Top Story Lending Related

The FDIC has issued a list of 49 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 April 2016. Three banks received an outstanding rating, forty-three were rated satisfactory, two were rated needs to improve, and one was rated substantial non-compliance.

The OCC has released the OCC Mortgage Metrics Report for the first quarter of 2016. The report showed 94.9 percent of mortgages included in the report were current and performing at the end of the quarter, compared with 94.2 percent a year earlier. It also showed that foreclosure activity has declined. Reporting servicers initiated 58,921 new foreclosures during the first quarter of 2016, a 29.1 percent decrease from a year earlier.

The Federal Reserve, FDIC, OCC and NCUA have jointly issued a report to Congress on the effect of capital rules on mortgage servicing assets. The report is required by Section 634 of the Consolidated Appropriations Act, 2016.

The Department of Housing and Urban Development has announced awards of more than $5 million to 42 local public housing authorities across the country that are working aggressively to end veteran homelessness. HUD is awarding additional funds to help these housing authorities administer a joint program with HUD and the U.S. Department of Veterans Affairs (VA) which provides permanent homes and needed services to veterans experiencing long-term, chronic homelessness.

The CFPB has announced the release of a report that its supervisory actions in the first four months of the year uncovered illegal activities in auto finance and payments that led to approximately $24.5 million in restitution to more than 257,000 consumers.

The FFIEC has announced the 2016 geocoding system has been updated with the 2016 Census demographic data based on the 2006 - 2010 five year estimate American Community Survey (ACS) and the historical census data for years 1990 – 2007 are now available.

In remarks at the community Development Corporation of Long Island's Annual Lenders Forum, Comptroller Curry discussed efforts to promote community revitalization through responsibly innovative funding and other assistance to support rehabilitation of homes in distressed communities.

The results of the June 2016 senior credit officer opinion survey of dealer financing terms (SCOOS) have been released. The SCOOS collected qualitative information on changes over the previous three months in credit terms and conditions in securities financing and over-the-counter (OTC) derivatives markets. In addition to the core questions, the survey included a set of special questions about the use of synthetic prime brokerage (PB) by hedge fund clients to provide levered exposure to assets. The 20 institutions participating in the survey account for almost all dealer financing of dollar-denominated securities to nondealers and are the most active intermediaries in OTC derivatives markets. The survey was conducted during the period between May 17, 2016, and May 31, 2016. The core questions asked about changes between March 2016 and May 2016.

The Federal Housing Finance Agency (FHFA) has released its first report providing information about the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes NPL sales data through May 31, 2016 and preliminary outcomes for borrowers through December 31, 2015. NPL sales reduce the number of severely delinquent loans in the Enterprises’ portfolios and the rules are subject to FHFA requirements that encourage NPL buyers to prioritize outcomes for borrowers other than foreclosure.

HUD announced yesterday that it is making a series of enhancements to the Department's Distressed Asset Stabilization Program (DASP) that would have purchasers of severely delinquent mortgages offer qualified borrowers principal reductions and protection from "payment shock." Certain families with distressed mortgages insured by the Federal Housing Administration (FHA) may soon be eligible for a reduction of their outstanding loan amounts should their mortgages be sold through DASP. In addition, FHA's latest enhancements prohibit investors from abandoning low-value properties in high-foreclosure neighborhoods to prevent blight.