In the Media

Will two newer credit scores beat a single older one for mortgages?

August 16, 2023

Read Time: 1 min

Member Jim Milano (Washington, DC) was quoted in a National Mortgage News article on the Federal Housing Finance Agency’s plan to replace the FICO Classic credit score used by government-sponsored enterprises with two new ones by 2025.

“I would like to say that this is going to help broaden the box, so to speak, but some people could complain,” said Jim Milano, attorney at McGlinchey Stafford. He said litigation in this area is not something he comes across in his practice but urges caution about fair lending impacts.

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Insights

In the Media

The Biggest Housing Policy Initiatives for 2024

December 18, 2023

Member Jim Milano (Washington, DC) was quoted in the article “The Biggest Housing Policy Initiatives for 2024” in National Mortgage News. He discusses policy changes and additional Consumer Financial Protection Bureau (CFPB) regulation in 2024. Absent the court reining the CFPB in, given election year pressures, there’s likely to be an intensified raft of both formal andMore

News Release

Milano Elected to National Reverse Mortgage Lenders Association Board

December 1, 2023

McGlinchey Stafford is pleased to announce that Member Jim Milano has been elected to the National Reverse Mortgage Lenders Association (NRMLA) Board of Directors. Members of the board come from various businesses across the reverse mortgage industry and must be nominated and then elected to serve. As one of the country’s leading lawyers in reverseMore

In the Media

Watchdog Launches Inquiry into Ginnie Mae’s Handling of RMF

November 2, 2023

Member Jim Milano (Washington, DC) was quoted in the article "Watchdog Launches Inquiry into Ginnie Mae's Handling of Reverse Mortgage Funding (RMF)" in National Mortgage News.

Published Article

Years Later, D.C. District Court Reverses Course: HUD Rule Doesn’t Conflict with Fair Housing Act

October 10, 2023

This past March, the U.S. Department of Housing and Urban Development announced it was simultaneously rescinding its 2020 discriminatory effects rule and reinstating its 2013 rule under the Fair Housing Act.

Presentation

2023 MBA Compliance and Risk Management Conference

September 10, 2023

Two McGlinchey attorneys will present during the MBA Compliance and Risk Management Conference in Washington, DC, September 10-12, 2023.

Published Article

Decoding State Commercial Financing Disclosure Laws, Floorplan Financing

August 29, 2023

Floorplan financing exemptions in the new state commercial financing disclosure laws may not be as broad as lenders think.

Published Article

Agencies Propose Quality Control Standards for AVMs

August 16, 2023

Mortgage originators and secondary market issuers use automated valuation models (AVMs) in determining the worth of collateral securing mortgages on consumers’ principal dwellings.

In the Media

Origins: How Jim Milano Became a Reverse Mortgage Industry Attorney

August 18, 2023

Member Jim Milano (Washington, DC) was profiled in the article "Origins: How Jim Milano Became a Reverse Mortgage Industry Attorney" in Reverse Mortgage Daily.

Published Article

New Opportunities for Lenders and Borrowers under Special Purpose Programs

August 16, 2023

Problems with lack of affordability and access to housing are longstanding in the U.S. The CFPB has indicated that “minority households… continue to lack fair and equitable access to credit,” including mortgage lending.

Published Article

FHFA Issues 2023 Regulatory Review Notice: Comments Due June 13, 2023

May 1, 2023

On April 14, 2023, the Federal Housing Finance Agency (FHFA) issued a Notice of Regulatory Review (Review Notice) as part of its Regulatory Review Plan (Review Plan) and is requesting comment on how FHFA rules and regulations could be made more effective and less burdensome. The comment deadline is June 13, 2023.

Published Article

HUD Restores 2013 Discriminatory Effects Rule

April 20, 2023

On March 17, 2023, in honor of Fair Housing Month, the U.S. Department of Housing and Urban Development announced it would reinstate the 2013 discriminatory effects rule under the Fair Housing Act.

Published Article

HUD Implements 40-Year Loan Modification Option

April 3, 2023

On March 8, 2023, the Department of Housing and Urban Development (“HUD”) published a final rule allowing mortgagees to modify a Federal Housing Administration (“FHA”) insured mortgage by recasting the total unpaid loan for a new term limit of up to 480 months—up from the previous limit of 360 months—to cure a borrower’s default. The effective date of the final rule is May 8, 2023.

Alert

Taking the Case: SCOTUS to Decide Constitutionality of CFPB

February 27, 2023

Today, the Supreme Court of the United States granted the petitions for writs of certiorari filed in CFPB et. al. v. Com. Fin. Services Assn., where a panel of the United States Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau (CFPB)’s funding mechanism is unconstitutional, and ultimately invalidated the payday lending rule at issue in that case. The Community Financial Services case is the latest in a long line of challenges to the Bureau itself that could have a wide ranging impact on businesses and entities subject to the CFPB’s authority.

Published Article

FHFA Announces Comprehensive Review of the Federal Home Loan Bank System

October 7, 2022

On August 31, 2022, the Federal Housing Finance Agency (FHFA) announced that the agency will conduct a comprehensive review of the Federal Home Loan Bank (FHLBank) System starting in the fall of 2022. As part of the agency’s review, FHFA is seeking feedback from the public on the efficacy of FHLBanks. In particular, FHFA is seeking feedback from the public in six areas: