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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

05/04/2017

Preview of census file changes posted

The FFIEC has posted a preview of the field changes for the upcoming 2017 Census File based on the 2015 ACS 5-year estimates.

05/04/2017

FDIC releases CRA ratings

The FDIC has posted the list of 58 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. Four received an "outstanding" rating and 54 were rated "satisfactory."

05/04/2017

FOMC statement issued

The Federal Reserve has issued a statement announcing the Federal Open Market Committee has decided to maintain the target range for the federal funds rate at 3/4 to 1 percent.

05/04/2017

Mississippi community suspended from NFIP

The Federal Emergency Management Agency has published [82 FR 20832] in this morning's Federal Register a rule suspending, effective May 2, 2017, the Town of North Carrollton, Mississippi (Community number 280028), from the National Flood Insurance Program, for noncompliance with the floodplain management requirements of the program.

05/03/2017

OCC CRA ratings released

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations that became public in April 2017. Of the 18 institutions listed this month, one is rated "outstanding," 16 are rated "satisfactory" and one is rated "needs to improve."

05/01/2017

February G.20 finance companies report posted

The Federal Reserve has posted the February 2017 G.20 Finance Companies report of owned and managed receivables outstanding and auto loans: terms of credit.

04/28/2017

DoD MLA website due for maintenance

A message on the Department of Defense's Military Lending Act website states that the MLA service will be unavailable from 2–5 p.m. Pacific time on Saturday, April 29, due to scheduled maintenance.

04/28/2017

Bureau sues four online lenders

The CFPB has filed a complaint against four online lenders – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – for deceiving consumers by collecting debt that the consumers did not legally owe. In the complaint, the CFPB alleges that the four lenders could not legally collect on these debts because the loans were void under state laws governing interest rate caps or the licensing of lenders. The CFPB also alleges that the lenders made deceptive demands and illegally took money from consumer bank accounts for debts that consumers did not legally owe. The CFPB seeks to stop the unlawful practices, recoup relief for harmed consumers, and impose a penalty.

The Bureau's complaint states that the four companies are owned and incorporated by the Habematolel Pomo of Upper Lake Indian Tribe, whose Rancheria is located in California.

04/28/2017

CFPB releases strategies for promoting mortgage industry diversity and inclusion

The CFPB has released a report summarizing strategies for promoting diversity and inclusion used by mortgage industry participants. It highlights the business case for diversity along with current approaches and practices used in the mortgage industry, such as establishing buy-in from top leadership, integrating principles of inclusion in recruiting and hiring, and the importance of data in assessing the impact of diversity on keeping organizations competitive. The report is the result of the CFPB’s collaboration with the financial services industry to raise awareness of the importance of strengthening diversity and inclusion within organizations.

04/28/2017

March mortgage rates decrease

The FHFA Index for March 2017 shows that nationally, interest rates on conventional purchase-money mortgages decreased from February to March, according to several indices of new mortgage contracts.

  • The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.12 percent for loans closed in late March, down 15 basis points from 4.27 percent in February.
  • The average interest rate on all mortgage loans was 4.12 percent, down 13 basis points from 4.25 in February.
  • The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.24 percent, down 17 basis points from 4.41 in February.
  • The effective interest rate on all mortgage loans was 4.25 percent in March, down 13 basis points from 4.38 in February. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
  • The average loan amount for all loans was $312,700 in March, up $11,100 from $301,600 in February.

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