OCC: Acting Comptroller Discusses Efforts to Promote Lending and Investment in Distressed Communities
Acting Comptroller of the Currency Keith A. Noreika today discussed efforts by the Office of the Comptroller of the Currency (OCC) to support lending and investment in distressed communities. During remarks at the National Association of Affordable Home Lenders Annual Conference, the Acting Comptroller described guidance finalized by the OCC in August that gives national…
FEMA: Puerto Rico Survivors Urged to Submit SBA Loan Applications
Puerto Rico survivors are encouraged to apply for disaster assistance from the Federal Emergency Management Agency (FEMA) and to submit an application for a low-interest disaster loan from the Small Business Administration (SBA). In planning their recovery, survivors should give themselves the widest possible set of options. Submitting the application makes it possible to be…
CFPB: Report Finds Sharp Increase in Riskier Longer-Term Auto Loans
Six-Year Auto Loans Carry Higher Costs and Higher Default Rates than Five-Year Auto Loans The Consumer Financial Protection Bureau (CFPB) today released a report on auto loan trends that found a sharp increase in riskier longer-term auto loans. According to the report, 42 percent of auto loans made in the last year carried a payback…
ABA Report: Credit Card Market Expands in Second Quarter, Mirroring Economic Growth
Credit card use continued to expand in the second quarter, according to the American Bankers Association’s latest Credit Card Market Monitor. Monthly purchase volumes rebounded after a seasonal decline in the first quarter, rising by 9 percent across risk tiers. On an annual basis, purchase volumes rose 4.9 percent for prime accounts and 5.2 percent…
CFPB: Newly Available Data Shows Lowest Mortgage Delinquency Rate Since the Financial Crisis
Newly Available Data Shows Lowest Mortgage Delinquency Rate Since the Financial Crisis The Consumer Financial Protection Bureau (CFPB) today announced the launch of a new Mortgage Performance Trends tool that tracks delinquency rates nationwide. Information newly available through this tool shows that mortgage delinquency rates nationally are at their lowest point since the financial crisis….
FHFA: Index Shows Mortgage Rates Decreased in September 2017
Nationally, interest rates on conventional purchase-money mortgages decreased from August to September, 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 4.00 percent for loans closed in late September, down 5 basis points from 4.05 percent in August….