OCC: Report Shows Mortgage Performance Improves in Fourth Quarter 2018
The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2018. The OCC Mortgage Metrics Report, Fourth Quarter 2018, showed 95.8 percent of mortgages included in the report were current and performing at the end of the quarter,…
CFPB: Report Released on 2018 Administration of the Fair Debt Collection Practices Act
The Consumer Financial Protection Bureau (Bureau) released the annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The report highlights the continued efforts by the Bureau and the Federal Trade Commission (FTC) to stop unlawful debt collection practices, including vigorous law enforcement, education and public outreach, and policy initiatives….
FDIC: Supervisory Insights Winter Edition Focuses on LIBOR
The Federal Deposit Insurance Corporation (FDIC) today issued the Winter 2018 issue of Supervisory Insights, which includes an article examining the future of, and alternatives to, the London Inter-bank Offered Rate (LIBOR). LIBOR is a popular reference rate for commercial loans, residential mortgages, derivatives and swaps, and other credit instruments. While LIBOR often is viewed as…
OCC: Office of the Comptroller of the Currency Fines Citibank, N.A. $25 Million for Violating the Fair Housing Act
The Office of the Comptroller of the Currency (OCC) today assessed a $25 million civil money penalty against Citibank, N.A., for violations of the Fair Housing Act. The OCC found that the bank had certain control weaknesses related to its Relationship Loan Pricing (RLP) program designed to provide eligible mortgage loan customers either a credit…
CFPB: Report Released on First-Time Homebuying Servicemembers
Today the Consumer Financial Protection Bureau (CFPB) released a report focusing on mortgages made to first-time homebuyers who are serving in the armed forces or are veterans. The Bureau’s report is the first time researchers have been able to provide a description and analysis of servicemembers’ mortgage choices and mortgage performance, both during and after…
FHFA: Index Shows Mortgage Rates Decreased in January 2019
Nationally, interest rates on conventional purchase-money mortgages decreased from December to January, 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 4.60 percent for loans closed in late January, down 23 basis points from 4.83 percent in December. The average interest…
FHFA: Final Rule Issued on Uniform Mortgage-Backed Security
The Federal Housing Finance Agency (FHFA) has issued a final rule that requires Fannie Mae and Freddie Mac (the Enterprises) to align programs, policies, and practices that affect the cash flows of “To-Be-Announced” (TBA)-eligible Mortgage-Backed Securities (MBS). The issuance of the final rule is a major step forward, significantly improving the predictability of cash flows…
FHFA: Fannie Mae and Freddie Mac Refinance Volume Decreases in Fourth Quarter 2018
Nearly 3.5 Million HARP Loans at Program Expiration The Federal Housing Finance Agency (FHFA) today reported that Fannie Mae and Freddie Mac completed 245,620 refinances in the fourth quarter of 2018, compared with 253,135 in the third quarter. FHFA’s fourth quarter Refinance Report also shows that 1,390 loans were refinanced through the Home Affordable Refinance Program…
HUD: Disaster Assistance and Foreclosure Prevention Announced for Alaska Earthquake Victims
Foreclosure protection offered to displaced families The U.S. Department of Housing and Urban Development (HUD) today announced it will speed federal disaster assistance to the State of Alaska and provide support to homeowners and low-income renters forced from their homes in areas affected by earthquake. On January 31st, President Trump issued a major disaster declaration…
FHFA: Indices Show Little Movement in Mortgage Interest Rates in December 2018
Nationally, interest rates on conventional purchase-money mortgages were nearly flat from November to December, 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 4.83 percent for loans closed in late December, down 3 basis points from 4.86 percent…