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Exception Tracking Spreadsheet (TicklerTrax™)
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04/26/2021

HOME-ARP grantees announced

HUD Secretary Fudge on Friday held a Zoom call to discuss the nearly $5 billion in American Rescue Plan funds allocated by HUD to help communities across the country create affordable housing and services for people experiencing or at risk of experiencing homelessness. The supplemental funding, known as HOME-ARP, was provided by the American Rescue Plan and is allocated through the HOME Investment Partnerships Program to 651 grantees, including states, insular areas, and local governments.

04/26/2021

HUD to resume housing inspections

HUD Secretary Fudge has announced that HUD will substantially increase housing inspections beginning on June 1, 2021. Thirteen months ago, in response to the COVID-19 pandemic and in line with public health guidance, HUD took many steps to protect HUD-assisted households and the people who provide that assistance from exposure to COVID-19. Among those steps was the suspension of most in-person housing inspections by the Real Estate Assessment Center (REAC) last year along with waivers that enabled Public Housing Authorities (PHAs) and Multifamily housing owners and managers to reduce activities that could contribute to COVID-19 transmission.

Multifamily housing owners and property managers were informed on Friday that HUD has developed detailed protocols guiding all aspects of the inspection process. HUD, in collaboration with the CDC, will implement additional protocols and associated safety measures, including:

  • The inspection of high priority/risk properties for both the Public Housing and Multifamily portfolios before other properties;
  • Evaluation of known property-specific health conditions prior to the inspection;
  • Regular COVID-19 testing of inspectors and efforts to facilitate the vaccination of inspectors;
  • Travel and quarantine guidelines for inspectors;
  • Detailed operational protocols for inspectors pre-inspection, during the inspection, and post-inspection reviewed by the CDC;
  • Ability for residents to opt-out of unit inspections when inspectors arrive on-site.

04/23/2021

CFPB files suit to seize hidden assets of debt collector

The Consumer Financial Protection Bureau and New York Attorney General Letitia James have announced they have filed a complaint in federal court to seize a $1.6 million home, the ownership of which the complaint alleges was fraudulently transferred by the operator of a massive and now-defunct debt-collection scheme. Douglas MacKinnon transferred ownership of his home to his wife and daughter for the sum of $1 shortly after learning of a federal and state investigation into his companies, Northern Resolution Group LLC and Enhanced Acquisitions LLC. The complaint asks the court to declare the transfer void and order the seizure and sale of the property to partially repay MacKinnon’s outstanding debt to the federal and state governments for his illegal conduct.

04/23/2021

Federal Reserve enforcement orders

The Board of Governors of the Federal Reserve System has announced the execution of two enforcement orders against state-chartered member banks.

  • The Yellowstone Bank, Laurel, Montana, was ordered to pay a $9,500 civil money penalty for a pattern or practice of unspecified violations of Federal Reserve Board Regulation H section 208.25, which implements the National Flood Insurance Act.
  • Iowa Prairie Bank, Brunsville, Iowa, entered into a written agreement with the Federal Reserve Bank of Chicago and the Iowa Division of Banking addressing matters of board oversight, credit risk management, asset improvement, the allowance for loan and lease losses, capital planning, a business plan and budget, regulatory reporting, dividends, and compliance with laws and regulations.

04/22/2021

Stark Law phantom debt victims getting refunds

The Federal Trade Commission and the Office of the Illinois Attorney General are sending payments totaling more than $4 million to more than 10,000 consumers who lost money to the Stark Law phantom debt collection scheme.

According a suit filed by the FTC and the Illinois Attorney General, Stark Law used multiple business names to target consumers who obtained or applied for payday or other short-term loans, pressuring them into paying debts they either did not owe or that the defendants had no authority to collect. Stark Law allegedly called consumers and demanded immediate payment for supposedly delinquent loans, at times threatening consumers with lawsuits or arrest, falsely claiming they would be charged with “defrauding a financial institution” or “passing a bad check.”

Affected consumers are receiving full refunds, averaging $375 each.

04/22/2021

GSEs extend some loan origination flexibilities

The Federal Housing Finance Agency on Wednesday announced that Fannie Mae and Freddie Mac will extend some temporary loan origination flexibilities until May 31, 2021. All temporary flexibilities were originally set to expire on April 30.

Alternative appraisals on purchase and rate-term refinance loans are among the flexibilities that will now be extended through May 31, 2021.

Those temporary flexibilities related to employment verification, condominium project reviews, and expanded power of attorney are being allowed to expire as scheduled on April 30, 2021.

Due to low usage of the temporary flexibilities, FHFA expects to retire all temporary selling flexibilities on May 31, 2021.

04/21/2021

OCC rates six CRA evals Outstanding

The OCC has released a list of 15 OCC-supervised institutions evaluated for compliance with the Community Reinvestment Act whose evaluations became public in March. Of those evaluations, eight are rated satisfactory, six are rated outstanding, and one is rated needs to improve.

We congratulate these banks for having earned "outstanding" ratings:

04/20/2021

FHA Single Family Housing Policy Handbook updated

The Federal Housing Administration yesterday announced the publication of an update to the Servicing and Loss Mitigation section [1127 page PDF] of the FHA Single Family Housing Policy Handbook4000.1.

The update streamlines many standard operational requirements for mortgage servicers, including revising FHA’s loss mitigation home retention “waterfall” so that servicers can more quickly offer effective loss mitigation home retention options to borrowers in danger of losing their homes to foreclosure. Additional changes streamline and enhance many servicing requirements to provide more consistency with industry practices and reduce barriers to servicing FHA-insured single family mortgages.

04/20/2021

SBA releases Restaurant Revitalization Fund information

The SBA has announced key details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund (RRF). The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan established the $28.6 billion Restaurant Revitalization Fund at the U.S. Small Business Administration (SBA). The SBA will administer the funds to the hardest-hit small restaurants.

Details on application requirements, eligibility, and a program guide are now available in English and Spanish.

04/20/2021

OCC terminates portfolio stress test tool

The OCC, in Bulletin 2021-21, has announced it has terminated its Portfolio Stress Test Tool for Income-Producing Commercial Real Estate on BankNet. The Bulletin indicates the OCC has removed the tool and associated documents from BankNet, and deactivated the email address that had been associated with the tool.

The OCC has provided the tool since 2012 to demonstrate basic portfolio stress testing concepts and to help banks conduct portfolio stress testing on income-producing commercial real estate portfolios. The use of the tool was optional. Today, according to the OCC, several methods and tools are available for performing loan portfolio stress testing, and banks generally have satisfactory policies, processes, systems, and, in some cases, advanced approaches for conducting ongoing portfolio stress testing. In addition, the OCC has observed decreased use of the tool. For those reasons, the tool has been terminated.

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