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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

07/05/2016

Report on effects of capital rules on mortgage servicing assets

The Federal Reserve, FDIC, OCC and NCUA have jointly issued a report to Congress on the effect of capital rules on mortgage servicing assets. The report is required by Section 634 of the Consolidated Appropriations Act, 2016.

07/05/2016

HUD awards $5M to to fight vet homelessness

The Department of Housing and Urban Development has announced awards of more than $5 million to 42 local public housing authorities across the country that are working aggressively to end veteran homelessness. HUD is awarding additional funds to help these housing authorities administer a joint program with HUD and the U.S. Department of Veterans Affairs (VA) which provides permanent homes and needed services to veterans experiencing long-term, chronic homelessness.

07/01/2016

CFPB reports $24.2M in restitution to consumers

The CFPB has announced the release of a report that its supervisory actions in the first four months of the year uncovered illegal activities in auto finance and payments that led to approximately $24.5 million in restitution to more than 257,000 consumers.

07/01/2016

2016 census data products available

The FFIEC has announced the 2016 geocoding system has been updated with the 2016 Census demographic data based on the 2006 - 2010 five year estimate American Community Survey (ACS) and the historical census data for years 1990 – 2007 are now available.

07/01/2016

Curry on community revitalization

In remarks at the community Development Corporation of Long Island's Annual Lenders Forum, Comptroller Curry discussed efforts to promote community revitalization through responsibly innovative funding and other assistance to support rehabilitation of homes in distressed communities.

07/01/2016

June 2016 SCOOS released

The results of the June 2016 senior credit officer opinion survey of dealer financing terms (SCOOS) have been released. The SCOOS collected qualitative information on changes over the previous three months in credit terms and conditions in securities financing and over-the-counter (OTC) derivatives markets. In addition to the core questions, the survey included a set of special questions about the use of synthetic prime brokerage (PB) by hedge fund clients to provide levered exposure to assets. The 20 institutions participating in the survey account for almost all dealer financing of dollar-denominated securities to nondealers and are the most active intermediaries in OTC derivatives markets. The survey was conducted during the period between May 17, 2016, and May 31, 2016. The core questions asked about changes between March 2016 and May 2016.

07/01/2016

Enterprise non-performing loan sales data released

The Federal Housing Finance Agency (FHFA) has released its first report providing information about the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes NPL sales data through May 31, 2016 and preliminary outcomes for borrowers through December 31, 2015. NPL sales reduce the number of severely delinquent loans in the Enterprises’ portfolios and the rules are subject to FHFA requirements that encourage NPL buyers to prioritize outcomes for borrowers other than foreclosure.

07/01/2016

HUD and FHA announce DASP improvements

HUD announced yesterday that it is making a series of enhancements to the Department's Distressed Asset Stabilization Program (DASP) that would have purchasers of severely delinquent mortgages offer qualified borrowers principal reductions and protection from "payment shock." Certain families with distressed mortgages insured by the Federal Housing Administration (FHA) may soon be eligible for a reduction of their outstanding loan amounts should their mortgages be sold through DASP. In addition, FHA's latest enhancements prohibit investors from abandoning low-value properties in high-foreclosure neighborhoods to prevent blight.

06/30/2016

BancorpSouth hit for mortgage discrimination

The CFPB and the Department of Justice have taken joint action against BancorpSouth Bank for discriminatory mortgage lending practices that harmed African Americans and other minorities. The complaint filed by the CFPB and DOJ alleges that BancorpSouth engaged in numerous discriminatory practices, including illegally redlining in Memphis; denying certain African Americans mortgage loans more often than similarly situated non-Hispanic white applicants; charging African-American customers for certain mortgage loans more than non-Hispanic white borrowers with similar loan qualifications; and implementing an explicitly discriminatory loan denial policy. A consent order, which is subject to court approval, would require BancorpSouth to take a number of remedial measures, and to pay a civil money penalty of $3.03 million to the Bureau. Other outlays to be required by the order bring the combined financial impact on BancorpSouth to more than $10.6 million. See "BancorpSouth pays $10.6 million for mortgage practices," in our Penalties section, for additional information.

06/30/2016

FHFA indices indicate mortgage interest rates decline

The FHFA has announced that several of its indices of new mortgage contracts indicate that nationally, interest rates on conventional purchase-money mortgages decreased from April 2016 to May 2016.

  • The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.70 percent for loans closed in late May, down 5 basis points from April.
  • The average interest rate on all mortgage loans was 3.70 percent, down 5 basis points
  • The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.89 percent, down 5 basis points from April.
  • The effective interest rate on all mortgage loans was 3.83 percent in May, down 6 basis points from 3.89 in April. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
  • The average loan amount for all loans was $329,500 in May, up $7,100 from April.

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