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Top Story Lending Related

05/26/2015

HUD proposes mortgage form revision

The Department of Housing and Urban Development has published a notice in the Federal Register seeking public comment on proposed revisions to the HUD Addendum to Uniform Residential Loan Application, also known as the 92900-A, the loan certification document signed by lenders. HUD is providing a 60-day comment period ending on July 14, 2015, on proposed revisions to the form, which include changes to:
  • Differentiate between the initial and final Uniform Residential Loan Application;
  • Revise mortgagee certification on debarment and suspension to be loan specific;
  • Remove references to Handbooks no longer in use by Single Family Housing;
  • Update language regarding acceptable sources of funds;
  • Provide current non-discrimination language; and
  • Update terminology reflected in the new Single Family Housing Policy Handbook 4000.1.

05/21/2015

Fannie and Freddie announce new seller/servicer requirements

The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac (GSEs) are issuing new operational and financial eligibility requirements for all current and potential single-family mortgage Seller/Servicers. Statements and FAQs regarding the requirements were also issued by the two GSEs. The operational requirements become effective no later than September 1, 2015 and the financial requirements become effective December 31, 2015.

05/21/2015

Robocallers to pay $1.7M for credit card scheme

The Federal Trade Commission has announced that Universal Processing Services (UPS) of Wisconsin, LLC, a payment processor, and telemarketer Hal E. Smith and his company HES Merchant Services Company, Inc. (HES), the defendants in a federal district court case filed by the agency have been jointly ordered by the court to pay $1,734,972 to the Commission. The money will be used to provide refunds to defrauded consumers. The court held Smith and HES liable for 11 violations of the FTC Act and the Commission's Telemarketing Sales Rule (TSR), based on their participation in a deceptive telemarketing scheme purporting to be a credit card interest rate reduction service that used robocalls to solicit consumers. The defendants failed to disclose the identity of the person(s) responsible for placing the robocalls and unlawfully called numbers that had been registered on the FTC's Do Not Call Registry.

05/20/2015

OCC Community Developments Investments newsletter

The OCC has announced the publication of a new edition of its Community Developments Investments electronic newsletter entitled "Small Multifamily Rental Property Financing." Articles include:
  • How banks finance small multifamily rental properties for their own investment portfolios or for sale into the secondary market
  • Partnership with Community Development Financial Institutions
  • Reviews of current OCC supervisory policies for the financing of multifamily properties as well as how these financing activities may qualify for consideration in a bank's Community Reinvestment Act examination.

05/20/2015

Residential construction activity

HUD has released the April new residential construction activity statistics:
  • Privately owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,143,000, 10.1 percent above the revised March rate and 6.4 percent above the April 2014 estimate. Single-family authorizations in April were at a rate of 666,000, 3.7 percent above the revised March figure.
  • Privately owned housing starts in April were at a seasonally adjusted annual rate of 1,135,000, 20.2 percent above the revised March estimate and 9.2 percent above the April rate. Single-family housing starts in April were at a rate of 733,000; this is 16.7 percent above the revised March figure. The April rate for units in buildings with five units or more was 389,000.
  • Privately owned housing completions in April were at a seasonally adjusted annual rate of 986,000, 20.4 percent above the revised March estimate and 19.4 percent above the April 2014 rate. Single-family housing completions in April were at a rate of 688,000, 14.5 percent above the revised March rate. The April rate for units in buildings with five units or more was 288,000.

05/19/2015

Charge-off and Delinquency Rates reports

The Federal Reserve has posted the first quarter 2015 charge–off and delinquency rates on loans and leases at commercial banks reports.

05/18/2015

FHFA Single Security update

The Federal Housing Finance Agency (FHFA) today released An Update on the Structure of the Single Security. The update details progress that has been made on the single mortgage-backed security that would be issued by Fannie Mae or Freddie Mac. The Single Security project is intended to improve the overall liquidity of Fannie Mae and Freddie Mac mortgage-backed securities, and lower costs for borrowers and taxpayers.

05/18/2015

Financial Holding Companies report

The Federal Reserve has released the list of bank holding companies that have as of may 15, 2015, elected to become or be treated as financial holding companies.

05/14/2015

Bureau inquiry into student loan servicing

At yesterday's Milwaukee, Wisconsin, CFPB field hearing on student loans, Director Richard Cordray announced that the Bureau is "launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers." The issues that the Bureau is seeking information on include: industry practices that create repayment challenges, hurdles for distressed borrowers, and the economic incentives that may affect the quality of service. The CFPB also announced it is re-launching an enhanced version of its Repay Student Debt online tool to help borrowers figure out their options for affordable repayment.

05/14/2015

Watt on FHFA oversight activities

At the 2015 Federal Home Loan Banks Directors Conference yesterday, Federal Housing Finance Agency (FHFA) Director Watt reviewed the important developments that have taken place as part of the FHFA's regulatory oversight functions of financial results, activities, and the areas of focus for FHFA and the Federal Home Loan Banks.

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