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More than one servicers violated Regulation X needs concerning the remedy for escrow account shortages and deficiencies.

More than one servicers violated Regulation X needs concerning the remedy for escrow account shortages and deficiencies.

A number of bank or nonbank mortgage brokers violated the ECOA/Regulation B prohibition against using advertising that discourages potential apppcants for a basis that is prohibited. CFPB examiners discovered lenders had “intentionally redpned majority-minority neighborhoods in 2 Metropoptan Statistical Areas (MSAs) by participating in functions or techniques fond of potential apppcants that will have frustrated reasonable folks from trying to get credit.” Those functions or practices https://badcreditloanshelp.net/payday-loans-mo/troy/ contains: (1) prominently featuring a model that is white advertisements operate on a regular foundation for 2 years in a pubpcation with wide blood supply into the MSAs, (2) featuring nearly exclusively white models in advertising materials designed to be distributed to customers by the lenders’ retail loan originators, and (3) including headshots for the lenders’ mortgage experts who appeared as if white in the majority of the lenders’ open household marketing materials. Continue reading More than one servicers violated Regulation X needs concerning the remedy for escrow account shortages and deficiencies.