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Top Story Lending Related

08/26/2016

New refinance option and HARP extension

The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac (the Enterprises), at the FHFA's direction, will implement a new refinance option aimed at borrowers with high loan-to-value ratios. The new refinance offering will provide much-needed liquidity for borrowers who are current on their mortgage but are unable to refinance through traditional programs because their loan-to-value ratio exceeds the Enterprises' maximum limits. In addition the Home Affordable Refinance Program (HARP) will be extended through September 30, 2017. Links to Fannie Mae and Freddie Mac fact sheets were also provided.

08/26/2016

New FHA procedures help homeowners avoid foreclosure

HUD has announced new Federal Housing Administration (FHA) procedures to strengthen the process mortgage servicers use to help struggling families avoid foreclosure and remain in their homes. The FHA is streamlining the loss mitigation protocols that servicers must use when evaluating and deploying "home retention options," foreclosure alternatives that allow delinquent borrowers to retain their homes. Mortgagee Letter 2016-14 informs servicers of updated procedures for the evaluation and use of FHA’s Loss Mitigation Home Retention Options, the Manufactured Housing Review before initiation of foreclosure, and the servicing of FHA-insured Mortgages for Servicemember-Borrowers. Specifically, the FHA will:

  • Require servicers to convert successful 3-month trial modifications into permanent modifications within 60 days instead of the average four-to-six months;
  • Allow borrowers with three missed mortgage payments to qualify for a partial claim to bring their loans current versus the previous requirement for a minimum of four missed payments;
  • End the traditional stand-alone Loan Modification option so struggling borrowers can access the FHA-HAMP option, with its greater payment relief, sooner; and
  • Eliminate the required 12-month term for FHA’s special forbearance option. This will allow servicers to offer this option to more unemployed households.

08/26/2016

DoD publishes FAQ on MLA regulation

The Department of Defense has published at 81 FR 58840 in the August 26, 2016, Federal Register an "Interpretive rule" in the form of an FAQ on its Military Lending Act regulation at 32 CFR Part 232. The series of 19 questions and answers "provides guidance on certain questions the Department has received regarding compliance with the July 2015 final rule." The rule became effective upon publication.

08/26/2016

Omaha bank pays for card add-on practices

The First National Bank of Omaha has been issued orders by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau to pay a total of $7.5 million in civil money penalties and approximately $27.75 million in restitution to affected consumers for unfair or deceptive acts or practice under the Federal Trade Commission Act (OCC order) and unfair, deceptive or abusive acts or practices under the Consumer Protection Act (Bureau) in the marketing and sale of debt-cancellation add-on products and the billing of consumers for credit monitoring services they did not receive. This is the eighth action the Bureau has taken in coordination with another regulator to address illegal practices with respect to credit card add-on products and the 12th action the Bureau has taken in total to address such practices. See "FNB of Omaha hit with $7.5 CMPs and $27.75 M restitution" in our Penalties pages, for more on this story.

08/26/2016

OCC issues unauthorized banking alert

The Office of the Comptroller of the Currency (OCC) has been informed that an entity calling itself Banc of Omaha purports to be a lender specializing in business capital. Banc of Omaha is not a licensed or chartered bank but is using a logo similar to that of Mutual of Omaha Bank, which is a chartered financial institution regulated by the OCC.

Details on OCC Alert 2016-9 can be found in BankersOnline's Alerts and Counterfeits pages.

08/25/2016

Second quarter house prices up 1.2%

The Federal Housing Finance Agency (FHFA) has released its house price index (HPI) for the second quarter 2016. House prices increased 1.2 percent in the second quarter and rose 5.6 percent from the second quarter of 2015. FHFA’s seasonally adjusted monthly index for June was up 0.2 percent from May. The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.

08/25/2016

Bureau adds TRID resource for settlement pros

The Consumer Financial Protection Bureau has created a new webpage, Know Before You Owe: The settlement professional's guide, to help settlement professionals navigate through the changes that are a part of the Know Before You Owe (a/k/a "TRID") mortgage initiative. The new page includes links leading to explanations of—

  • how the previous four disclosures (early TIL, GFE, TIL and HUD-1) were consolidated into the Loan Estimate and Closing Disclosure;
  • what has and hasn't changed about settlement agent and creditor responsibilities, consumer privacy and electronic delivery; and
  • key areas to focus on when selected as the settlement agent for a transaction.

08/24/2016

HUD agreement with condo association on assistance animals

HUD has announced an agreement with Delvista Towers Condominium Association, Inc., of Aventura, Florida, and its property management company, resolving allegations of housing discrimination against residents with disabilities. HUD claimed the condo association and its property managers denied the reasonable accommodation requests of residents with disabilities who needed assistance animals. The Fair Housing Act makes it illegal to discriminate in the terms and conditions of housing for an individual based on a disability, including denying reasonable accommodations or making them unavailable. This includes refusing to permit persons with disabilities to have assistance animals when necessary.

08/24/2016

Revised URLA released

Fannie Mae and Freddie Mac announced Tuesday the publication of the redesigned Uniform Residential Loan Application (URLA), the standardized form used by borrowers to apply for a mortgage loan. This is the first substantial revision made to the form in more than 20 years and the changes will allow lenders to deliver an easier, more consumer-friendly loan application experience. The redesigned URLA form includes a reorganized layout, simplified terminology, and new data fields that capture necessary information in an easy-to-read format.

Additionally, the GSEs worked together to create a common corresponding dataset, called the Uniform Loan Application Dataset (ULAD) to ensure consistency of data delivery. The documents are being published now, in an effort to provide the industry with ample time to become familiarized with the URLA and ULAD updates and plan necessary changes to their systems.

Lenders may begin using the redesigned URLA on January 1, 2018. A timeline for required use of the redesigned URLA and ULAD will be established at a later date. The forms are preliminary, and could still be updated after a CFPB review.

08/24/2016

Board issues CMP and cease and desist order

The Federal Reserve Board has announced the execution of a cease and desist order and the issuance of a $37,500 civil money penalty (CMP) against a former institution-affiliated party of Central State Bank (now known as CBI Bank & Trust), Muscatine, Iowa.

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