Skip to content

How to gain more from operational risk management practices. Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.


Top Story Lending Related

11/27/2019

FHFA announces conforming loan limits for 2020

The FHFA has announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2020. In most of the U.S., the 2020 maximum conforming loan limit for one-unit properties will be $510,400, an increase from $484,350 in 2019. The FHFA also posted a list of the 2020 maximum loan limits for all counties and county-equivalent areas in the country.

11/27/2019

US house prices continue to rise

The Federal Housing Finance Agency has released its Housing Price Index for the third quarter 2019, which reports U.S. house prices rose in the third quarter of 2019, up 1.1 percent. House prices rose 4.9 percent from the third quarter of 2018 to the third quarter of 2019. FHFA's seasonally adjusted monthly index for September was up 0.6 percent from August.

Other significant findings:

  • House prices have risen for 33 consecutive quarters across the United States.
  • House prices rose in all 50 states and the District of Columbia between the third quarters of 2018 and 2019. The top five states in annual appreciation were: 1) Idaho 11.6 percent; 2) Maine 7.9 percent; 3) Arizona 7.9 percent; 4) Utah 7.8 percent; and 5) Indiana 7.4 percent. The states showing the smallest annual appreciation were: 1) Illinois 1.9 percent; 2) Connecticut 2.2 percent; 3) Maryland 2.4 percent; 4) South Dakota 2.7 percent; and 5) Iowa 3.2 percent.
  • House prices rose in all 100 of the largest metropolitan areas in the U.S. over the last four quarters. Annual price increases were greatest in Boise City, ID, where prices increased by 11.1 percent. Prices were weakest in Camden, NJ (MSAD), where they increased 0.7 percent.
  • ​Of the nine census divisions, the Mountain division experienced the strongest four-quarter appreciation, posting a 6.9 percent gain between the third quarters of 2018 and 2019 and a 1.8 percent increase in the third quarter of 2019. Annual house price appreciation was weakest in the Middle Atlantic division, where prices rose by 4.0 percent between the third quarters of 2018 and 2019.

FHFA provided Fact Sheets that include graphics on the Top 20 and Bottom 20 and Bottom 20 ranked Metropolitan Statistical Areas in the U.S.

11/27/2019

HUD affordable housing request for info

HUD has announced it has published a Request for Information seeking public comment on federal, state, local, and tribal laws, regulations, land use requirements, and administrative practices that artificially raise the costs of affordable housing development and contribute to shortages in America’s housing supply. This RFI is a request for members of the public to share their knowledge and provide recommendations to HUD regarding regulations and practices that unnecessarily impede housing supply and information on innovative practices that promote increased housing supply. Comments are due by January 21, 2020.

11/26/2019

Military travel lender and servicer settle with CFPB

The CFPB has announced settlements with Edmiston Marketing, LLC, also called Easy Military Travel, its principal, Brandon Edmiston, and USA Service Finance, LLC (USASF). Easy Military Travel, which was located in Murray, Kentucky and is no longer operating, offered and extended financing for airline tickets to military servicemembers and their families and was owned and managed by Edmiston. USASF, which is located in Mayfield, Kentucky, is a company that services travel-related loans, including loans made by Easy Military Travel, for servicemembers.

The Bureau found that Easy Military Travel and Edmiston misrepresented the true cost of credit in violation of the Consumer Financial Protection Act of 2010. The consent order issued against Easy Military Travel and Edmiston requires restitution to servicemembers and their families who paid the hidden finance charges by imposing a suspended judgment for restitution in the amount of $3,468,224 and a $1 civil money penalty.

The Bureau found that USASF, which serviced travel loans made by Easy Military Travel, engaged in deceptive practices in violation of the CFPA by overcharging servicemembers and their families for a debt-cancellation product for loans financing airline tickets made by Easy Military Travel and purchased and serviced by USASF. The Bureau also found that USASF violated Regulation V, which implements the Fair Credit Reporting Act, because it never established, reviewed, or updated any written policies or procedures regarding the accuracy and integrity of the consumer information it furnished to consumer reporting agencies.

The consent order against USASF requires it to provide redress to borrowers who were overcharged for the debt-cancellation product, including paying $54,625 in restitution to borrowers with no outstanding balance on their loans and issuing additional restitution in the form of account credits to borrowers with outstanding balances. The consent order also requires USASF to pay a civil money penalty of $25,000 to the Bureau. The consent order prohibits USASF from collecting on or selling the travel loans purchased from Easy Military Travel. The consent order also requires USASF to establish and update reasonable written policies and procedures for the accuracy and integrity of consumer information it furnishes to consumer reporting agencies.

11/26/2019

Fed report on rural bank branch access

The Federal Reserve Board has released a report, "Perspectives from Main Street: Bank Branch Access in Rural Communities," that examines how rural consumers and small businesses use bank branches and how their communities have been affected by branch closures.

11/25/2019

CFPB report on student IDR plans

The Bureau has released a new Data Point document describing how borrowers fare on IDR (income-driven repayment) plans. This Data Point provides new background on which types of student loan borrowers use IDR, how their delinquencies on student loans and other credit products evolve as they transition onto IDR and thereafter, and borrower experiences with the enrollment recertification process. This research uses the Bureau’s Consumer Credit Panel (CCP), which is a panel of a nationally representative 1-in-48 sample of de-identified credit records, to identify and analyze likely IDR borrowers and to provide broader and more comprehensive statistics on IDR borrowers over the past decade.

11/25/2019

FDIC TRID Rule teleconference scheduled

The FDIC has issued FIL-73-2019 announcing the agency will host a teleconference on December 11, 2019, for FDIC-supervised institutions to provide information and answer questions relating to the TRID Rule, including a review of common issues and tips to help banks address and avoid mistakes. The program, "Understanding the Requirements of the Truth in Lending Act (Regulation Z) and Real Estate Settlement Procedures Act (Regulation X) Integrated Disclosure Rule (TRID Rule)," is scheduled to run from 2:00 p.m. to 3:30 p.m. ET.

  • Registration is required.
  • Following a formal presentation, FDIC staff will respond to questions during a Question-and-Answer segment. Institutions should submit questions by December 4 by sending an email to BankerTeleconference@FDIC.gov.

11/25/2019

NMLS updates Policy Guidebook

The NMLS has posted an updated version of its NMLS Policy Guidebook, including a new section on Temporary Authority to Operate. The NMLS also posted a summary of the updates to the guidebook.

11/25/2019

FHA incentives to rehab Opportunity Zone homes

HUD Secretary Carson has announced that the Federal Housing Administration (FHA) will offer a new incentive for borrowers interested in rehabilitating homes in Opportunity Zones. FHA is expanding its Limited 203(k) Rehabilitation Mortgage Insurance Program (available to owner-occupant homebuyers and existing occupant homeowners for the purchase and/or rehabilitation of single family homes) for homes located in Opportunity Zones.

11/22/2019

CFPB compares large and small mortgage servicers

The CFPB has released a report examining the differences between large and small mortgage servicers. The report explores the role servicers of different sizes play in the mortgage market where size is defined by the number of loans serviced. Because of differences in the resources, capabilities, customer base, and business models of financial institutions of varying sizes, the impact of consumer finance regulations can vary as well. Key findings in the report include:

  • 74 percent of borrowers with mortgages at small servicers said having a branch or office nearby was important in how they chose their mortgage lender, compared to 44 percent at large servicers;
  • delinquency rates on loans at servicers of all sizes increased substantially starting in 2008, but peak delinquency rates were much lower for small servicers than for large and mid-sized servicers; and
  • smaller servicers have a greater share of mortgages in non-metro or completely rural counties.

Pages

Training View All

Penalties View All

Search Top Stories