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Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)

Top Story Lending Related


October 2018 SLOOS

The Federal Reserve has issued the October 2018 Senior Loan Officer Opinion Survey on Bank Lending Practices, which addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the previous three months.


Update on FHFA single-security initiative

The Federal Housing Finance Agency has issued an update on its Single Security Initiative (SSI) and the Common Securitization Platform (CSP) initiative. The report details activity and progress on the development of the CSP and toward the launch of a single, common security called the Uniform Mortgage-Backed Security (UMBS).


Illinois bank pays $15,000 for Flood Act violations

The Federal Reserve Board has issued an order assessing a $15,000 civil money penalty on an Illinois bank for a pattern or practice of violations of § 208.25 of Regulation H, which implements the National Flood Insurance Act.


FEMA to suspend communities in four states

FEMA has published a final rule [83 FR 56269] identifying communities in Colorado, Iowa, North Carolina and Oregon to be suspended from the National Flood Insurance Program on November 16, 2018, for noncompliance with the floodplain management requirements of the program.

  • Colorado: Towns of Breckenridge and Silverthorne and unincorporated areas of Summit County
  • Iowa: Cities of Bevington, Carlisle, Cumming, Des Moines, Hartford, Indianola, Lacona, Martensdale, Norwalk and Spring Hill and unincorporated areas of Warren County
  • North Carolina: Cities of Charlotte, Concord, Kannapolis, and Locust; Towns of Cornelius, Davidson, Fairview, Harrisburg, Huntersville, Midland and Stanfield; and unincorporated areas of Iredell, Mecklenburg and Rowan Counties
  • Oregon: Cities of Brookings and Gold Beach and unincorporated areas of Curry County


Super Typhoon Yutu relief guidance

The FDIC has issued FIL-69-2018 to announce steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of the Northern Mariana Islands affected by Super Typhoon Yutu.


FHFA and Bureau release mortgage origination dataset

The Federal Housing Finance Agency (FHFA) and the Bureau of Consumer Financial Protection (BCFP) have released for public use a new loan-level dataset collected through the National Survey of Mortgage Originations (NSMO) that provides insights into borrowers’ experiences in getting a residential mortgage.

The NSMO is a component of the National Mortgage Database (NMDB®), the first comprehensive repository of detailed mortgage loan information designed to support policymaking and research efforts and to help regulators better understand emerging mortgage and housing market trends. The NMDB was launched by FHFA and the BCFP in 2012.

In each quarter since 2014, FHFA and the BCFP sent surveys to borrowers who had recently obtained mortgages to gather feedback on their experiences during the process of getting a mortgage, their perception of the mortgage market, and their future expectations. FHFA and the BCFP have been compiling the NSMO survey data and this dataset is the first public release.


Consumer credit increases

The September 2018 G.19 Consumer Credit Report has been released by the Federal Reserve Board. Consumer credit increased at a seasonally adjusted annual rate of 5-1/4 percent during the third quarter. Revolving credit increased at an annual rate of 2 percent, while nonrevolving credit increased at an annual rate of 6-1/2 percent. In September, consumer credit increased at an annual rate of 3-1/4 percent.


Federal judge stays implementation of Payday Loan Rule

CUNA News reports that a judge in the U.S. District Court for the Western District of Texas ordered a stay Tuesday of the August 2019 compliance date of the Bureau of Consumer Financial Protection’s short-term, small-dollar lending rule. The Bureau said October 26 that it intends to issue a proposed rule to amend the "Payday Loan Rule" in January.


FHFA to maintain multifamily caps

The Federal Housing Finance Agency has announced that the 2019 multifamily lending caps for Fannie Mae and Freddie Mac will be $35 billion for each Enterprise, unchanged from the 2018 caps. The caps are based on FHFA's projections of the overall size of the 2019 multifamily originations market, which FHFA expects to be flat compared to the market in 2018.


SBA moves 7(a) program to Prime Rate for fixed-rate loans

The Small Business Administration has published a notice [83 FR 55478] in today's Federal Register that, effective November 6, 2018, for any complete SBA 7(a) loan application received by SBA or any request for an SBA Loan Number submitted by a Lender with delegated authority (including fixed rate SBA Express and Export Express loans and excluding EWCP loans and Community Advantage loans), the maximum allowable fixed interest rate will be the Prime rate in effect on the first business day of the month plus a margin based on the amount of the loan. The change reflects the anticipated phase out of Libor as a viable index.


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