The Five Star Institute has announced the launch of the American Mortgage Diversity Council, a member organization comprised of industry leaders and advocates focused on shaping the diversity agenda for the mortgage industry. Michael Ruiz, Director of Corporate Procurement with Fannie Mae, has been appointed the chairman of the AMDC for the 2015 through 2017 term.
The AMDC's goal is to drive results that support the application and promotion of the mortgage industry's best diversity practices, and advancing solutions that support initiatives outlined by Section 342 of the Dodd-Frank Act–which focuses on minority and inclusion rules that call for greater supply chain diversity and greater diversity in hiring and promoting in the workforce. Many financial institutions, mortgage servicers, and law firms that serve the mortgage industry are already focused on instituting best practices when it comes to diversity and inclusion.
In order to provide transparency, reduce risks to consumers, and comply with Federal consumer financial law, the Consumer Financial Protection Bureau recently shared its eighth Supervisory Highlights report. The CFPB found problems with dual-tracking at mortgage servicers that could lead consumers to believe their trial modifications were canceled. They also found a lack of quality control measures in place at consumer reporting agencies. Across all industries, the CFPB supervisory resolutions resulted in the recovery of 11.6 million dollars for over 80,000 consumers.