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Top Story Lending Related


CFPB Supervision Report of Violations and $19.4M in Remediation

The CFPB has announced the release of its Supervisory Highlights report regarding legal violations uncovered by the Bureau’s examiners. The Bureau found deceptive student loan debt collection practices, unfair and deceptive overdraft practices, mortgage origination violations, fair lending violations, and mishandled disputes by consumer reporting agencies. The report also shows that CFPB supervisory resolutions resulted in remediation of $19.4 million to more than 92,000 consumers.


Bureau hearing on arbitration

The Consumer Financial Protection Bureau held a field hearing on arbitration in Newark, N.J. on May 10. The hearing featured remarks from Director Cordray and testimony from consumer groups, industry representatives, and members of the public. The CFPB Blog featured an article on the results of a study on arbitration agreements conducted by the agency and reported to Congress. The agency also released a Fact Sheet on the report.


NMLS Mortgage Industry report

The Fourth Quarter 2014 Mortgage Industry Report has been released by the NMLS. The report contains an analysis of companies, branches, and mortgage loan originators who were licensed or registered through NMLS in order to conduct mortgage activities. An update to the Money Services Business Fact Sheet was also released.


SCOTUS reverses ruling against Labor Department

The Supreme Court of the United States has reversed the ruling of the U.S. Court of Appeals for the District of Columbia Circuit in Perez, Secretary of Labor, et al. v. Mortgage Bankers Association et al. The lower court had ruled that the Department of Labor's 2010 reversal of its 2006 interpretation that mortgage loan officers fell within the administrative exemption under its 2004 regulations on overtime pay was procedurally invalid because the Department failed to use the Administrative Procedures Act's notice-and-comment procedures. The Supreme Court ruled that the APA exempts the issuance of interpretive rules from the requirements of the APA.


January consumer credit report

The Federal Reserve Board has released the G.19 Consumer Credit Outstanding and Terms of Credit Report for January 2014. Consumer credit increased at a seasonally adjusted annual rate of 4¼ percent. Revolving credit decreased at an annual rate of 1½ percent, while nonrevolving credit increased at an annual rate of 6¼ percent.


FDIC CRA ratings

The FDIC has issued the list of CRA ratings recently received by eighty-one state nonmember banks. There were five Outstanding, seventy-three Satisfactory, one Needs to Improve, and two Substantial Non-compliance ratings in the list.


FEMA publishes lists of suspended communities

Today's Federal Register includes notices of two final rules from the Federal Emergency Management Agency listing communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on the effective dates below because of noncompliance with the floodplain management requirements of the program.

  • April 16, 2015 - Certain unincorporated areas in Richmond County, Virginia
  • April 2, 2015 - Designated communities in Indiana, Minnesota, Missouri and Ohio


Enhanced requirements for Freddie and Fannie NPL sales

The Federal Housing Finance Agency has announced enhanced requirements for sales of non-performing loans (NPLs) by Freddie Mac and Fannie Mae. The NPL sales are generally expected to include loans that are severely delinquent, such as loans that are more than a year past due. The requirements include:

  • Bidder qualifications
  • Modification
  • Loss mitigation waterfall
  • REO sales
  • Subsequent servicer
  • Bidding transparency

A fact sheet about the enhanced requirements was also released.


Mortgage rates dipped in January

The FHFA has announced released its January 2015 Monthly Interest Rate Survey (MIRS), which indicates interest rates on conventional purchase-money mortgages decreased from December 2014 to January 2015.

  • The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 3.88 percent for loans closed in late January, down 10 basis points.
  • The average interest rate on all mortgage loans was 3.89 percent, down 11 basis points.
  • The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.06 percent, a decrease of 13 basis points.
  • The effective interest rate on all mortgage loans was 4.04 percent in January, down 11 basis points.
  • The average loan amount for all loans was $291,300 in January, down $7,000.


FEMA to suspend communities in 11 states

The Federal Emergency Management Agency (FEMA) has published a final rule [80 FR 10359] in today's Federal Register identifying communities in Delaware, Florida, Georgia, Illinois, Kansas, Maryland, Michigan, Mississippi, New York, Pennsylvania, and Tennessee, where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on March 16, 2015, because of noncompliance with the floodplain management requirements of the program.


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