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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

08/17/2016

NMLS browser restrictions announced

The NMLS has announced that, starting August 22, 2016, NMLS users who are not using Internet browsers that support TLS 1.2 will need to upgrade by October 8. After October 8, users who have not upgraded their browsers will be prevented from accessing NMLS until they have downloaded a version that supports TLS 1.2. An email has been sent to all State and Federal account administrators detailing the restriction. Should you have any questions, please visit the NMLS Resource Center Technical Requirements page or contact the NMLS Call Center.

08/17/2016

July residential construction data mixed

HUD and the Census Bureau have jointly announced the statistics for July 2016 on new residential construction:

  • Building Permits: Privately owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,152,000, 0.1 percent below the revised June rate of 1,153,000, but 0.9 percent above the July 2015 estimate. Single-family authorizations in July were at a rate of 711,000, 3.7 percent below the revised June figure. Authorizations of units in buildings with five units or more were at a rate of 411,000 in July.
  • Housing Starts: Privately owned housing starts in July were at a seasonally adjusted annual rate of 1,211,000, 2.1 percent above the revised June estimate of 1,186,000, but 5.6 percent above the July 2015 rate. Single-family housing starts in July were at a rate of 770,000, 0.5 percent above the revised June figure. The July rate for units in buildings with five units or more was 433,000.
  • Housing Completions: Privately owned housing completions in July were at a seasonally adjusted annual rate of 1,026,000, 8.3 percent below the revised June estimate and 3.2 percent above the July 2015 rate. Single-family housing completions in July were at a rate of 743,000, 0.4 percent below the revised June rate. The July rate for units in buildings with five units or more was 275,000.

08/16/2016

Guidance for institutions in Louisiana flood areas

The FDIC has issued FIL-54-2016 announcing steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Louisiana affected by severe weather.

08/15/2016

Effect of capital rules on mortgage servicing assets

The Federal Reserve Board has announced the issuance of a report to Congress on the effect of capital rules on mortgage servicing assets. An executive summary with the key conclusions of the study were also released.

08/15/2016

TRID Rule revision proposal published

The CFPB has published in today's Federal Register, at 81 FR 54317, the proposal it announced on July 29 (see our earlier Top Story) to amend Regulation Z to clarify and refine the Bureau's TRID Rule. Comments on the proposal are due by October 18, 2016.

08/11/2016

Comment period for credit risk proposal extended

The Federal Housing Finance Agency (FHFA) has announced an extension of the response period for its previously issued Single-Family Credit Risk Transfer request for information (RFI). The response period will now close on October 13, 2016. The RFI lays out FHFA's principles of credit risk transfer and seeks feedback on credit risk transfer policy issues and on proposals to adopt front-end credit risk transfer. Responses can be submitted electronically or via mail.

08/10/2016

SBA proposes program revisions

The Small Business Administration has published a proposed rule at 81 FR 52595 in the Federal Register to make changes to some of its lending program regulations for clarity and to increase participation in: The Surety Bond Guarantee (SBG) Program, the 7(a) Loan Program, the Microloan Program, and the Development Company Loan Program (504 Loan Program). In addition, the proposed changes will streamline the regulations by removing or revising any outdated regulations. Comments on the SBA proposal are due by October 11, 2016.

08/09/2016

Fannie and Freddie stress test results released

The Federal Housing Finance Agency (FHFA) has released the results of annual stress tests that Fannie Mae and Freddie Mac are required to conduct under the Dodd-Frank Act. The Act requires certain financial institutions with more than $10 billion in assets to conduct annual stress tests to determine whether they can absorb losses as a result of adverse economic conditions. The report provides updated information on possible ranges of future financial results for Fannie Mae and Freddie Mac under severely adverse economic conditions.

08/08/2016

FEMA adds more Flood Program suspensions

The Federal Emergency Management Agency has published a final rule at 81 FR 52353 in today's Federal Register identifying communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on September 16, 2016, for noncompliance with the floodplain management requirements of the program. Affected communities are portions of Prince George's County, Maryland, and portions of Northumberland County, Pennsylvania.

08/08/2016

Prime offer rates methodology changed

The FFIEC has posted information on a revision of the methodology for determining average offer rates to reflect that a different source of survey data for the one-year variable rate mortgage product is being used to calculate the average prime offer rates for certain mortgage products.

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