Top Story Lending Related

The CFPB has issued a Fact Sheet, "Are Loan Estimates and Closing Disclosures Required for Assumptions?" The Fact Sheet addresses whether a Loan Estimate and Closing Disclosure are required under the TILA-RESPA Integrated Disclosure Rule (TRID Rule) for a specific group of transactions. It addresses whether these disclosures are required for a transaction: (1) in which a new consumer is being added or substituted as an obligor on an existing consumer credit transaction; (2) that is a closed-end consumer credit transaction secured by real property or a cooperative unit; and (3) that is not a reverse mortgage subject to 12 CFR 1026.33. A link to the Fact Sheet can be found on the Bureau's Compliance and Guidance page for TILA-RESPA Integrated Disclosures.

We have also inserted a link to the Fact Sheet in the Official Commentary to § 1026.20(b) -- Assumptions, in BankersOnline's Regulations pages.

The OCC will host two workshops in Lexington, Kentucky, at the Four Points by Sheraton Lexington, June 4 and 5, for directors of OCC-supervised banks.

• The "Credit Risk: Directors Can Make a Difference" workshop on June 4 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.
• The "Compliance Risk" workshop on June 5 addresses the critical elements of an effective compliance risk management program. The workshop also focuses on major compliance risks and critical regulations. Topics of discussion include the Bank Secrecy Act, Flood Disaster Protection Act, Fair Lending, Home Mortgage Disclosure Act, Community Reinvestment Act, and other compliance hot topics.

OCC workshops are limited to 35 registrants, at a cost of $99. Registration is available at www.occ.gov/occworkshops.

The OCC has opened a 45-day public comment period on a proposed Innovation Pilot Program. The program would be voluntary and designed to provide eligible entities with regulatory input early in the testing of innovative activities that could present significant opportunities or benefits to consumers, businesses, financial institutions, and communities.

Entities eligible for the proposed program would be OCC-supervised financial institutions, including those engaging a third party to offer the innovative product, service, or process. Entities may propose a pilot individually or as a collaborative effort such as a consortium or utility. An FAQ regarding the Program was also posted.

Comments on the proposed program should be sent to pilotprogram@occ.treas.gov by June 14, 2019.

• Press release
• OCC Innovation Pilot Program
• Pilot Program FAQ

The Federal Reserve has released the February 2019 G.20 Finance Companies owned and managed receivables outstanding and auto loans: terms of credit report .

The cities of Tulsa, Oklahoma, and Galena Park, Texas, are scheduled for suspension tomorrow, May 2, from the National Flood Insurance Program, for noncompliance with the floodplain management requirements of the program, according to a notice published by the Federal Emergency Management Agency in this morning's Federal Register.

• [84 FR 18403, 5/1/2019]

The Federal Housing Finance Agency reported yesterday that its FHFA Index shows that mortgage rates decreased in March.

• The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.36 percent for loans closed in late March, down 10 basis points from 4.46 percent in February.
• The average interest rate on all mortgage loans was 4.44 percent, down 6 basis points from 4.50 in February.
• The average interest rate on conventional, 30-year, fixed-rate mortgages of $484,350 or less was 4.61 percent, down 6 basis points from 4.67 in February.
• The effective interest rate on all mortgage loans was 4.51 percent in March, down 9 basis points from 4.60 in February.
• The average loan amount for all loans was $325,100 in March, up $11,700 from $313,400 in February.

The Federal Housing Finance Agency (FHFA) has issued a Scorecard Progress Report summarizing the 2018 activities of Fannie Mae and Freddie Mac to further FHFA’s three strategic objectives as their conservator.

NMLS has scheduled its Maintenance Release 2019.4 for tomorrow, April 27, 2019. The release contains system maintenance upgrades, which can be reviewed in the NMLS 2019.4 Release Notes.

The OCC will hold Innovation Office Hours, June 11–12, in New York to promote responsible innovation in the federal banking system. Office Hours are one-on-one meetings with OCC officials to discuss financial technology (fintech), new products or services, partnering with a bank or fintech company, or other matters related to responsible innovation in the federal banking system. OCC staff will provide feedback and respond to questions. Each meeting will last no longer than one hour.

Interested parties should request an Office Hours session by May 3, 2019, and are asked to provide information on why they are interested in meeting with the OCC. Specific meeting times and arrangements will be determined after the OCC receives and accepts the request.

• Press release

The OCC has published and is inviting comment on a proposed rule that would clarify and streamline its regulations on other real estate owned (OREO) for national banks and update the regulatory framework for OREO activities at federal savings associations. The OCC is also proposing to remove outdated capital rules for national banks and federal savings associations, which include provisions related to OREO, and make conforming edits to other rules that reference those capital rules. The proposal would affect 12 CFR parts 3, 6, 34, 36, 160, 161, 163, and 167. Comments are due by June 24, 2019.

• 84 FR 17094