---
title: HIT THE MARC Vol 10 | November 2024
description: HIT THE MARC Vol 10 | November 2024
---

[Hit the MARC ](https://www.mqmresearch.com/hit-the-marc)

# [HIT THE MARC Vol 10 | November 2024](https://www.mqmresearch.com/hit-the-marc/hit-the-marc-vol-10-november-2024)

 Written by [MQMR Blogger](https://www.mqmresearch.com/hit-the-marc/author/mqmr-blogger) | Dec 3, 2024 4:28:26 PM

| The Holiday Balancing Act: FICO vs. VantageScore   The other day, someone asked me an increasingly common question: Should we use FICO or VantageScore? It’s a fair question, especially as we close out a whirlwind 2024 and look ahead to 2025. With the holidays right around the corner, it feels like the perfect time to slow down and reflect on these pivotal decisions.   In the mortgage industry, we’re standing at a crossroads when it comes to credit reporting. Rising costs have sparked a debate about whether it’s time to move away from the traditional tri-merge reports. Some are suggesting a leap straight to using a single credit bureau, bypassing bi-merge entirely. On one hand, it sounds like a simpler, more cost-effective approach. On the other hand, it raises big questions about compliance, data accuracy, and fairness to borrowers.   It’s a bit like preparing for the holiday season—deciding which traditions to hold onto, which new trends to try, and finding a balance that works for everyone. The decisions we make now, whether about credit scoring models or reporting structures, have the potential to shape our industry for years to come.   As we wrap up the year, let’s take this opportunity to reflect not just on the challenges we’ve faced but also on the progress we’ve made. These conversations are complex, but they’re also necessary. So, as we head into the holidays, let’s keep an eye on what’s next and stay committed to building a stronger, fairer mortgage industry for 2025 and beyond.   CFPB's Final Ruling and Compliance Mandates   The past few weeks marked the conclusion of a significant case as the CFPB reached a proposed final judgment against a former mortgage broker, alleging discriminatory redlining practices in African American neighborhoods. Filed in July 2020, the case argued that the broker’s exclusionary marketing practices discouraged applications from these communities, potentially violating the Equal Credit Opportunity Act (ECOA) and related regulations.   A pivotal recent ruling from the Seventh Circuit Court has broadened the scope of the ECOA, affirming that lenders must avoid any practices, direct or indirect, that may discourage applicants based on race or neighborhood demographics. The judgment, awaiting final approval, mandates the establishment of a compliance management system, fair lending training, and a $105,000 civil penalty payable to the CFPB’s victims relief fund.   For further details, read the full ruling Click Here 4 Tips for Turning Data into Opportunity: How Fair Lending Compliance Strengthens Your Business   How Does The Picture Above Make You Feel? Fear…Anxiety…Opportunity? Redlining is not just a thing of the past—it continues to influence modern-day regulatory scrutiny and fair lending practices.   With HMDA reporting season approaching, Loan Application Register (LAR) data will soon be closely examined. This data can tell one of two stories: a commitment to fair lending or potential risks. Is your organization ready for its story to be told?   Fair lending compliance isn’t just about adhering to regulations; it’s a strategic advantage. Here’s why: Read More     Every month our team will highlight LinkedIn posts that we LOVE. Check out our team's "Top 3" picks that stole the spotlight for October! Proof that Great Content will be seen (at scale), regardless of follower count - Brian Vieaux   Top 10 ways I have been using Chat GPT the last six months - Richard Swerbinsky Suspect Alert - Atomus Partners   The bulk of conference season may be over, but the conversations continue to heat up! The MQMR team has returned with the top 3 trending hot topics from the season, offering key insights and takeaways to help you stay ahead in the world of mortgage compliance. AI and Machine Learning in Compliance Financial institutions increasingly leverage AI to improve compliance monitoring, automate reporting, and detect fraud more effectively. However, this raises questions about regulatory standards for AI use, data privacy, and model transparency. Cybersecurity and Data Privacy Cybersecurity remains a top priority with rising cyber threats and recent high-profile data breaches. New data privacy laws, such as the California Privacy Rights Act (CPRA) and international regulations, push companies to enhance data protection measures and tighten information-sharing practices. Diversity, Equity, and Inclusion (DEI) Initiatives in Financial Services Diversity and Inclusion (D&I) continues to be a priority in financial services as many companies are reducing their focus on Equity (E) and shifting to emphasize D&I exclusively. Regulatory bodies are still evaluating corporate policies to ensure inclusive practices in hiring, lending, and other areas of financial services. MQMR’s 4th Annual Halloween Celebration Was a Hit!   This Halloween, MQMR hosted its 4th Annual Costume Contest, and the competition was fierce! From clever to spooky, our team brought their A-game with amazing costumes that showcased creativity and Halloween spirit. Alongside the fun, we shared heartwarming photos of our little ones in their adorable costumes—proof that the festive vibes extend to the entire MQMR family. Thanks to everyone who participated and shared in the joy!    Compliance Questions? l Forward to a Friend l Submit a topic  Schedule a Call Today! |
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