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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

07/28/2016

June interest rates flat

The Federal Housing Finance Agency (FHFA) has released its June indices which indicate nationally, interest rates on conventional purchase-money mortgages were nearly flat from May to June.

  • The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.69 percent for loans closed in late June, down 1 basis point from 3.70 percent in May.
  • The average interest rate on all mortgage loans was 3.70 percent, unchanged from May.
  • The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.88 percent, down 1 basis point from 3.89 in May.
  • The effective interest rate on all mortgage loans was 3.83 percent in June, unchanged from May. 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 $333,900 in June, up $4,400 from $329,500 in May.

07/28/2016

CFPB updates TRID questions list

The Consumer Financial Protection Bureau has updated its index of the questions addressed in CFPB webinars on the Know Before You Owe mortgage disclosure (TRID) rule. The Bureau has added the questions addressed during its March 1 and April 12, 2016, Outlook Live webinars.

07/27/2016

CFPB monthly spotlight shines on credit card complaints

The CFPB has released its monthly complaint snapshot for July 2016, which highlights consumer complaints about credit cards. The report shows that consumers continue to complain about trouble receiving clear information from their credit card issuers regarding creditworthiness, and the assessment of payments and fees. This month's report also highlights trends seen in complaints coming from Washington State and the Seattle metro area. As of July 1, 2016, consumers in that area have submitted 18,900 of the 930,700 complaints handled by the Bureau.

07/27/2016

HUD awards $500,000 Main Street grant

HUD has announced that the Bartlesville Redevelopment Trust Authority will receive a $500,000 grant to redevelop the Bartlesville, Oklahoma, abandoned Methodist Church and build additional affordable housing units targeted to low-income residents. The grant is funded through HUD’s Hope VI Main Street Program. The funds will be utilized to assist in the reconfiguration of a 90-year-old abandoned church campus into a mixed-use development that will include affordable housing, market rate housing, retail space and hospitality space.

07/27/2016

June residential sales up

The Department of Housing and Urban Development and the Census Bureau have reported that June 2016 sales of new single-family houses were at a seasonally adjusted annual rate of 592,000, 3.5 percent above the revised May rate of 572,000 and 25.4 percent above the June 2015 estimate of 472,000. The median sales price of new houses sold in June 2016 was $306,700; the average sales price was $358,200. The seasonally adjusted estimate of new houses for sale at the end of June was 244,000. This represents a supply of 4.9 months at the current sales rate.

07/26/2016

FDIC updates lawsuits data

The Federal Deposit Insurance Corporation has updated its data on Professional Liability Lawsuits through July 25, 2016. From January 1, 2009, through July 25, 2016, the FDIC has authorized suits in connection with 151 failed institutions against 1,213 individuals for D&O liability. This includes 109 filed D&O lawsuits (99 of which have fully settled, and 1 of which resulted in a favorable jury verdict) naming 832 former directors and officers. The FDIC also has authorized 72 other lawsuits for RMBS, LIBOR suppression, fidelity bond, insurance, accounting malpractice, appraiser malpractice, securities, and attorney malpractice claims. In addition, 64 residential mortgage malpractice and fraud lawsuits are pending, consisting of lawsuits filed and inherited.

07/26/2016

White paper on future of foreclosure prevention

A joint press release by Treasury, HUD, and the FHFA has announced the release of a white paper designed to serve as a guide for future loss mitigation programs that draws on the lessons learned from implementing the government’s crisis-era housing recovery programs.

07/25/2016

Adjustment method for appraisal threshold for small HPMLs proposed

A joint press release from the Bureau, Board, and OCC has announced a proposed rule detailing the method that will be used to make annual inflation adjustments to the threshold for exempting small loans from higher-priced mortgage loan (HPML) appraisal requirements. The Dodd-Frank Act amended the Truth in Lending Act to add special appraisal requirements for HPMLs, including a requirement that creditors obtain a written appraisal based on a physical visit to the home's interior before making an HPML. The rules implementing these requirements contain an exemption for loans of $25,000 or less and also provide that the exemption threshold will be adjusted annually to reflect increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The calculation method proposed would allow the thresholds to keep pace with the CPI-W. Comments will be due 30 days after the rule is published in the Federal Register, which is expected shortly.

Update: The proposal was published in the August 4, 2016, Federal Register at 81 FR 51394, with a comment deadline of September 6, 2016.

07/25/2016

Agencies propose adjustment method for consumer credit and lease exemption thresholds

The Federal Reserve Board and the CFPB have announced proposals detailing the method that will be used to adjust the thresholds for exempting certain consumer credit and lease transactions from the Truth in Lending Act (TIL) and Consumer Leasing Act. The Dodd-Frank Act requires that the exemption thresholds in the TIL and the Consumer Leasing Act be adjusted annually based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The calculation method proposed would allow the thresholds to keep pace with the CPI-W. Comments will be due 30 days after the rules are published in the Federal Register, which is expected shortly.

Update: The proposals were published in the Federal Register on August 4, 2016, with a comment deadline of September 6, 2016.

07/22/2016

OCC public hearing on charges against former bank loan officer

The OCC has announced a public hearing before an Administrative Law Judge beginning July 26, 2016, where the OCC will litigate enforcement actions against James E. Guldi, former loan officer of Fidelity Bank of Florida, N.A. On December 1, 2015, the OCC charged Guldi with engaging in unsafe or unsound banking practices and breaching his fiduciary duties to the bank. The OCC alleged Mr. Guldi engaged in a conflict of interest by reason of his personal financial relationship with a bank customer for whom he also served as the bank’s loan officer. The OCC further alleged, among other things, that Mr. Guldi owned a small interest in the bank customer, and certain of the bank’s loans to the customer were used to repay Mr. Guldi for loans he personally made to the customer outside of the bank. The OCC sought an order prohibiting Mr. Guldi from further participation in the conduct of the affairs of any insured depository institution and the assessment of a $20,000 civil money penalty against Mr. Guldi. The Administrative Law Judge has ruled that the OCC is entitled to summary disposition on its prohibition and civil money penalty actions, and that a hearing will be held solely for the presentation of evidence on the statutory and regulatory civil money penalty mitigation factors.

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