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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

12/03/2020

Foreclosure and REO eviction moratoriums extended

The Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least January 31, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on December 31, 2020.

12/03/2020

FHA 2021 single family home limits announced

The Federal Housing Administration has announced the agency's new schedule of loan limits for calendar year 2021 for its Single Family Title II forward and Home Equity Conversion (reverse) Mortgage (HECM) insurance programs. Loan limits for most of the country will increase in the coming year due to robust house price appreciation, which is factored into the statutorily mandated calculations FHA uses as part of its methodology for determining the limits each year. The new loan limits are effective for FHA case numbers assigned on or after January 1, 2021.

The FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008 (HERA), to set Single Family forward loan limits at 115 percent of area median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county. In high-cost areas of the country, FHA’s loan limit ceiling will increase to $822,375 from $765,600. FHA will also increase its floor to $356,362 from $331,760. Additionally, the FHA-insured HECM maximum claim amount for reverse mortgages will increase to $822,375 from $765,600. FHA’s current HECM regulations do not allow the HECM limit to vary by MSA or county; instead, the single HECM limit applies to all HECMs regardless of where the property is located.

12/02/2020

CFPB files lawsuit for TSR violations

The Bureau has filed a complaint against DMB Financial, LLC (DMB), headquartered in Beverly, Massachusetts, that alleges DMB violated the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act of 2010 (CFPA) in connection with its debt-settlement and debt-relief services by requesting and receiving fees before it performed its promised services and before consumers started payments under any debt settlement. The Bureau also alleges that, after settling individual debts, DMB collected fees based on increased debt amounts after enrollment rather than the amount of each debt at the time of enrollment.

The Bureau's complaint requests that the court permanently enjoin DMB from future violations, provide additional injunctive relief, order DMB to pay redress to harmed consumers and to disgorge ill-gotten gains, and impose civil money penalties on DMB.

12/02/2020

OCC reports 14 outstanding CRA evaluations

The OCC has released a list of Community Reinvestment Act performance evaluations that became public during November. Of the 39 evaluations made public last month, 25 are rated Satisfactory, and these 14 institutions' evaluations are rated Outstanding (links are to the banks’ evaluations):

12/01/2020

Debt parking scheme halted

The Federal Trade Commission has filed an action in U.S. District Court and received a stipulated Order for Permanent Injunction and Monetary Judgment against a debt collection company that allegedly placed bogus or highly questionable debts on consumers’ credit reports to coerce them to pay the debts. The FTC alleged that the company and its owners, Brandon M. Tumber, Kenny W. Conway, and Joseph H. Smith, had collected more than $24 million from consumers. Under a settlement with the FTC, the company, Midwest Recovery Systems (Midwest Recovery), is prohibited from the practice, known as “debt parking,” and required to delete the debts it previously reported to credit reporting agencies.

The settlement includes a monetary judgment of $24.3 million, which is partially suspended based on an inability to pay. Tumber and the company will be required to pay $56,748, and Tumber will also be required to sell his stake in another debt collection company and provide the proceeds from that sale to the FTC. In addition, Midwest Recovery will be required to surrender all of its remaining assets. If the defendants are found to have misrepresented their ability to pay, the full amount of the judgment would become immediately payable.

12/01/2020

LIBOR transition statement issued

The Federal Reserve Board, FDIC, and the OCC have issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition.

12/01/2020

Fed lending programs extended through first quarter

Treasury and the Federal Reserve Board have announced an extension of four of the Fed's credit facilities through March 31, 2021:

  • Commercial Paper Funding Facility
  • Money Market Mutual Fund Liquidity Facility
  • Primary Dealer Credit Facility
  • Paycheck Protection Program Liquidity Facility

12/01/2020

HUD awards $54.7M in new rental grants for low-income persons

HUD has announced the awarding of over $54.7 million in capital advance and project rental assistance grants to 15 organizations, to expand the supply of affordable rental housing for extremely low-income persons with disabilities. The capital advance awards will support integrated affordable housing by providing funding for the development of permanent supportive rental housing through it’s Section 811 Supportive Housing for Persons with Disabilities program.

12/01/2020

Revisions to small business size standards proposed

The SBA is requesting public comments on a proposed rule that would revise the small business size standards for businesses in five North American Industrial Classification System (NAICS) sectors to increase small business eligibility for SBA’s loan and contracting programs. The NAICS sectors reviewed in the proposed rule are: Education Services; Health Care and Social Assistance; Arts, Entertainment and Recreation; Accommodation and Food Services; and Other Services. SBA proposes to increase size standards for 70 industries in those sectors.

Comments on the proposal will be accepted through January 26, 2021.

12/01/2020

FDIC and OCC list CRA exam schedules

The FDIC and the OCC have issued their respective schedules for CRA examinations during the first and second quarters of 2021.

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