OCC: Acting Comptroller Of The Currency Rescinds Deposit Advance Guidance
Acting Comptroller of the Currency Keith A. Noreika today approved rescission of the agency’s Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products that was published in the Federal Register on November 26, 2013, and accompanying OCC Bulletin 2013-40. In doing so, he issued the following statement: Today, I approved rescission of the OCC’s…
CFPB: Rule Finalized To Stop Payday Debt Traps
Lenders Must Determine If Consumers Have the Ability to Repay Loans That Require All or Most of the Debt to be Paid Back at Once The Consumer Financial Protection Bureau (CFPB) today finalized a rule that is aimed at stopping payday debt traps by requiring lenders to determine upfront whether people can afford to repay…
CFPB: eClosing And Buying A Home: Technology’s Role In Closing On A Mortgage
By Noerena Limón Technology is transforming everything; it is changing the way we communicate, the way we access goods and services, and even the way we purchase homes. Soon, more and more consumers may increasingly find themselves being offered technology that allows them to access, sign, and submit mortgage closing documents online. We believe that…
CFPB: Interim Final Rule Issued To Help Mortgage Servicers Communicate With Certain Borrowers At Risk Of Foreclosure
Bureau Also Seeks Comment on Separate Proposed Rule Modifying Timing Requirements for Bankruptcy Periodic Statements The Consumer Financial Protection Bureau (CFPB) today issued an interim final rule and a proposed rule to provide mortgage servicers more flexibility and certainty around requirements to communicate with certain borrowers under the Bureau’s 2016 mortgage servicing amendments. The interim…
CFPB: Seven Factors That Determine Your Mortgage Interest Rate
Your lender knows how your interest rate gets determined, and we think you should, too. Learn more about the factors that affect your interest rate. By Nicole Shea If you’re like most people, you want to get the lowest interest rate that you can find for your mortgage loan. But how is your interest rate determined? That…
SBA: Office Rolls Out New Lender Match Tool To Connect Small Businesses And Lenders
Administrator Linda McMahon, head of the U.S. Small Business Administration, today announced the launch of Lender Match, the SBA’s online referral tool connecting small business borrowers with participating SBA lenders. Lender Match is an upgrade to LINC (Leveraging Information and Networks to access Capital), introduced as a pilot in 2015. “The SBA’s mission to help…
FHFA: Index Shows Mortgage Rates Increased in August 2017
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 4.05 percent for loans closed in late August, up 6 basis points from 3.99 percent in July….
Federal Reserve: FEDS Notes | The Decline In Lending To Lower-Income Borrowers By The Biggest Banks
Neil Bhutta, Steven Laufer, and Daniel R. Ringo1 Data collected under the Home Mortgage Disclosure Act (HMDA) reveal that the largest banks have significantly reduced their share of mortgage lending to low- and moderate-income (LMI) households in recent years. We present evidence suggesting that this reduction is explained in part by a decrease in the…
Federal Reserve: Residential Mortgage Lending In 2016 – Evidence From The Home Mortgage Disclosure Act Data
Neil Bhutta, Steven Laufer, and Daniel R. Ringo This article provides an overview of the 2016 data reported under the Home Mortgage Disclosure Act of 1975 and analyzes mortgage market activity over time as well as lending patterns across different demographic groups and lender types. The number of home-purchase originations was about 10 percent higher…