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10/18/2017

Industrial production rises

The Federal Reserve Board has released its September 2017 G.17 Industrial production and capacity utilization report. Industrial production rose 0.3 percent in September. The rates of change for July and August were notably revised; the current estimate for July, a decrease of 0.1 percent, was 0.5 percentage point lower than previously reported, while the estimate for August, a decrease of 0.7 percent, was 0.2 percentage point higher than before. The estimates for manufacturing, mining, and utilities were each revised lower in July.

The continued effects of Hurricane Harvey and, to a lesser degree, the effects of Hurricane Irma combined to hold down the growth in total production in September by 1/4 percentage point. For the third quarter as a whole, industrial production fell 1.5 percent at an annual rate; excluding the effects of the hurricanes, the index would have risen at least 1/2 percent. Manufacturing output edged up 0.1 percent in September but fell 2.2 percent at an annual rate in the third quarter. The indexes for mining and utilities in September rose 0.4 percent and 1.5 percent, respectively. At 104.6 percent of its 2012 average, total industrial production in September was 1.6 percent above its year-earlier level. Capacity utilization for the industrial sector increased 0.2 percentage point in September to 76.0 percent, a rate that is 3.9 percentage points below its long-run (1972–2016) average.

10/18/2017

FHFA reports to Congress on guarantee fees

As required by the Housing and Economic Recovery Act of 2008, the Federal Housing Finance Agency (FHFA) has released its annual report on the single-family guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises). The major findings include:

  • For all loan products combined, the average single-family guarantee fee fell in 2016 by 2 basis points from 59 basis points to 57 basis points. The decline in fees was due to competitive pressures between the Enterprises, and less because of changes in the product type mix from 2015.
  • The average guarantee fee in 2016 on fixed-rate, 30-year loans fell by 2 basis points to 61 basis points; the fee on fixed-rate, 15-year loans fell by 4 basis points to 37 basis points; and the fee on adjustable-rate mortgage loans remained steady at 59 basis points.
  • In 2016, extra-small lenders paid, on average, 2 basis points less than extra-large lenders in total guarantee fees. Guarantee fees among the size groups have been comparable, with only small differences in any year since 2013.
  • Based on quarterly monitoring of guarantee fees, FHFA issued direction to the Enterprises in July 2016 to set minimum ongoing guarantee fees by product type, effective in November 2016.

10/18/2017

CFPB updates HMDA implementation tools

The CFPB has notified those on its mailing lists that it has updated selected implementation tools for its 2017 HMDA Final Rule (effective January 1, 2018):

  • Updated Filing Instructions Guide (FIG), found on the Bureau's Resources for HMDA Filers webpage.
  • Found on the Bureau's HMDA Implementation webpage:
    • Chart on Collection and Reporting of HMDA Information about Ethnicity and Race
    • New chart, Reportable HMDA Data: A Regulatory and Reporting Overview Reference

10/18/2017

Temporary exceptions to FIRREA appraisal requirements

Four federal regulatory agencies — the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the National Credit Union Administration — have announced they are exempting real estate-related transactions from FIRREA appraisal requirements in major disaster areas as declared by President Trump. The exemptions will be in effect for a three-year period from the date of declaration. Included are parts of Florida, Georgia, Puerto Rico, Texas, and the U.S. Virgin Islands.
Editor's Note: These exceptions do not affect requirements for appraisals for higher-priced mortgage loans (HPMLs) under Regulation Z § 1026.35(c). The Joint Statement is scheduled for publication, and will be effective, on Tuesday, October 24, 2017.

10/18/2017

Agencies identify key fields for HMDA exams

The OCC has issued Bulletin 2017-41 announcing that the Federal Reserve, OCC, and the FDIC have identified 37 Designated Key HMDA Data Fields ("key fields") their examiners will typically use to test and validate the accuracy and reliability of home mortgage loan data collected beginning in 2018 under the Home Mortgage Disclosure Act (HMDA) rule issued October 15, 2015.

10/17/2017

Bureau report on student loan complaints

The CFPB has announced the release of a report that shows complaints by student loan borrowers have driven actions that have produced more than $750 million in relief for student loan borrowers and strengthened the student loan repayment process for millions more. These changes include automatic student loan interest-rate reductions for eligible servicemembers, more protections around federal student loan repayment relief, and the elimination of surprise “auto defaults” from most new private student loan contracts. The report also shows that in the last year the CFPB received more than 20,000 complaints from student loan borrowers, who report that widespread student loan servicing problems persist.

10/16/2017

National crackdown on student loan debt relief scams announced

The Federal Trade Commission, along with 11 states and the District of Columbia, today announced “Operation Game of Loans,” the first coordinated federal-state law enforcement initiative targeting deceptive student loan debt relief scams. This nationwide crackdown encompasses 36 actions by the FTC and state attorneys general against scammers alleged to have used deception and false promises of relief to take more than $95 million in illegal upfront fees from American consumers over a number of years.

10/16/2017

Updated list of permissible activities released

The OCC has released Activities Permissible for National Banks and Federal Savings Associations, Cumulative, which updates the list of permissible activities to reflect applicable precedent for national banks, streamlines certain entries for readability, and includes applicable interpretive letters and corporate decisions issued by the OCC affecting federal savings associations. OCC precedent remains applicable until rescinded, superseded, or revised.

10/16/2017

Bureau posts updated HMDA guide

The CFPB has updated its HMDA (Regulation C) Small Entity Compliance Guide and other HMDA Rule informational documents on its 2018 HMDA Rule implementation page to incorporate the most recent changes to the 2018 HMDA rules.

10/13/2017

CFPB sues companies posing as federal entities

The CFPB has filed a complaint in federal court against two companies operating under the name “FDAA,” a service provider, and their owners for falsely presenting FDAA as being affiliated with the federal government. The CFPB also alleges that FDAA’s so-called “debt validation” programs violated the law by falsely promising to eliminate consumers’ debts and improve their credit scores in exchange for thousands of dollars in advance fees. The CFPB’s lawsuit seeks to end these deceptive practices, obtain redress for harmed consumers, and impose civil money penalties.

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