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07/27/2017

FHFA update on Fannie and Freddie credit risk

The Federal Housing Finance Agency (FHFA) has issued a Credit Risk Transfer Progress Report updating the status and volume of credit risk transfer transactions through the first quarter of 2017. The Report gives a comprehensive picture of how Fannie Mae and Freddie Mac (the Enterprises) transfer a portion of credit risk to the private sector through a variety of transactions in the single-family market. The report shows that in the first quarter of 2017, the Enterprises transferred $5.5 billion of credit risk on mortgages with an unpaid principal balance (UPB) of $174 billion through capital markets, reinsurance, and front-end reinsurance transactions. This brings the total since the program began in 2013 to more than $54 billion of credit risk transferred on $1.6 trillion UPB.

07/27/2017

June housing activity trends up

HUD and the Census Bureau have released data on new residential construction statistics for June 2017:

  • Building Permits: Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,254,000, which is 7.4 percent above the revised May rate of 1,168,000 and 5.1 percent above the June 2016 rate of 1,193,000. Single-family authorizations in June were at a rate of 811,000, 4.1 percent above the revised May figure of 779,000. Authorizations of units in buildings with five units or more were at a rate of 409,000 in June.
  • Housing Starts: Privately owned housing starts in June were at a seasonally adjusted annual rate of 1,215,000, which is 8.3 percent above the revised May estimate of 1,122,000 and 2.1 percent above the June 2016 rate of 1,190,000. Single-family housing starts in June were at a rate of 849,000, 6.3 percent above the revised May figure of 799,000. The June rate for units in buildings with five units or more was 359,000.
  • Housing Completions: Privately owned housing completions in June were at a seasonally adjusted annual rate of 1,203,000, 5.2 percent above the revised May estimate of 1,144,000 and 8.1 percent above the June 2016 rate of 1,113,000. Single-family housing completions in June were at a rate of 798,000, 0.4 percent above the revised May rate of 795,000. The June rate for units in buildings with five units or more was 396,000.

07/26/2017

House Price Index increased in May

The Federal Housing Finance Agency has released its May 2017 House Price Index (HPI). U.S. house prices rose in May, up 0.4 percent from the previous month. The previously reported 0.7 percent increase in April was revised downward to reflect a 0.6 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 May 2016 to May 2017, house prices were up 6.9 percent.

07/24/2017

Update to 2017 CRA software available

The FFIEC has posted Release 2 of its 2017 CRA Data Entry Software on its CRA/HMDA Software Downloads page.

07/21/2017

CFPB updates spring 2017 rulemaking agenda

The CFPB has posted an article explaining that the CFPB participates in the federal agencies' Unified Agenda program and that the Office of Management and Budget (OMB) recently posted online the CFPB's updated agenda. The objectives of the agenda are:

  • Providing consumers with timely and understandable information to make responsible decisions about financial transactions
  • Protecting consumers from unfair, deceptive, and abusive acts and practices and from discrimination
  • Addressing outdated, unnecessary, or unduly burdensome regulations
  • Enforcing federal consumer financial law consistently in order to promote fair competition, without regard to whether providers of financial services are banks, thrifts, credit unions, or other kinds of institutions
  • Promoting the transparent and efficient operation of markets for consumer financial services to facilitate access and innovation

A brief summary of the various Bureau initiatives was also provided.

07/20/2017

June residential construction stats increase

HUD and the Census Bureau have released statistics on new residential construction for June 2017:

  • Building Permits—Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,254,000, 7.4 percent above the revised May rate of 1,168,000 and 5.1 percent above the June 2016 rate of 1,193,000. Single-family authorizations in June were at a rate of 811,000, 4.1 percent above the revised May figure of 779,000. Authorizations of units in buildings with five units or more were at a rate of 409,000 in June.
  • Housing Starts—Privately owned housing starts in June were at a seasonally adjusted annual rate of 1,215,000, which is 8.3 percent above the revised May estimate of 1,122,000 and 2.1 percent above the June 2016 rate of 1,190,000. Single-family housing starts in June were at a rate of 849,000; 6.3 percent above the revised May figure of 799,000. The June rate for units in buildings with five units or more was 359,000.
  • Housing Completions—Privately owned housing completions in June were at a seasonally adjusted annual rate of 1,203,000, 5.2 percent above the revised May estimate of 1,144,000 and 8.1 percent above the June 2016 rate of 1,113,000. Single-family housing completions in June were at a rate of 798,000, 0.4 percent above the revised May rate of 795,000. The June rate for units in buildings with five units or more was 396,000.

07/20/2017

FEMA suspending communities from Flood Program

The Federal Emergency Management Agency has published a final rule in today's Federal Register identifying communities in Del Norte County, California, and Delaware County, Indiana, to be suspended from the National Flood Insurance Program on August 2, 2017, for noncompliance with the floodplain management requirements of the program.

07/20/2017

Agencies propose raising commercial appraisal threshold to $400K

The FDIC, OCC and Federal Reserve have jointly announced a Notice of Proposed Rulemaking to raise the threshold for commercial real estate transactions requiring an appraisal to $400,000. Instead of an appraisal, the proposal would require that commercial real estate transactions at or below the threshold receive an evaluation. Comments on the proposal will be accepted for 60 days following Federal Register publication.

UPDATE: Published at 82 FR 35478 on July 31, 2017. Comment period expires September 29, 2017.

07/19/2017

Bureau publishes rule banning mandatory arbitration

The CFPB published its previously announced final rule banning mandatory arbitration in the Wednesday, July 19, 2017, Federal Register, with an effective date of September 18, 2017, and compliance required in contracts entered into on or after March 19, 2018. Congress is reported to be under heavy lobbying pressure to use the Congressional Review Act (CRA) to block the rule from becoming effective. Under the CRA, Congress has a limited "window" during which it can reject significant new federal regulations after they have been published in the Federal Register.

07/19/2017

U.S. targets supporters of Iranian military and Revolutionary Guard

The Treasury Department has announced OFAC's designation of 16 entities and individuals for engaging in support of illicit Iranian actors or transnational criminal activity. These designations include seven entities and five individuals for engaging in activities in support of Iran’s military or Iran’s Islamic Revolutionary Guard Corps (IRGC), as well as an Iran-based transnational criminal organization and three associated persons. Treasury's announcement reported that the State Department also designated today two Iranian organizations involved in Iran’s ballistic missile program. As a result of these actions, all property and interests in property of those designated subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. For identification of those designated, see our OFAC Update.

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