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Top Story Lending Related

03/27/2024

FHFA: House prices dropped in January

The Federal Housing Finance Agency yesterday reported U.S> house prices fell in January, down 0.1 percent from December, according to the FHFA seasonally adjusted monthly House Price Index.

House prices rose 6.3 percent from January 2023 to January 2024. The previously reported 0.1 percent price increase in December remained unchanged.

For the nine census divisions, seasonally adjusted monthly price changes from December 2023 to January 2024 ranged from -0.6 percent in the South Atlantic division to +1.5 percent in the West North Central division. The 12-month changes were all positive, ranging from +3.8 percent in the West South Central division to +8.7 percent in the East North Central division.

03/27/2024

FDIC issues guidance to help FIs and facilitate recovery

Yesterday, the FDIC issued Financial Institution Letters FIL-13-2024 and FIL-14-2024 to provide guidance the help financial institutions and facilitate recovering in areas of Maine and Rhode Island, respectively, affected by severe storms and flooding December 17–19, 2023 (Rhode Island) and January 9–13, 2024 (Maine and Rhode Island).

03/27/2024

HMDA modified LARs with 2023 data are available

The CFPB has announced that the modified HMDA LARs with 2023 data are now available for each institution that filed HMDA data collected in 2023. The modified LARs provide each financial institution's loan-level HMDA data, as modified to protect applicant and borrower privacy in accordance with the Consumer Financial Protection Bureau’s final policy guidance on the disclosure of HMDA data. Users also have the ability to download one combined file that contains all institutions’ modified LAR data.

The modified LARs can be accessed HERE.

03/26/2024

FHFA releases 4th quarter 2023 foreclosure prevention and refi report

The Federal Housing Finance Agency (FHFA) has released its fourth quarter 2023 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 43,903 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,905,703 since the start of conservatorships in September 2008.

The report also shows that 31 percent of loan modifications completed in the fourth quarter reduced borrowers’ monthly payments by more than 20 percent. The number of refinances decreased from 83,522 in the third quarter of 2023 to 71,378 in the fourth quarter of 2023.

The Enterprises’ serious delinquency rate increased slightly from 0.54 percent to 0.55 percent at the end of the fourth quarter. This compares with 3.42 percent for Federal Housing Administration (FHA) loans, 2.01 percent for Veterans Affairs (VA) loans, and 1.52 percent for all loans (industry average).

03/25/2024

FFIEC updating UBPR to include CECL nomenclature changes in Call Reports

FFIEC announcement 2024-02, issued on Friday, reports that the FFIEC's member agencies are making several changes to the Uniform Bank Performance Report on or shortly after March 25, 2024. These changes are necessitated by the current expected credit losses methodology (CECL) nomenclature changes to the March 2024 Consolidated Reports of Condition and Income (Call Reports). Changes are also being made in response to the Accounting Standards Update 2022–02, “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.”

03/25/2024

FHFA issues 2023 Q4 UAD aggregate stats

The Federal Housing Finance Agency on Friday published its 2023 fourth-quarter data for the Uniform Appraisal Dataset (UAD) Aggregate Statistics. The Data File and Dashboards also include new property characteristics and a new statistic.

The UAD Aggregate Statistics Data File and Dashboards give stakeholders and the public continued access to a broad set of data points and trends found in appraisal reports. Today’s release includes the full year of 2023 data at all geographic levels (National, State, County, Metropolitan Statistical Area, and Census Tract). The data also now include six new measures of property structure and site, three new measures of neighborhood market conditions, and one new value statistic.

03/22/2024

Agencies postpone applicability dates on some parts of CRA update rule

Just eleven days before the effective date of most provisions of their revised Community Reinvestment Act regulations issued in October 2023 (published on February 1, 2024), the Federal Reserve Board, OCC, and FDIC have jointly announced a supplemental interim final rule that extends the applicability date of certain provisions.

To promote clarity and consistency, the agencies extended the applicability date of the facility-based assessment areas and public file provisions from April 1, 2024, to January 1, 2026. Therefore, banks will not have to make changes to their assessment areas or their public files as a result of the 2023 CRA final rule until January 1, 2026. This extension aligns these provisions with other substantive parts of the 2023 CRA final rule that are applicable on January 1, 2026. For example, all provisions about where banks are evaluated will now apply on the same date. Comments on the extended applicability date must be received 45 days after the rule is published in the Federal Register.

The supplemental interim final rule, which becomes effective on April 1, 2024, also includes technical, non-substantive amendments to the CRA final rule and related agency regulations that reference it. For example, one of these technical amendments clarifies that banks do not need to make changes to their public notices until January 1, 2026.

Federal Reserve Board Governor Michelle W. Bowman, who has criticized the October 2023 rule as "unnecessarily complex and extraordinarily lengthy," issued a statement of concern that the change announced yesterday "will not be the only significant issue that will require further consideration given the length and complexity of the final rule as the agencies continue to work toward implementation of the changes. ... This interim final rule illustrates the rushed, overly complex, and unwieldy nature of the CRA rulemaking."

03/21/2024

OCC opens registration for Project REACh summit on financial inclusion

The OCC has announced that registration is open for its Project REACh Financial Inclusion Summit on May 29-30, 2024, at its headquarters in Washington, D.C.

The OCC’s Project REACh, or the Roundtable for Economic Access and Change, brings together leaders from the banking industry, national civil rights organizations, business, technology, and community development to identify and reduce specific barriers that prevent underserved and minority communities from full, equal, and fair participation in the nation’s economy.

Registration is required to attend the Summit and is open until May 15, 2024, or until full, whichever occurs first. For security reasons, attendees will be subject to screening and must present a valid government-issued identification to enter the building.

The Summit will be recorded, and the video will be posted to OCC.gov.

Information on how to register to attend the Summit and the agenda are available on the Summit's webpage.

03/20/2024

OCC reports mortgage performance for 4th quarter of 2023

The OCC has reported on the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2023.

The OCC Mortgage Metrics Report, Fourth Quarter 2023 showed that 97.2 percent of mortgages included in the report were current and performing at the end of the quarter, an increase from the 97.1 percent in fourth quarter 2022, and a decrease from the previous quarter’s 97.3 percent. The percentage of seriously delinquent mortgages—mortgages that are 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due—increased from the prior quarter; however, it has trended down since the fourth quarter of 2021.

Servicers initiated 8,320 new foreclosures in the fourth quarter of 2023, a decrease from a year earlier and from the previous quarter.

Servicers completed 7,382 modifications during the fourth quarter of 2023, a 0.7 percent decrease from the previous quarter’s 7,436 modifications. Of these 7,382 modifications, 6,416 or 86.9 percent, were “combination modifications”—modifications that included multiple actions affecting the affordability and sustainability of the loan, such as an interest rate reduction and a term extension.

03/19/2024

FHA increases manufactured home loan limits

The Federal Housing Administration has announced new loan limits for its Title I Manufactured Home Loan Program. The increased amounts use new methodologies for calculating and updating the program’s limits, which were announced in a final rule published on February 29, 2024. The increases better align with current market prices and are expected to encourage more lenders to offer the program to homebuyers seeking to purchase manufactured homes and the lots on which they sit. This is the first update to the Title I program loan limits since 2008.

Effective for FHA case numbers assigned on or after March 29, 2024, the new nationwide Title I Manufactured Home Loan Program loan limits are:

  • Combination Loan (Single-section), $148,909
  • Combination Loan (Multi-section), $237,096
  • Manufactured Home Loan (Single-section), $105,532
  • Manufactured Home Loan (Multi-section), $193,719
  • Manufactured Home Lot Loan, $43,377

The FHA will recalculate the program’s loan limits on an annual basis to keep pace with home price changes over time.

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