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Slight improvement in mortgage performance

The OCC has posted its Third Quarter 2019 Mortgage Metrics Report, which shows a slight improvement in the performance of first-lien mortgages in the federal banking system during the third quarter of 2019. The report showed 96.4 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 95.4 percent a year earlier. The report also showed that servicers initiated 21,492 new foreclosures during the third quarter of 2019, a 0.4 percent increase from the previous quarter and a 24.6 percent decrease from a year ago. Servicers completed 13,950 mortgage modifications in the third quarter of 2019, and 73.0 percent of the modifications reduced borrowers’ monthly payments.


December 2019 SCOOS posted

The December 2019 Senior Credit Officer Opinion Survey (SCOOS) on Dealer Financing Terms collected qualitative information on changes over the previous three months in credit terms and conditions in securities financing and over-the-counter (OTC) derivatives markets. In addition to the core questions, the survey included a set of special questions about stress in overnight funding markets that occurred in mid-September 2019. The 22 institutions participating in the survey account for almost all dealer financing of dollar-denominated securities to nondealers and are the most active intermediaries in OTC derivatives markets. The survey was conducted during the period between November 5, 2019, and November 21, 2019. The core questions asked about changes between September 2019 and November 2019.


Fed report on small business online lender websites

The Federal Reserve Board has released Uncertain Terms: What Small Business Borrowers Find When Browsing Online Lender Websites, a report that examines the information that prospective small business borrowers encounter when researching and comparing credit products offered by online lenders. The report's analysis of a sampling of online content finds significant variation in the amount of upfront information provided, especially on costs. On some sites, descriptions feature little or no information about the actual products or about rates, fees, and repayment terms. Lenders that offer term loans are likely to show costs as an annual rate, while others convey costs using terminology that may be unfamiliar to prospective borrowers. Details on interest rates, if shown, are most often found in footnotes, fine print, or frequently asked questions.


Bureau adjusts asset threshold for HPML escrow exemption

The CFPB will publish a final rule in the Federal Register for Monday, December 23, adjusting the asset-size threshold in section 1026.35(b)(2)(iii)(C) of Regulation Z for certain creditors to qualify for an exemption from the escrow requirement for higher-priced mortgage loans. Creditors with assets of less than $2.202 billion (including assets of certain affiliates) as of December 31, 2019, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for HPMLs in 2020, and in 2021 for loans applied for by April 1, 2021.

Comment 35(b)(2)(iii) on the BankersOnline Regulations page for section 1026.35 of Regulation Z has been updated.


FHFA guarantee fees report sent to Congress

The Federal Housing Finance Agency has released its annual report on single-family guarantee fees charged by Fannie Mae and Freddie Mac. The Housing and Economic Recovery Act of 2008 requires the FHFA to conduct an ongoing study of the guarantee fees charged by the Enterprises and to submit a report to Congress each year.


CFPB adjusts HMDA asset-size exemption

The CFPB is publishing in the December 20, 2019, Federal Register a final rule increasing the Regulation C (HMDA) asset-size exemption threshold for banks, savings associations and credit unions from $46 million to $47 million. Therefore, banks, savings associations, and credit unions with assets of $47 million or less as of December 31, 2019, are exempt from collecting data in 2020. The rule is effective on January 1, 2020. The change to comment 2(g)-2 of the Official Interpretations to Regulation C, has been posted to the BankersOnline Regulations page for section 1003.2 of Regulation C


Bureau issues TRID construction loan guides

The CFPB has published additional guidance relating to disclosing construction and construction-permanent loans under the TRID Rule. There are two new Guides, one on disclosing construction and construction-permanent loans with a separate loan estimate and closing disclosure for each phase of the transaction, and one on using one combined loan estimate and one combined closing disclosure for both phases of a construction-permanent transaction.


Fed releases December 2019 Compliance Supervision Bulletin

The Federal Reserve Board's Consumer Compliance Supervision Bulletin shares information about Federal Reserve examiners' observations and other noteworthy developments related to consumer protection. The December 2019 issue discusses Federal Reserve supervisory observations regarding fintech, or the use of technological innovation to provide financial products and services. Topics include:

  • Promoting effective fintech risk management
  • Online and mobile banking
  • Managing the fair lending risks of targeted internet-based marketing
  • Federal Reserve fintech resources


NMLS Call Center holiday schedule

The NMLS has posted a notice that NMLS and the NMLS Call Center will be unavailable due to the holidays on December 25, and January 1. The NMLS Call Center will also close at 6:00 p.m. ET on Tuesday, December 24, but will remain open until 9:00 p.m. ET on Tuesday, December 31. We will add our reminder that there are only a few days left to complete renewals of institution and individual NMLS registrations.


2018 Small Business, Small Farm, and CD data released

A joint news release from the three federal banking members of the Federal Financial Institutions Examination Council with Community Reinvestment Act responsibilities has announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA. A Fact Sheet on the 2018 data was also released.

An FFIEC disclosure statement on the reported 2018 CRA data, in electronic form, is available for each reporting commercial bank and savings association. The FFIEC also prepared aggregate disclosure statements of small business and small farm lending for all of the metropolitan statistical areas and non-metropolitan counties in the United States and its territories. These statements are available for public inspection on the FFIEC website.


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