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Chinese and Spanish translations added by FHFA

The FHFA, Freddie Mac, and Fannie May have announced the addition of the traditional Chinese language resources to the Mortgage Translations Clearinghouse. These enhancements to the existing online repository, which currently includes Spanish-translated documents, will provide accessible resources for the mortgage industry to help consumers whose primary language is Chinese to gain confidence and improve their ability to navigate the mortgage and homebuying process.


House prices up

The FHFA has announced that U.S. house prices rose in August, up 0.2 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 4.6 percent from August 2018 to August 2019. The previously reported 0.4 percent increase for July 2019 remains unchanged. For the nine census divisions, seasonally adjusted monthly house price changes from July 2019 to August 2019 ranged from -0.8 percent in the East South Central division to +0.9 percent in the New England division. The 12-month changes were all positive, ranging from +3.9 percent in the Middle Atlantic and Pacific divisions to +6.5 percent in the Mountain division.


FHFA Director on future of affordable housing

In a statement before the House Committee on Financial Services, FHFA Director Calabria discussed the future of affordable housing in the United States and its dependence on mortgage finance reform. He also reviewed recent key policy actions taken by the FHFA:

  • Revised multi-family caps to prioritize affordable housing
  • Finalized Credit Score Rule to support sustainable housing
  • Protected equitable market access for small lenders
  • Ended enterprise pilot that fell outside core guaranty business
  • Began transition away from LIBOR to alternative reference rates


NMLS Policy Guidebook updated

An updated version of the NMLS Policy Guidebook has been posted to the NMLS Resource Center and the Regulator Resource Center. The updated NMLS Policy Guidebook explains the requirement to select a mortgage loan originator’s Worker Classification when establishing a Company Relationship. The NMLS Policy Committee approved this policy in July.


Evaluation of HUD's Rental Assistance Demo

HUD has released the results of an evaluation of the Department's Rental Assistance Demonstration that finds significant evidence that the demonstration is stimulating billions of dollars in capital investment, improving living conditions for low-income residents, and enhancing the financial health of these critical affordable housing resources.


FEMA to suspend communites from flood program

FEMA has published a notice [84 FR 56704] that identifies communities in Illinois and Texas where the sale of flood insurance has been authorized under the National Flood Insurance Program that are scheduled for suspension on November 1, 2019 because of noncompliance with the floodplain management requirements of the program.

  • Illinois: The villages of Midlothian, Oak Lawn, Orland Hills, Orland Park, and Tinley Park; the cities of Oak Forest, Palos Heights, and Palos Hills; and unincorporated areas of Cook County.
  • Texas: The cities of Granite Shoals, Horseshoe Bay, and Marble Falls.

If FEMA receives documentation that a listed community has adopted the required floodplain management measures prior to November 1, its suspension will not occur.


FinCEN to host Innovation Hours in New York

The Financial Crimes Enforcement Network has announced that it will host "Innovation Hours" in New York City on November 13-14, 2019. Financial technology (FinTech), and Regulatory technology (RegTech) companies, and financial institutions will have the opportunity to present their innovative products, services, and approaches designed to enhance anti-money laundering and countering the financing of terrorism (AML/CFT) efforts. Companies interested in meeting with FinCEN in New York should submit a web request no later than November 1, 2019, and provide applicable background information about their firm’s business and innovative products. Primary consideration for requests will be given to entities that are at the operational stage. Preference will be given to companies located within the greater New York City metropolitan area and the number of individual sessions will be limited.


ComE-IN to meet on economic inclusion today

The FDIC Advisory Committee on Economic Inclusion (ComE-IN) will meet on Tuesday, October 22, to discuss developments in credit scoring and underwriting, the status of the mortgage markets, and efforts to create sustainable bank accounts. Committee members will also share brief insights into key challenges facing their communities and organizations.The meeting will be open to the general public and will be held from 8:45 a.m. to 3:45 p.m. in the FDIC's Board Room, 6th Floor, 550 17th Street, N.W., Washington, D.C.


OCC streamlines OREO regs

The Office of the Comptroller of the Currency has published a final rule to clarify and streamline its regulation 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 removing outdated capital rules for national banks and Federal savings associations, which include provisions related to OREO, and making conforming edits to other rules that reference those capital rules.

The rule, which will amend OCC regulations at 12 CFR Parts 3, 6, 34, 46, 160, 161, 163, and 167, will be effective December 1, 2019.

UPDATE: On 11/21/2019, the OCC published [84 FR 64193] an amendment and correction to its 10/22/2019 final rule, changing the effective date to 1/1/2020.


Small business and small farm Call Report information

The OCC, the Fed, and the FDIC have published a Federal Register notice requesting comment on ways to modify the current requirements for reporting data on loans to small businesses and small farms in the Call Report so that the reported data better reflect lending to these sectors of the U.S. economy. Comments will be accepted through December 16, 2019.


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