Tag Archives: Equal Credit Opportunity Act

New mandate allows for data collected by the GSEs to be used by lenders to facilitate communications with borrowers in their preferred language.

The intent of a proposal from the CFPB is to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. The proposed amendments should provide greater clarity to lenders regarding their obligations under the law, and according to the CFPB will promote compliance with rules intended to ensure customers are treated fairly.