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Bank of America Exits Consumer Regulator's Monitoring Three Years Early
Bank of America Exits Consumer Regulator's Monitoring Three Years Early

Mint

time23-06-2025

  • Business
  • Mint

Bank of America Exits Consumer Regulator's Monitoring Three Years Early

(Bloomberg) -- The Consumer Financial Protection Bureau cut short a five-year agreement with Bank of America Corp. over the bank's alleged submission of false mortgage data as the significantly curtailed government agency rolls back a bevy of settlements, ending the monitoring of BofA more than three years early. The bank 'fulfilled the obligations' of the agreement signed in November 2023, including paying a $12 million civil money penalty, and the pact was terminated on June 4, according to a CFPB filing. The consent order with one of the largest US banks was supposed to extend through at least November 2028 to ensure compliance. The consumer-focused regulator claimed that some of Bank of America's loan officers failed to collect race, ethnicity and sex data on mortgage applicants from early 2016 through late 2020 and then falsely said that customers declined to provide the information. The Home Mortgage Disclosure Act data is collected by the CFPB to monitor home lenders for discrimination. A Bank of America spokesperson declined to comment on the order's early termination. The CFPB didn't respond to a request for comment. The CFPB under acting Director Russell Vought has moved to terminate several settled enforcement actions agreed to under his Biden-era predecessor, Rohit Chopra, including a $100,000 settlement with the mortgage lender Townstone Financial Inc. The CFPB alleged that the president of that firm, Barry Sturner, deterred potential Black borrowers from applying for home loans by using racist language on a radio show and podcasts. A federal judge denied the request from the CFPB and Townstone this month, saying that doing so would 'erode public confidence in the finality of judgments.' In addition to the Townstone case, the CFPB has dissolved other settlements, including one with Toyota Motor Credit Corp., which involved canceling provisions of the deal that allowed the Japanese automaker's finance arm to escape $40 million in restitution payments to borrowers who were unable to cancel add-on products. The move involving BofA is yet another example of how the reach of the agency, which was formed in the wake of the 2008 financial crisis, has been scaled back. Vought has tried on two occasions to fire as many as 1,500 of the 1,700 workers the CFPB had at the start of the year, and a federal appeals court in Washington is currently weighing whether to stop the Trump administration's latest attempt to do so. The CFPB's enforcement and supervision staff have largely been barred from carrying out their duties under a stop-work order Vought put in place soon after he was appointed acting director in February. The CFPB has voluntarily dismissed around 20 enforcement actions since February, including cases against JPMorgan Chase & Co., Wells Fargo & Co. and Capital One Financial Corp. More stories like this are available on

No one is buying vacation homes in NWA
No one is buying vacation homes in NWA

Axios

time06-06-2025

  • Business
  • Axios

No one is buying vacation homes in NWA

As buying a home has gotten less attainable for Northwest Arkansas, demand for second homes in the region and nationwide is also at its lowest in data going back to 2018, Redfin reports. Why it matters: Vacation homes are losing their luster. Homeownership costs have soared, and cities are cracking down on short-term rentals. Plus, fewer people can work remotely from their beach house or ski chalet these days. By the numbers: U.S. homebuyers took out around 86,600 mortgages for second homes last year, per Redfin's analysis of Home Mortgage Disclosure Act data. That's down roughly 5% from a year earlier and 66% from the pandemic era's home-buying frenzy. Zoom in: Demand has particularly cratered in Florida as climate-related housing costs swell. Mortgages for second homes fell from the previous year in 30 of the 50 most populous metros, led by Miami (-32%), Orlando (-28%) and Fort Lauderdale (-28%). The big picture: Home sales are sluggish overall, with many shoppers sidelined by high prices, elevated mortgage rates and economic uncertainty. Second-home mortgages represented less than 3% of all mortgage originations in 2024 — a record low, per the real estate site. Reality check: Even wealthy cash buyers are watching their wallets. The intrigue: Travelers may be cooling on second homes, too.

Here are the biggest multifamily mortgage lenders in Tampa Bay
Here are the biggest multifamily mortgage lenders in Tampa Bay

Business Journals

time06-06-2025

  • Business
  • Business Journals

Here are the biggest multifamily mortgage lenders in Tampa Bay

Mortgage lenders in Tampa Bay originated more than $900 million in purchase loans for multifamily residential properties — defined as buildings with five or more units — in 2024. This week's List is part of a shift in our research methodology and philosophy in 2025, one that will emphasize more data and context for readers while better coordinating the resources available to us and our 46 sister publications under the American City Business Journals flag. We anticipate this effort will identify thousands of new local records — and cumulatively, tens of thousands of new businesses across ACBJ's footprint — this year alone. Information on The List was obtained from ComplianceTech's LendingPatterns, a web-based Home Mortgage Disclosure Act (HMDA) data analytics platform. The data, which is derived from HMDA-LAR figures published by the Federal Financial Institutions Examination Council, includes all multifamily purchase loans originated in 2024 for properties in the following Florida counties: Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota. Single-family and other residential mortgages are excluded from this analysis. In case of ties, lenders are listed alphabetically. TBBJ could not independently verify information on the List. For information about this and other [PUBNAME] Lists, please contact Research Director Chris Erickson at cerickson@

No one's buying Tampa Bay vacation homes
No one's buying Tampa Bay vacation homes

Axios

time04-06-2025

  • Business
  • Axios

No one's buying Tampa Bay vacation homes

Demand for second homes is at its lowest in data going back to 2018, Redfin reports — even in vacation destination Tampa Bay. Plus, fewer people can work remotely from their beach house or ski chalet these days. By the numbers: U.S. homebuyers took out around 86,600 mortgages for second homes last year, per Redfin's analysis of Home Mortgage Disclosure Act data. That's down roughly 5% from a year earlier and 66% from the pandemic homebuying frenzy. Zoom in: Demand has particularly cratered in Florida, in part due to increasing insurance, property taxes and HOA costs, per Redfin. More frequent, and more intense, hurricanes also played a role. Mortgages for second homes fell from the previous year in 30 of the 50 most populous metros, led by Miami (-32%), Orlando (-28%) and Fort Lauderdale (-28%), West Palm Beach (-23.7%) and Tampa (-20.9%)

No one's buying vacation homes
No one's buying vacation homes

Axios

time31-05-2025

  • Business
  • Axios

No one's buying vacation homes

Demand for second homes is at its lowest in data going back to 2018, Redfin reports. Why it matters: Vacation homes are losing their luster. Homeownership costs have soared, and cities are cracking down on short-term rentals. Plus, fewer people can work remotely from their beach house or ski chalet these days. By the numbers: U.S. homebuyers took out around 86,600 mortgages for second homes last year, per Redfin's analysis of Home Mortgage Disclosure Act data. That's down roughly 5% from a year earlier and 66% from the pandemic homebuying frenzy. Zoom in: Demand has particularly cratered in Florida as climate-related housing costs swell. Mortgages for second homes fell from the previous year in 30 of the 50 most populous metros, led by Miami (-32%), Orlando (-28%) and Fort Lauderdale (-28%). The big picture: Home sales are sluggish overall, with many shoppers sidelined by high prices, elevated mortgage rates and economic uncertainty. Second-home mortgages represented less than 3% of all mortgage originations in 2024 — a record low, per the real estate site. Reality check: Even wealthy cash buyers are watching their wallets. The intrigue: Travelers may be cooling on second homes, too.

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