ABA: Report Shows Consumer Delinquencies Hold Steady in Second Quarter 2018
Bank card and most installment loan delinquencies show improvement WASHINGTON — Bank card delinquencies declined in the second quarter while the composite ratio of installment loan delinquencies rose modestly, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Importantly, 8 of the 11 categories tracked by ABA showed improvement or held steady,…
FHFA: Public Input Requested on Fannie Mae and Freddie Mac’s Proposed Duty to Serve Plan Modifications
The Federal Housing Finance Agency (FHFA) has announced that it is requesting public input as part of the Agency’s consideration of proposed modifications to Fannie Mae and Freddie Mac’s (the Enterprises) 2018-2020 Underserved Markets Plans (Plans) under the Duty to Serve program. The Duty to Serve regulation allows an Enterprise to request to modify its…
FDIC: Small Business Lending Survey Report Released
The Federal Deposit Insurance Corporation (FDIC) today published a report on the findings of its Small Business Lending Survey, which collected data on how banks conduct their lending to small businesses. The report found that banks of different sizes approach small business lending differently, but that, overall, relationships are important for both small and large…
HUD: FHA to Require Second Appraisal for Certain Reverse Mortgages
New policy designed to reduce ‘appraisal inflation’ WASHINGTON – The Federal Housing Administration (FHA) today announced that it will begin requiring lenders originating new Home Equity Conversion Mortgages (HECMs), commonly referred to as reverse mortgages, to provide a second property appraisal under certain circumstances. FHA is instructing lenders to provide a second independent property appraisal…
SBA: Hurricane Florence Survivors Eligible for SBA Loan Deferments
To further support Hurricane Florence recovery efforts, the U.S. Small Business Administration will offer deferments of up to nine months on SBA-serviced loans held by eligible residents, businesses and private nonprofits. Borrowers located in a North or South Carolina county designated a federal disaster area after Hurricane Florence, with SBA loans in “regular servicing” status…
FHFA: Index Shows Mortgage Rates Increased in August 2018
Nationally, interest rates on conventional purchase-money mortgages increased from July to August, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.63 percent for loans closed in late August, up 3 basis points from 4.60 percent in July….
FHFA: Foreclosure Preventions Near 4.2 Million in FHFA’s Second Quarter 2018 Report
The Federal Housing Finance Agency (FHFA) today released its second quarter 2018 Foreclosure Prevention Report,which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 70,945 foreclosure prevention actions in the second quarter of 2018, bringing the total number of foreclosure prevention actions to 4,179,581 since September 2008. The report also shows that 25 percent…
OCC: Mortgage Performance Unchanged in Second Quarter 2018
Performance of first-lien mortgages remained largely unchanged during the second quarter of 2018 compared with a year earlier, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages. The OCC Mortgage Metrics Report, Second Quarter 2018, showed 95.6 percent of mortgages included in the report were current and performing at…
CFPB: Free Credit Freezes Now Available
Free credit freezes and year-long fraud alerts are here, starting Sept. 21, 2018, thanks to a new federal law. Here’s what you should know. Free credit freezes Security freezes, also known as credit freezes, restrict access to your credit file, making it harder for identity thieves to open new accounts in your name. Starting Sept….
HUD: $1.5 Billion Disaster Recovery Grant Agreement for Puerto Rico Signed
Action paves the path to repair housing, businesses and infrastructure WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson and Puerto Rico’s Governor Ricardo Rosselló today announced the formal execution of a $1.5 billion grant agreement to help citizens in Puerto Rico to recover from Hurricanes Irma and Maria. The signing…