HUD: FHA Extends Foreclosure Relief for Homeowners Impacted by Recent Hurricanes
The Federal Housing Administration (FHA) is extending its initial 90-day foreclosure moratorium for FHA-insured homeowners impacted by Hurricanes Harvey, Irma and Maria for an additional 90 days due to the extensive damage and continuing needs in hard-hit areas. Read FHA’s letter to lenders, servicers and counseling agencies. FHA is extending this foreclosure relief in Presidentially…
CFPB: How to Get a Handle on Debt
By Courtney-Rose Dantus There are many steps both big and small to getting a handle on your debt. If you’re unsure where to turn for help or who to trust, you’re not alone. We estimate that about one in three people have been contacted by a creditor or collector seeking to collect a debt within…
FHFA: Preferred Language Question to be Added to the Redesigned Uniform Residential Loan Application
The Federal Housing Finance Agency (FHFA) today announced its decision to add a preferred language question to the redesigned Uniform Residential Loan Application (URLA). This question will enable borrowers who prefer to communicate in a language other than English to identify that language. It also provides clear disclosures that the mortgage transaction is likely to…
Joint Release: Designated Home Mortgage Disclosure Act Key Data Fields
From Federal Reserve Board release: The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have revised the list of Home Mortgage Disclosure Act (HMDA) key data fields that their respective examiners will use in connection with validating the accuracy…
FHFA: Agency Issues 2016 Report to Congress on Guarantee Fees
As required by the Housing and Economic Recovery Act of 2008, the Federal Housing Finance Agency (FHFA) today released its annual report on the single-family guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises). The report discusses guarantee fees charged in 2016 and provides a five-year perspective with data back to 2012. The…
Joint Release: Agencies Issue Temporary Exceptions to Appraisal Requirements in Areas Affected by Recent Hurricanes
Responding to widespread damage caused by Hurricanes Harvey, Irma, and Maria, four federal financial institution regulatory agencies today took action to facilitate the recovery process by temporarily easing appraisal requirements for real estate-related financial transactions in areas declared to be a major disaster. The agencies will not require financial institutions to obtain appraisals for affected…
OCC: Acting Comptroller of the Currency Issues Statement Regarding Home Mortgage Disclosure Act Reporting
The Office of the Comptroller of the Currency (OCC) today issued a bulletin to inform national banks, federal savings associations, and insured federal branches and agencies of foreign banks about key fields examiners will typically use to validate the accuracy and reliability of home mortgage loan data collected beginning in 2018 pursuant to the Home…
SBA: Lending Activity for FY17 Shows Consistent Growth
The U.S. Small Business Administration today announced fiscal year 2017 lending numbers showing increasing loan levels in small business lending through the 7(a) and 504 loan programs, as well as increases in lending to women, veterans and emerging communities. SBA approved over 68,000 loans in the 7(a) and 504 loan programs in FY17. These programs provided…
OCC: Updated List of Permissible Activities for National Banks and Federal Savings Associations Released
The Office of the Comptroller of the Currency (OCC) today released an updated list of permissible activities for national banks and federal savings associations. The publication titled, Activities Permissible for National Banks and Federal Savings Associations, Cumulative, updates the list of permissible activities to reflect applicable precedent for national banks, streamlines certain entries for readability,…