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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

02/04/2016

Interest rate risk videos updated

The FDIC has announced the release of updated videos on interest rate risk. The new videos provide financial institution directors, management and staff with resources for better understanding interest rate risk and how it can be prudently managed.

02/04/2016

OCC CRA ratings released

The Office of the Comptroller of the Currency has released the ratings received by 20 financial institutions recently evaluated by the OCC for compliance with the Community Reinvestment Act. There are three Outstanding and 17 Satisfactory ratings on the list.

02/04/2016

Fannie and Freddie announce dispute process

The Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac have implemented an independent dispute resolution (IDR) process for resolving repurchase disputes. The program enables lenders to submit unresolved loan level disputes to a neutral third party arbitrator after the appeal and escalation processes have been exhausted. The IDR process is available on loans delivered to Fannie Mae and Freddie Mac on or after January 1, 2016. Specific details will be published in the Fannie and Freddie selling guides.

02/03/2016

Bureau announces TRID construction loan webinar

The Consumer Financial Protection Bureau has scheduled a webinar for Tuesday, March 1, at 2 p.m. EST, to address specific questions relating to the TRID rule and construction lending. Registration is available at https://www.webcaster4.com/Webcast/Page/577/13246

02/03/2016

NMLS scheduled maintenance notice

The NMLS has posted a notice that the NMLS Resource Center, Regulator Resource Center, and the Federal Registry Resource Center will be unavailable from 9:00 p.m. ET Friday, February 5 to 1:00 a.m. ET Saturday, February 6, due to scheduled system maintenance.

02/02/2016

Toyota Motor Credit settles with CFPB and DOJ

The Consumer Financial Protection Bureau has announced that the CFPB and the Department of Justice resolved an action with Toyota Motor Credit Corporation (TMCC), under which TMCC will change its pricing and compensation system to substantially reduce dealer discretion and accompanying financial incentives to mark up interest rates. As part of the Bureau's order filed as an administrative action, TMCC is also required to pay up to $21.9 million in restitution to thousands of African-American and Asian and Pacific Islander borrowers who paid higher interest rates than white borrowers for their auto loans, without regard to their creditworthiness, as a result of its past practices. TMCC will also hire a settlement administrator to distribute those funds.

02/02/2016

January SLOOS released

The Federal Reserve System has released the January 2016 Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices, which addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months.

02/02/2016

Supervisory Insights winter issue released

The FDIC has issued FIL-9-2016 to announce the release of the winter 2016 issue of Supervisory Insights, which features articles addressing the development of an effective cybersecurity framework, marketplace lending, and recent results from the FDIC's Credit and Consumer Products/Services survey.

02/02/2016

New multifamily handbook issued by FHA

HUD has announced that the FHA has published a new consolidated handbook to guide lenders on underwriting all FHA-insured multifamily housing construction and rehabilitation transactions. FHA’s new MAP Guide offers a new operating manual for multifamily underwriting through the Multifamily Accelerated Processing program. The MAP Guide is intended to cut the time required to approve loan applications and to ensure consistent application of program requirements and credit standards across all HUD processing offices. While all provisions of this new MAP Guide will become effective for all applications for FHA multifamily mortgage insurance received after May 28, 2016, FHA has the authority to approve transactions that incorporate the new policies immediately for projects with Firm Commitments issued or reissued after the date of publication.

02/02/2016

First Tennessee to pay $1.9 million

The Department of Housing and Urban Development has announced a $1.9 million settlement with Memphis-based First Tennessee Bank (First Tennessee), resolving allegations that the bank discriminated against African-American and Hispanic applicants by denying them mortgage loans and by allegedly failing to place bank branches in minority-concentrated areas. Under the agreement, First Tennessee will establish a $1.5 million subsidy fund to provide interest rate reductions on home mortgages, and down payment or closing cost assistance to qualified borrowers in identified portions of Chattanooga, Knoxville, Memphis and Nashville. In addition, First Tennessee agreed to partner with one or more community-based organizations to provide home repair or other grants to help existing homeowners repair their properties in predominantly minority communities, or partner with one or more community-based organizations to provide credit, financial, homeownership or foreclosure prevention services to residents in the affected areas. Specifically, First Tennessee will contribute $270,000 over three years to support these partnership efforts and an additional $105,000 to fund similar services to be provided directly by the National Community Reinvestment Coalition (NCRC). Finally, the bank will pay $25,000 in damages to the NCRC.

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