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Top Story Lending Related

07/28/2017

CFPB tools for homebuyers

The Consumer Financial Protection Bureau has posted an article on tools to help consumers in their home buying process. The tools include a milestone roadmap, an explore interest rates tool, and explanations of the loan estimate and closing disclosure.

07/28/2017

Mortgage rates up in June

The Federal Housing Finance Agency has released its June 2017 mortgage rates report. Nationally, interest rates on conventional purchase-money mortgages increased from May to June, 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 4.00 percent for loans closed in late June, up 13 basis points from 3.87 percent in May.
  • The average interest rate on all mortgage loans was 4.00 percent, up 10 basis points from 3.90 in May.
  • The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.15 percent, up 18 basis points from 3.97 in May.
  • The effective interest rate on all mortgage loans was 4.11 percent in June, up 9 basis points from 4.02 in May. 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 $318,900 in June, up $3,400 from $315,500 in May.

07/27/2017

FDIC updates Affordable Mortgage Lending Guide

The FDIC has issued FIL-30-2017 to announce the update of its Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies to reflect the most up-to-date information available about the mortgage programs offered through those agencies.

07/27/2017

FHFA update on Fannie and Freddie credit risk

The Federal Housing Finance Agency (FHFA) has issued a Credit Risk Transfer Progress Report updating the status and volume of credit risk transfer transactions through the first quarter of 2017. The Report gives a comprehensive picture of how Fannie Mae and Freddie Mac (the Enterprises) transfer a portion of credit risk to the private sector through a variety of transactions in the single-family market. The report shows that in the first quarter of 2017, the Enterprises transferred $5.5 billion of credit risk on mortgages with an unpaid principal balance (UPB) of $174 billion through capital markets, reinsurance, and front-end reinsurance transactions. This brings the total since the program began in 2013 to more than $54 billion of credit risk transferred on $1.6 trillion UPB.

07/27/2017

June housing activity trends up

HUD and the Census Bureau have released data on new residential construction statistics for June 2017:

  • Building Permits: Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,254,000, which is 7.4 percent above the revised May rate of 1,168,000 and 5.1 percent above the June 2016 rate of 1,193,000. Single-family authorizations in June were at a rate of 811,000, 4.1 percent above the revised May figure of 779,000. Authorizations of units in buildings with five units or more were at a rate of 409,000 in June.
  • Housing Starts: Privately owned housing starts in June were at a seasonally adjusted annual rate of 1,215,000, which is 8.3 percent above the revised May estimate of 1,122,000 and 2.1 percent above the June 2016 rate of 1,190,000. Single-family housing starts in June were at a rate of 849,000, 6.3 percent above the revised May figure of 799,000. The June rate for units in buildings with five units or more was 359,000.
  • Housing Completions: Privately owned housing completions in June were at a seasonally adjusted annual rate of 1,203,000, 5.2 percent above the revised May estimate of 1,144,000 and 8.1 percent above the June 2016 rate of 1,113,000. Single-family housing completions in June were at a rate of 798,000, 0.4 percent above the revised May rate of 795,000. The June rate for units in buildings with five units or more was 396,000.

07/26/2017

House Price Index increased in May

The Federal Housing Finance Agency has released its May 2017 House Price Index (HPI). U.S. house prices rose in May, up 0.4 percent from the previous month. The previously reported 0.7 percent increase in April was revised downward to reflect a 0.6 percent increase. The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From May 2016 to May 2017, house prices were up 6.9 percent.

07/24/2017

Update to 2017 CRA software available

The FFIEC has posted Release 2 of its 2017 CRA Data Entry Software on its CRA/HMDA Software Downloads page.

07/21/2017

CFPB updates spring 2017 rulemaking agenda

The CFPB has posted an article explaining that the CFPB participates in the federal agencies' Unified Agenda program and that the Office of Management and Budget (OMB) recently posted online the CFPB's updated agenda. The objectives of the agenda are:

  • Providing consumers with timely and understandable information to make responsible decisions about financial transactions
  • Protecting consumers from unfair, deceptive, and abusive acts and practices and from discrimination
  • Addressing outdated, unnecessary, or unduly burdensome regulations
  • Enforcing federal consumer financial law consistently in order to promote fair competition, without regard to whether providers of financial services are banks, thrifts, credit unions, or other kinds of institutions
  • Promoting the transparent and efficient operation of markets for consumer financial services to facilitate access and innovation

A brief summary of the various Bureau initiatives was also provided.

07/20/2017

June residential construction stats increase

HUD and the Census Bureau have released statistics on new residential construction for June 2017:

  • Building Permits—Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,254,000, 7.4 percent above the revised May rate of 1,168,000 and 5.1 percent above the June 2016 rate of 1,193,000. Single-family authorizations in June were at a rate of 811,000, 4.1 percent above the revised May figure of 779,000. Authorizations of units in buildings with five units or more were at a rate of 409,000 in June.
  • Housing Starts—Privately owned housing starts in June were at a seasonally adjusted annual rate of 1,215,000, which is 8.3 percent above the revised May estimate of 1,122,000 and 2.1 percent above the June 2016 rate of 1,190,000. Single-family housing starts in June were at a rate of 849,000; 6.3 percent above the revised May figure of 799,000. The June rate for units in buildings with five units or more was 359,000.
  • Housing Completions—Privately owned housing completions in June were at a seasonally adjusted annual rate of 1,203,000, 5.2 percent above the revised May estimate of 1,144,000 and 8.1 percent above the June 2016 rate of 1,113,000. Single-family housing completions in June were at a rate of 798,000, 0.4 percent above the revised May rate of 795,000. The June rate for units in buildings with five units or more was 396,000.

07/20/2017

FEMA suspending communities from Flood Program

The Federal Emergency Management Agency has published a final rule in today's Federal Register identifying communities in Del Norte County, California, and Delaware County, Indiana, to be suspended from the National Flood Insurance Program on August 2, 2017, for noncompliance with the floodplain management requirements of the program.

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