Mortgage

OCC: Credit, Compliance Risk Growing in 2015

Noting an environment of “high” credit, strategic, compliance and operational risk, the OCC outlined nine priorities for ongoing midsize and community bank supervision in its Semiannual Risk Perspective report released yesterday.

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New Exam Procedures on TRID Issued

The FDIC yesterday issued revised interagency examination procedures for the TILA-RESPA integrated disclosures now proposed to take effect on Oct. 3. The procedures also include updates related to the Consumer Financial Protection Bureau’s ability-to-repay, servicing and high-priced mortgage loan rules.

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Fannie, Freddie Q1 Profits Drop Year on Year

Fannie Mae’s and Freddie Mac’s combined first-quarter earnings were $2.4 billion, up from the $1.5 billion they earned in the fourth quarter of 2014 but down substantially from the $9.3 billion they earned a year before, the Federal Housing Finance Agency reported today.

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OCC: Performing Mortgages Improve in First Quarter

The percentage of mortgages that were current and performing at the end of the first quarter reached 94.2, up from 93.2 percent at the end of 2014 and up from 93.1 percent a year before, according to the Mortgage Metrics Report released today by the OCC.

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Supreme Court OKs Disparate Impact Analysis under Fair Housing Act

The U.S. Supreme Court ruled today that disparate impact claims are enforceable under the Fair Housing Act. The decision in the case -- Texas Department of Housing and Community Affairs v. Inclusive Communities Project -- included a note of caution that statistical disparities only impose liability if plaintiffs can connect it to a defendant’s policy causing the disparity in order to “protect defendants against abusive disparate-impact claims.”

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Supreme Court Recognizes Disparate Impact Under FHA

Case: Texas Department of Housing & Community Affairs, et al. v. Inclusive Communities Project, Inc., et al. Issue: Whether disparate impact claims are cognizable under the Fair Housing Act (FHA). Case Summary: The U.S. Supreme Court ruled that disparate impact claims may be alleged under the FHA. Inclusive Communities Project, Inc. (ICP) brought a disparate impact claim challenging the Texas ...

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