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Exception Tracking Spreadsheet (TicklerTrax™)
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09/28/2020

$165M to clean-up lead-based paint

HUD has announced the award of nearly $165 million to 44 state and local government agencies in 23 states to protect children and families from lead-based paint and home health hazards. The grants are available through HUD’s Lead Based Paint Hazard Reduction Grant Program (LBPHR) to identify and clean up dangerous lead in low-income families’ homes.

09/25/2020

September SCOOS posted

The Federal Reserve Board has posted its September 2020 Senior Credit Officer Opinion Survey (SCOOS), which collected qualitative information on changes in credit terms and conditions in securities financing and over-the-counter (OTC) derivatives markets. In addition to the core questions, the survey included two sets of special questions. The first set asked about market functioning, funding terms, and demand for funding for commercial mortgage-backed securities (CMBS), and the second set asked about dealer funding terms for commercial mortgage real estate investment trusts (commercial mREITs). The 23 institutions participating in the survey account for almost all dealer financing of dollar-denominated securities to non-dealers and are the most active intermediaries in OTC derivatives markets.

09/25/2020

Enterprises: 2nd quarter foreclosure prevention report

The FHFA has released its Second Quarter 2020 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 252,014 foreclosure prevention actions in the second quarter of 2020, bringing to 4.68 million the number of troubled homeowners who have been helped during conservatorships. Of these actions, 3.98 million of the foreclosure prevention actions have helped troubled homeowners stay in their homes.

  • Forbearance: newly initiated forbearance increased significantly to 1.5 million in the second quarter from 170,533 in the first quarter of 2020. The total number of loans in forbearance plans at the end of the quarter was 1.39 million, representing approximately 4.95 percent of the total loans serviced. A majority of the forbearance actions occurred as a result of the Enterprises' response to COVID-19 impacts.
  • Loan Modifications: of the 13,991 loan modifications completed, 41 percent reduced borrowers' monthly payments by more than 20 percent; 66 percent were extend-term only; and 19 percent were modifications with principal forbearance.
  • Foreclose starts and sales: 1,028 third-party and foreclosure sales were completed, down 87 percent compared with the first quarter. Foreclosure starts decreased 74 percent from 28,978 in the first quarter to 7,551 in the second quarter of 2020.
  • Refinances: increased to 1.5 million in the second quarter, from 747,463 in the first quarter of 2020.

09/25/2020

FHFA again extends loan processing flexibilities

The Federal Housing Finance Agency has announced a further extension of Fannie Mae's and Freddie Mac's purchase of qualified loans in forbearance and several loan origination flexibilities through October 31, 2020. As before, the changes are to ensure continued support for borrowers during the COVID-19 national emergency.

The extended flexibilities include:

09/24/2020

FDIC regulatory relief for Alabama banks

FDIC FIL-92-2020, issued yesterday, announces steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Alabama affected by Hurricane Sally.

09/24/2020

Mortgage performance declines

The OCC reported yesterday that the performance of first-lien mortgages in the federal banking system declined during the second quarter of 2020.

The OCC Mortgage Metrics Report, Second Quarter 2020 showed 91.1 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 96.1 percent a year earlier. The percentage of seriously delinquent mortgages — mortgages that are 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due — increased 5.4 percent from the previous quarter and 5.3 percent from a year ago.

Servicers initiated 249 new foreclosures during the second quarter of 2020, a 98.7 percent decrease from the previous quarter and a 98.8 percent decrease from a year ago. Events associated with COVID-19, including foreclosure moratoriums during the second quarter of 2020, caused significant decreases in these metrics. Servicers completed 10,984 mortgage modifications in the second quarter of 2020, and 89.0 percent of the modifications reduced borrowers' monthly payments.

The first-lien mortgages included in the OCC's quarterly report comprise 28 percent of all residential mortgages outstanding in the United States or approximately 15 million loans totaling $2.97 trillion in principal balances.

09/24/2020

House Price Index rises nationwide

The FHFA has released the House Price Index (HPI) for July 2020, which was up 1.0 percent from June 2020. House prices rose 6.5 percent from July 2019 to July 2020. FHFA also revised its previously reported 0.9 percent price change for June 2020 to 1.0 percent.

For the nine census divisions, seasonally adjusted monthly house price changes from June 2020 to July 2020 ranged from +0.6 percent in the West North Central division to +2.0 percent in the New England division. The 12-month changes ranged from +5.4 percent in the West South Central division to +7.7 percent in both the Mountain and the East South Central divisions.

09/24/2020

Fannie and Freddie databases updated

The Federal Housing Finance Agency has released new and revised datasets for the Public Use Databases (PUDBs) of single-family and multifamily mortgage acquisitions by Fannie Mae and Freddie Mac. New data for 2019 are now available, as well as final versions of data for 2018 that replace the interim files uploaded last September. The PUDBs contain additional loan-level data that increases their alignment with information reported under the Home Mortgage Disclosure Act (HMDA), enhances transparency about the Enterprises’ effects on local economies, and provides more information to the public about the secondary mortgage market.

09/23/2020

Telecom firm to pay $1.9M for facilitating credit card relief scheme

The Federal Trade Commission has announced that Globex Telecom, Inc. and an affiliated company will pay a total of $1.9 million to settle charges that they facilitated a scheme that peddled bogus credit card interest rate relief, illegally charging consumers millions of dollars. The settlement marks the end of the FTC's first consumer protection case against a Voice over Internet Protocol service provider. The FTC and Ohio alleged that Globex provided a company called Educare Centre Services with the means to make calls to U.S. consumers, including illegal robocalls, to market Educare’s phony credit card interest rate reduction services.

09/22/2020

CFPB settles with auto lender over unfair loss damage waiver practices

The CFPB reports it has settled with Lobel Financial Corporation, an auto-loan service based in Anaheim, California. The Bureau found that Lobel engaged in unfair practices with respect to its Loss Damage Waiver (LDW) product, in violation of the Consumer Financial Protection Act (CFPA). When a borrower has insufficient insurance, rather than force-placing collateral-protection insurance, Lobel places the LDW product, which is not itself insurance, on borrower accounts and charges a monthly premium of approximately $70 for the LDW coverage.

The LDW product provides that Lobel will pay for the cost of covered repairs and, in the event of a total vehicle loss, cancel the borrower’s debt. The Bureau found that Lobel continued to bill certain consumers for LDW coverage but then failed to provide it, and assessed fees from consumers that they were not obligated to pay.

The Bureau's consent order requires Lobel to pay $1,345,224 in consumer redress to approximately 4,000 harmed consumers and a $100,000 civil money penalty. The order also prohibits Lobel from failing to provide consumers with LDW coverage or similar products or services for which it has charged consumers or from charging consumers fees that are not authorized by its LDW contracts.

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