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Top Story Lending Related

09/06/2017

FDIC posts CRA evaluations

The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in June 2017. Of the 67 banks listed, six received an "outstanding" rating, two were rated "needs improvement" and 59 obtained ratings of "satisfactory."

09/06/2017

Mortgage manager banned from banking

The Federal Reserve Board has announced that it has prohibited Daniel X. Brennan, a former mortgage production manager at Regions Bank, Birmingham, Alabama, from participating in the banking industry, after finding that Brennan engaged in unsafe and unsound practices, or breached his fiduciary duty to the bank, by making payments by personal check to a Regions Bank loan processor who processed and approved certain mortgage loans originated by Brennan, in violation of Regions' policies.

09/06/2017

Survivor housing a federal priority

HUD, FEMA, and the SBA have announced that, working with other federal, state, local, and tribal partners, they are beginning to direct efforts toward recovery, including housing survivors displaced by the disaster through the state-led disaster housing task force. HUD is the lead federal coordinating agency for long-term disaster-related housing needs resulting from Hurricane Harvey. Federal partners are working closely with the Texas state-led housing task force, as well as other state, local, tribal and voluntary agencies, to meet the need for quality affordable rental homes. They’re also focused on identifying strategies to strengthen the housing market, building inclusive and sustainable communities, and integrating disaster mitigation measures into community design and development, to reduce future damages.

09/06/2017

CFPB proposes student loan servicing data collection

The CFPB has published in today's Federal Register a notice and request for comment on a proposed new information collection, "Student Loan Servicing Market Monitoring." The Bureau would require quarterly data collection on aggregated student loan servicing metrics and borrower outcomes from and estimated ten student loan servicers. The order for the data is intended to help the Bureau carry out its market monitoring goals and is pursuant to the Bureau’s market monitoring authority under the Dodd-Frank Act. Comments are due by October 6, 2017.

09/05/2017

Post-Harvey financial tool kit

The CFPB has posted an article offering a "Financial Tool Kit" for victims of Hurricane Harvey to help them address their financial situation once their immediate existential threats have been abated.

09/05/2017

CRA ratings released by OCC

The OCC has released ratings for 27 national banks and federal savings associations recently evaluated for compliance with the Community Reinvestment Act (CRA). Seven institutions were rated outstanding, nineteen satisfactory, and one needs to improve.

09/01/2017

FDIC releases CRA exam schedule

The FDIC has posted its schedules for CRA examinations of state-chartered non-member banks and savings associations for the last quarter of 2017 and first quarter of 2018.

08/31/2017

Bureau issues summary of 2017 TRID amendments

The CFPB has posted a new summary outlining and explaining the changes and clarifications made by its July 2017 TILA-RESPA Rule on its TRID Rule implementation page.

08/31/2017

CFPB shuts down credit repair company

The Consumer Financial Protection Bureau has announced the filing of a proposed final judgment in federal court that would resolve a lawsuit against Prime Marketing Holdings, LLC for illegal credit repair practices. The lawsuit alleges that the company charged illegal advance fees and misled consumers about the cost and effectiveness of its services and the nature of its money-back guarantee. The proposed order would permanently ban the company from doing business within the credit repair industry and require a $150,000 civil money penalty.

08/31/2017

Ginnie Mae assists MBS issuers affected by Harvey

Ginnie Mae has announced the availability of assistance to its Harvey-impacted issuers of mortgage-backed securities (MBS). Assistance is available for any Ginnie Mae issuer with more than five percent of its loan portfolio in the disaster area. Upon approval, the assistance takes three forms:

  • aiding Issuers in covering their advance obligations while forbearing from declaring them in default
  • deleting affected loans from calculations of delinquency ratios
  • authorizing Issuers to purchase affected loans from the related pools

Issuers can find more information on Ginnie Mae Special Assistance Programs in Chapter 34 of the Ginnie Mae MBS Guide.

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