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Top Story Lending Related

09/29/2016

FEMA to suspend Virginia community from Flood Program

The Federal Emergency Management Agency (FEMA) has published a final rule in this morning's Federal Register identifying unincorporated areas of Louisa County, Virginia, as a community where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that is scheduled for suspension on October 31, 2016, for noncompliance with the floodplain management requirements of the program.

09/29/2016

CFPB approves optional use of new URLA in 2017

The Consumer Financial Protection Bureau has published at 81 FR 66930 in this morning's Federal Register a Notice of Bureau Official Approval under ECOA concerning the new Uniform Residential Loan Application (URLA) and the collection of expanded HMDA information about ethnicity and race in 2017. Under Part III of the Notice, the Bureau approved (but does not require) the collection of such information for applications received during calendar year 2017, even though Regulation C doesn't mandate the collection of the expanded data until January 1, 2018. The Notice says the Bureau believes the option to begin collecting the expanded data may provide creditors extra time to implement the changes needed to comply with the updated HMDA rules by January 1, 2018.

For reporting 2017 data on applications on which final action is taken during 2017, only the aggregate categories and codes in the filing instructions for data collected in 2017 will be used, even if applicants have self-identified using the expanded "disaggregated" categories. For applications taken in 2017 on which final action is taken on or after January 1, 2018, institutions can optionally submit data using disaggregated categories if provided by applicants instead of using the transition rule for those submissions.

09/28/2016

CFPB spotlight on money transfer complaints

The CFPB complaint snapshot this month spotlights money transfer complaints. The report shows that consumers continue to experience issues when attempting to resolve problems with disputed transactions. The report also highlights trends seen in complaints coming from Pennsylvania.

09/28/2016

FHA proposes new rule for single-family condo development approvals

A HUD press release has announced that the Federal Housing Administration (FHA) has published at 81 FR 66565 in today's Federal Register proposed new regulations governing the approval process for condominium developments. FHA proposes to reinstate single unit approvals in unapproved condominium developments and to require condo projects to recertify their approval status every three years rather than the current two-year requirement. The proposal would also create a range of thresholds required for FHA approval including the minimum owner-occupants in approved condo developments and limits on commercial/non-residential space. Ultimately, FHA will have the ability to specify new owner-occupancy, commercial/non-residential, and single-unit thresholds within the proposed ranges through a notice, handbook or mortgagee letter. Comments are due by November 28, 2016.

09/28/2016

HUD grants

HUD has announced the awarding of $3.3 million in grants to support research to reduce housing-related health issues, and more than $14 million to help low-income housing residents secure higher paying jobs.

09/28/2016

CA fintech lender fined for consumer protection violations

The Consumer Financial Protection Bureau (CFPB or Bureau) and the California Department of Business Oversight (DBO), after a coordinated investigation, have separately announced settlements with Flurish, Inc., doing business as LendUp, requiring the firm to make restitution to consumers.

The CFPB found that the company did not give consumers the opportunity to build credit and provide access to cheaper loans, as it claimed to consumers it would. The Bureau has ordered the company to provide more than 50,000 consumers with approximately $1.83 million in refunds. The company will also pay a civil penalty of $1.8 million to the Bureau's Civil Penalty Fund.

The DBO found over 385,000 violations of two state consumer protection laws and of the Federal Truth in Lending Act in examinations under those laws and ordered LendUp to pay $1.62 million in consumer refunds, a $100,000 penalty and $965,462 in costs. For details on the settlements with Flurish, Inc., see "LendUp penalized by CFPB and California for violations," in our Penalties pages.

09/27/2016

Bureau on student loan prepayments

The CFPB has posted an article informing student loan borrowers they have the right to make extra payments (known as prepayments) at any time, without any fees or penalties. If one can afford it, paying a little extra each month or making a lump sum payment towards principal is a great way to lower the total cost of a loan. Not only does that pay down debt faster, but it also saves money on interest charges over time.

09/27/2016

CFPB fines finance company $9M

The Consumer Financial Protection Bureau has taken action against TitleMax parent company TMX Finance LLC for luring consumers into costly loan renewals by presenting them with misleading information about the deals’ terms and costs. The lender also used unfair debt collection tactics that illegally exposed information about debts to borrowers’ employers, friends, and family. The Bureau ordered TMX Finance to stop its unlawful practices and pay a $9 million penalty. For more information, see "TMX Finance LLC pays $9M for lending UDAAP violations," in our Penalties pages.

09/27/2016

Freddie launches new front-end risk transfer offering

Freddie Mac has announced a new front-end credit risk transfer offering, Freddie Mac Deep MI CRT, as a further innovation of its credit risk sharing program. Through a forward credit insurance policy by a panel of mortgage insurance company affiliates, this pilot structured transaction provides additional coverage beyond the primary mortgage insurance on 30-year fixed-rate mortgages with 80-95 percent LTVs -- which is placed immediately upon their sale to Freddie Mac. Transactions are executed via a competitive, transparent auction process. FHFA Director Melvin Watt said of the offering: "The deeper mortgage insurance pilot transaction that Freddie Mac is conducting represents an important step in the ongoing effort of both Enterprises to enhance their credit risk transfer programs. … The pilot transaction Freddie Mac is announcing today is consistent with the principles FHFA laid out in June in our Single-Family Credit Risk Transfer Request for Input, including the ability of an Enterprise to manage their counterparty exposure and thereby reduce taxpayer risk. This transaction will include mortgage loans that are originated by lenders of all sizes and it also has certainty of coverage and collateral requirements that are consistent with other credit risk transfer transactions. Further, the coverage begins at the time the loans are delivered to the Enterprise, consistent with FHFA's definition of a front-end credit risk transfer." FHFA’s Request for Input closes on October 13.

09/27/2016

Residential sales down 7.6%

HUD and the Census Bureau have released their report of new residential sales for the month of August. Sales of new single-family houses in August 2016 were at a seasonally adjusted annual rate of 609,000, 7.6 percent below the revised July rate but 20.6 percent above the August 2015 estimate. The median sales price of new houses sold in August 2016 was $284,000; the average sales price was $353,600. The seasonally adjusted estimate of new houses for sale at the end of August was 235,000. This represents a supply of 4.6 months at the current sales rate.

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