report covers the ways that financial institutions across the financial services industry serve, or fail to serve, people with limited English proficiency.
Sarah B. Mancini will recommend policy reforms to protect aspiring homeowners from deceptive financing
In this issue brief, we debunk certain myths about the barriers to small-dollar mortgage lending and set out recommendations for meaningful progress.
Read More about Myths and Facts About Ways to Increase Small Dollar Mortgage Lending
A significant number of Americans have attempted to become homeowners through “rent-to-own” transactions – either a land contract or a lease with option to buy. Often, these contracts are built to fail. In this issue brief, we provide policy recommendations to prevent harmful practices and incentivize success.
Closing costs are an expensive and confusing part of obtaining a mortgage. While addressing these issues can have some effect on entrance into the homeownership market and can also affect the cost of refinancing into a more affordable monthly payment, the Bureau should also focus on other more significant barriers to affordable homeownership, such as…
Read More about NCLC Comments to CFPB on Fees Imposed in Residential Mortgage Transactions
The Coalition for Federal Home Loan Bank Reform (CFR) and allies applaud FHFA’s efforts to update the mission of the Federal Home Loan Banks to ensure that FHL Banks are more involved in meeting today’s housing crisis and unmet community development needs.
Read More about Coalition Letter to FHFA on Federal Home Loan Bank Reform
The Bureau’s proposal almost completely abandons the Annual Percentage Rate disclosure. Rather than emphasizing the APR or proposing a substitute, the new forms emphasize the initial interest rate and monthly payment−information that can easily be manipulated by disreputable creditors and that does not accurately disclose the cost of credit. In doing so the CFPB is,…
The letter expresses support for the GSE pilots on alternatives to title insurance for mortgage refinancings, while also expressing concerns about the risks to consumers of broadening such pilots and the need for data collection and monitoring. The letter also focuses on reverse competition in the title insurance market and the need to have lenders…
Read More about Coalition Letter to Federal Housing Finance Agency on Title Insurance Waiver Pilots
