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Top Story Lending Related

10/11/2023

FHFA report on sales of non-performing loans

The Federal Housing Finance Agency has released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through December 31, 2022. Borrower outcomes reflect NPLs sold through June 30, 2022.

This report reflects activity reported prior to FHFA's decision in February 2023 to pause Enterprise NPL and RPL (re-performing loan) Sales during a review of the sales programs. The pause was lifted in June 2023. FHFA also published an updated NPL/RPL Fact Sheet in June 2023 reflecting enhancements to the NPL and RPL sales programs, including:

  • Loans that are under a forbearance plan, or that were under a forbearance plan within the past 90 days, are not eligible to be included in NPL or RPL sales.
  • RPL buyers and servicers, including subsequent servicers, are required to provide loan level reporting to the Enterprises for four years after the RPL sale.
  • RPL buyers' servicers are first required to evaluate borrowers who are able to resolve a financial hardship for loss mitigation that keeps the same monthly mortgage payment by moving past-due principal and interest to the end of the loan as a non-interest-bearing balance (“payment deferral"), due and payable at maturity, sale, refinance, or payoff.

The December 2022 NPL Sales Report shows that the Enterprises sold 163,297 NPLs with a total unpaid principal balance (UPB) of $30.0 billion from program inception in 2014 through December 31, 2022. The loans included in the NPL sales had an average delinquency of 2.8 years and an average current mark-to-market loan-to-value (LTV) ratio of 84 percent (not including capitalized arrearages).

10/10/2023

Bureau invitation to Appraisal Subcommittee hearing

The CFPB has sent out an invitation to join the FFIEC's Appraisal Subcommittee (ASC) for its third public hearing focused on appraisal bias, the residential appraisal process, and associated regulations.

ASC provides federal oversight of state appraiser and appraisal management company regulatory programs and monitors and reviews the Appraisal Foundation. The ASC is a subcommittee of the Federal Financial Institutions Examination Council (FFIEC).

This hearing will explore how a residential appraisal is developed and reviewed, reconsiderations of value, the challenges that exist, and the development of rural appraisals. It is intended to gather additional context to inform the ASC's ongoing work toward fair appraisals for all.

The ASC meeting is scheduled as a hybrid session for Wednesday, November 1, 2023, from 10 a.m. to 1:00 p.m. EDT at HUD's headquarters at 451 7th Street SW, Washington, DC. Zoom Livestream details will be send to registered attendees before the event. Registration for in-person and livestream attendance is required.

10/10/2023

Student loan debt relief scammers banned

The FTC has reported that two groups of student loan debt relief scammers will be permanently banned from the debt relief industry and are required to turn over their assets as part of a settlement with the Federal Trade Commission.

In the FTC’s May 2023 complaints against SL Finance LLC and its owners Michael Castillo and Christian Castillo, and BCO Consulting Services Inc. and SLA Consulting Services Inc. and their owners Gianni Olilang, Brandon Clores, Kishan Bhakta, and Allan Radam, the agency said that the defendants pretended to be affiliated with the U.S. Department of Education, charged illegal junk fees, and lured students with repayment programs and loan forgiveness that did not exist.

The SL Finance defendants also falsely claimed that their program was part of the CARES Act or a similar COVID-19 relief program, according to the complaint. The agency charged that these operations bilked students out of millions of dollars.

Under the proposed orders with SL Finance and its owners, and BCO Consulting and its owners, the defendants will be permanently banned from debt relief of any kind. They will also be banned from making any misrepresentations about financial products or services and from using false statements to collect consumers’ financial information. The SL Finance order also imposes a partially suspended monetary judgment of $5.8 million which is largely suspended based on defendants’ inability to pay. The Castillo brothers will be required to surrender assets worth approximately $312,685. The BCO Consulting orders imposes a partially suspended monetary judgment of $5.8 million, which is also largely suspended based on the defendants’ inability to pay. Individual defendants Olilang, Clores, Bhakta, and Radam will be required to relinquish assets worth approximately $565,594.

10/06/2023

MLA site scheduled for October 12 maintenance

The Department of Defense's Military Lending Act website news page includes an October 5 notice of scheduled system maintenance on Thursday, October 12, 2023. The website will not be available from 6:00 p.m. until 9:00 p.m. PDT (9:00 p.m. until midnight, EDT).

10/06/2023

SBA disaster press releases

10/05/2023

SBA EIDL availability announcements

Yesterday, the U.S. Small Business Administration announced the availability of Economic Injury Disaster Loans (EIDL) for certain small businesses in New Mexico, Montana, Oregon, and Texas.

10/05/2023

CRA evaluations released

The FDIC has released its October 2023 list of 56 banks whose evaluations for compliance with the Community Reinvestment Act (CRA) were recently made public. Fifty-two of those banks received Satisfactory ratings. One bank, in Spring Hill, Kansas, received a Needs to Improve rating.

We congratulate these three banks, which received ratings of Outstanding:

The OCC has released a list of 28 of its CRA evaluations that were made public in September. Twenty-one of the evaluations were rated Satisfactory, and the following seven were rated Outstanding:

Finally, our research shows that the Federal Reserve Banks made public 12 CRA evaluations of Federal Reserve supervised banks in September. Eleven were rated Satisfactory, and one — First Pacific Bank, Whittier, CA — received an Outstanding rating.

10/03/2023

SBA disaster press releases

Yesterday, the Small Business Administration issued disaster assistance press releases relating to:

10/03/2023

FFIEC updates 2023 Census flat file

The FFIEC has released an updated Census flat file for 2023. Included are a Documentation document, File definitions and dictionary, and the flat file itself.

10/03/2023

Proposed Call Report and FFIEC 002 report changes

The FDIC has issued FIL-53-2023, "Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) and the FFIEC 002 Report." The notice applies to all FDIC-insured financial institutions.

On September 28, 2023, the FDIC, the Federal Reserve Board, and the OCC, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published [88 FR 66933] proposed regulatory reporting changes in the Federal Register for public comment. These proposed changes apply to all three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051) and to the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), as applicable, and are proposed to take effect as of the March 31, 2024, report date.

Comments must be submitted on or before November 27, 2023.

The proposed revisions to the reporting forms and instructions for the Call Reports and the FFIEC 002 relate to the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2022-02, “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.”

The agencies are requesting comment on certain technical clarifications to the reporting of Internet website addresses of depository institution trade names and on a proposal to increase the frequency of reporting website addresses from semiannually to quarterly in the FFIEC 051. The agencies are also requesting comment on certain technical clarifications to the reporting of past due loans.

Redlined copies of the FFIEC 031, FFIEC 041, and FFIEC 051 Call Report forms showing the proposed changes and the related draft reporting instructions will be available on the FFIEC’s webpages for these reports, which can be accessed from the FFIEC’s Reporting Forms webpage.

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