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Top Story Lending Related

01/27/2017

December mortgage rates increased

The December 2016 Federal Housing Finance Agency (FHFA) has reported that, nationally, interest rates on conventional purchase-money mortgages increased from November to December, 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 December, up 34 basis points from 3.66 percent in November.
  • The average interest rate on all mortgage loans was 3.91 percent, up 27 basis points from 3.64 in November.
  • The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.08 percent, up 28 basis points from 3.80 in November.
  • The effective interest rate on all mortgage loans was 3.99 percent in December, up 22 basis points from 3.77 in November. 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 $319,100 in December, up $4,400 from $314,700 in November.

01/27/2017

New residential sales declined in December

Sales of new single-family houses in December 2016 were at a seasonally adjusted annual rate of 536,000, according to estimates released jointly yesterday by HUD and the Census Bureau. This is 10.4 percent below the revised November rate of 598,000 and is 0.4 percent below the December 2015 estimate of 538,000. The median sales price of new houses sold in December 2016 was $322,500; the average sales price was $384,000. The seasonally adjusted estimate of new houses for sale at the end of December was 259,000. This represents a supply of 5.8 months at the current sales rate. An estimated 563,000 new homes were sold in 2016, 12.2 percent more than the 2015 figure of 501,000.

01/27/2017

Two insurance companies settle Fair Housing violations

The Department of Housing and Urban Development has announced agreements with two insurance companies, McGowan and Company, Fairview Park, Ohio, and Mack, Mack & Waltz Insurance Group, Deerfield Beach, Florida, settling allegations the companies violated the Fair Housing Act by denying insurance coverage to properties that include "subsidized housing" and "low-income housing." The agreements stemmed from a Secretary-Initiated complaint HUD filed after receiving reports the insurance companies’ policies and practices had a discriminatory effect based on race and national origin. Specifically, HUD’s complaint alleged that the companies refused to provide umbrella coverage, which provides additional liability coverage when an insured’s other primary policy limits have been reached, to properties containing subsidized or low-income housing.

01/26/2017

FTC to host ID theft awareness week events

The Federal Trade Commission will mark Tax Identity Theft Week, January 30 – February 3, with a series of events to alert consumers and businesses about ways they can minimize their risk of tax identity theft, and recover if it happens. The week will feature special events for consumers, tax professionals, small businesses and veterans. The Commission will join with the IRS, the Department of Veterans Affairs, the AARP Fraud Watch Network and others to discuss tax identity theft, IRS imposter scams, cybersecurity and identity theft recovery.

01/26/2017

House prices climb

The Federal Housing Finance Agency (FHFA) has released its monthly House Price Index (HPI) for November 2016. U.S. house prices rose 0.5 percent on a seasonally adjusted basis from October. The previously reported 0.4 percent increase in October was revised downward to a 0.3 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 November 2015 to November 2016, house prices were up 6.1 percent. The FHFA maintains an FAQ page about the index.

01/25/2017

FTC bans operators of student loan debt relief scheme

The Federal Trade Commission has announced the issuance of a stipulated final order resolving charges the Commission and the State of Florida brought in April 2016 against Chastity Valdes and her companies, Consumer Assistance LLC, Consumer Assistance Project Corp., and Palermo Global LLC. The defendants allegedly lured borrowers with false promises of eliminating their student loan debts and repairing their credit, and then charged illegal up-front fees; and posted positive online reviews of their services to appear as if customers wrote them.

01/25/2017

OCC supplements exam procedures

The OCC has issued Bulletin 2017-7 on examination procedures supplementing OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance,” issued October 30, 2013. The supplemental procedures promote consistency when examining national banks and federal savings associations' risk management of third-party relationships. These procedures are designed to help examiners:

  • tailor the examination of each bank commensurate with the level of risk and complexity of the bank’s third-party relationships
  • assess the quantity of the bank’s risk associated with its third-party relationships
  • assess the quality of the bank’s risk management of third-party relationships involving critical activities
  • determine whether there is an effective risk management process throughout the life cycle of the third-party relationship

01/25/2017

Regulators hit ServiceLink Holdings with $65M CMP

The federal banking agencies (FRB,FDIC, and OCC) have levied a $65M civil money penalty on ServiceLink Holdings, LLC (ServiceLink Holdings), for improper actions by its predecessor company, Lender Processing Services, Inc. (LPS) that resulted in significant deficiencies in the foreclosure-related services that LPS provided to mortgage servicers. See "ServiceLink Holdings LLC fined $65M" in our Penalties pages for additional information.

01/24/2017

Be wary of mortgage calculators, urges Bureau

The CFPB has posted an article warning consumers that using a mortgage calculator can be misleading if the calculator if not used properly. A link to a short video on proper use is provided.

01/24/2017

Citi subs pay $28.8M for mortgage servicing violations

The CFPB has announced it has taken separate actions against CitiFinancial Servicing and CitiMortgage, Inc.. subsidiaries of Citigroup, Inc., for giving the runaround to struggling homeowners seeking options to save their homes. The mortgage servicers kept borrowers in the dark about options to avoid foreclosure or burdened them with excessive paperwork demands in applying for foreclosure relief, according to the Bureau's press release. The CFPB is requiring CitiMortgage to pay an estimated $17 million to compensate wronged consumers, and pay a civil penalty of $3 million; and requiring CitiFinancial Services to refund approximately $4.4 million to consumers, and pay a civil penalty of $4.4 million. For additional information, see "Citigroup subs pay for mortgage servicing practices," in our Penalties pages.

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