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Mortgage Lending

Mortgage Lending

Home ownership has been the primary means for most American families to build and pass on inter-generational wealth. However, government-sanctioned racial discrimination in housing and mortgage finance markets robbed many families of this opportunity, and today’s racial homeownership gap is barely changed from the levels of more than 50 years ago. Closing the homeownership gap is essential to closing the racial wealth gap.  Additionally, predatory mortgage lending practices drained trillions in wealth from families, especially Black, Latino, low wealth and low-income Americans. CRL successfully advocated for the Dodd-Frank Wall Street Reform and Consumer Protection Act, which has made the mortgage market far safer for consumers. CRL is building on this progress by working to ensure that all credit-worthy borrowers have access to fair, affordable, and sustainable mortgages. And that policy makers and market participants develop solutions that are appropriate to respond to the scale of this housing crisis. 

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CRL & NCLC Letter to the VA Regarding Loss-Mitigation Options for Guaranteed Loans

Tuesday, January 17, 2023

CRL & NCLC Letter to the VA Regarding Loss-Mitigation Options for Guaranteed Loans

In response to the questions posed in the VA’s October 17, 2022 Advance Notice of Proposed Rulemaking, the National Consumer Law Center (on behalf of its low-income clients) and the Center for Responsible Lending urge VA to expand the opportunities available to help veteran borrowers avoid foreclosure. The mortgage relief options available for veteran borrowers should not be less favorable...
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Letters to Congress
Mortgage Lending

Testimony: Mitria Spotser on the VA Housing Loan Forever Act of 2022

Wednesday, December 14, 2022

Testimony: Mitria Spotser on the VA Housing Loan Forever Act of 2022

On December 14th, Mitria Spotser, a consultant for the Center for Responsible Lending (CRL) testified before the House Committee on Veterans Affairs hearing on a discussion draft bill, the VA Housing Loan Forever Act of 2022. Her written testimony is available for download and the recorded video is available below.
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Testimony
Mortgage Lending

Veterans Affairs Loan Refund Program

Monday, December 12, 2022

Veterans Affairs Loan Refund Program

From the letter to the U.S. Department of Veterans Affairs (VA): The dramatic increase in interest rates since the turn of the year has significantly reduced the effectiveness of VA’s current loan modification program. As a result, an additional loss mitigation option is needed to help veterans who cannot afford to resume their originally scheduled mortgage payments and are in...
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Letters to Congress
Mortgage Lending

Coalition Applauds CDFI Fund’s Focus on Community Development

Monday, December 5, 2022

Coalition Applauds CDFI Fund’s Focus on Community Development

A broad coalition of consumer groups filed comments supporting the CDFI Fund’s changes to the application for CDFI certification. In recent years, many harmful financial products have been pushed on underserved communities in the name of “access to credit” and “financial inclusion.” Most CDFIs stay away from these harmful products and are true to their mission but far too many...
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Comment Letter
Mortgage Lending

Comment: CRL and Self-Help Support the CDFI Fund’s Adoption of Meaningful Consumer Protections in CDFI Certification Application

Monday, December 5, 2022

Comment: CRL and Self-Help Support the CDFI Fund’s Adoption of Meaningful Consumer Protections in CDFI Certification Application

The Center for Responsible Lending, Self-Help Credit Union, Self-Help Federal Credit Union, and Self-Help Ventures Fund strongly support the CDFI Fund’s efforts to more vigorously ensure that the primary mission of any CDFI is to promote community development. In November 2020, CRL and Self-Help urged the Fund to adopt several critical consumer protections in the Fund’s certification application. We are...
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Comment Letter
Mortgage Lending

Payment Supplement: A Loss Mitigation Option to Provide Payment Relief for FHA Loans in a High Interest Rate Environment

Monday, November 28, 2022

Payment Supplement: A Loss Mitigation Option to Provide Payment Relief for FHA Loans in a High Interest Rate Environment

As of the end of August 2022, 350,000 FHA borrowers were seriously delinquent. Some of these borrowers will regain their financial footing, cure their delinquency, and resume their monthly payments, while others will sell their homes. The remainder will need a reduction in their monthly payment to an affordable level to remain in their home. However, the combination of the...
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Research
Mortgage Lending

CFPB Should Update Mortgage Regulations to Reduce Unnecessary Foreclosures and Reduce the Racial Wealth Gap

Monday, November 28, 2022

CFPB Should Update Mortgage Regulations to Reduce Unnecessary Foreclosures and Reduce the Racial Wealth Gap

The National Consumer Law Center (on behalf of its low-income clients), the Center for Responsible Lending, and the National Housing Law Project submitted this comment to the Consumer Financial Protection Bureau in response to a request for information regarding mortgage refinances and forbearances.
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Comment Letter
Mortgage Lending

Comment on the Community Reinvestment Act, Notice of Proposed Rulemaking

Friday, August 5, 2022

Comment on the Community Reinvestment Act, Notice of Proposed Rulemaking

The Center for Responsible Lending and Center for Community Self-Help applaud the effort of the Agencies to update and modernize the CRA regulations given the massive changes that have taken place in the financial services industry in the more than 25 years since the regulations were last amended. Likewise, we support the overall thrust of the Agencies’ proposal, which provides...
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Comment Letter
Mortgage Lending

Adjusting the COVID-19 Flex Mod to Deliver Payment Reduction to More Borrowers in Need

Friday, July 1, 2022

Adjusting the COVID-19 Flex Mod to Deliver Payment Reduction to More Borrowers in Need

While most homeowners with GSE-backed mortgages have recovered from pandemic-related hardships and reinstated their mortgage, as of June 7, about 1.6% of outstanding GSE borrowers were in a state of nonpayment: about 140,000 GSE-backed loans were in COVID-19 Forbearance, and another roughly 300,000 loans were delinquent outside of forbearance. For those GSE borrowers who were less than 2 months delinquent...
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Policy & Legislation
Mortgage Lending

Testimony: Mike Calhoun on Boom and Bust: Inequality, Homeownership, and the Long-Term Impacts of the Hot Housing Market

Wednesday, June 29, 2022

Testimony: Mike Calhoun on Boom and Bust: Inequality, Homeownership, and the Long-Term Impacts of the Hot Housing Market

On June 29, 2022, Mike Calhoun, CRL's president, testified before the House Committee on Financial Services for a hearing entitle, “Boom and Bust: Inequality, Homeownership, and the Long-Term Impacts of the Hot Housing Market.” His written testimony is available for download. Watch a recording of the hearing:
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Testimony
Mortgage Lending

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Building on Over 40 Years of Lending Experience

CRL’s expertise gives it trusted insight to evaluate the impact  of financial products and policies on the wealth and economic stability of Asian, Black, Latino, rural, women, military, low-wage, low-wealth, and early-career workers and communities.

CRL is an affiliate of Self-Help, one of the nation’s largest nonprofit community development financial institutions. Our work leverages the strength of partnerships with national and local consumer and civil rights organizations.

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