The Consumer Financial Protection Bureau yesterday issued a “Supervisory Highlights” report that outlined several areas of concern its examiners have found related to mortgage origination and servicing, fair lending and debt collection, among other topics.
People without checking accounts are nearly twice as likely as those who do have checking accounts to own a general-purpose, reloadable prepaid card, according to researchers at the Federal Reserve Bank of Boston. Twenty-four percent of the banked have a prepaid card, while 45 percent of the unbanked do, they found.
Fifteen Democratic senators today asked the federal financial regulators to look into allegations that financial institutions and the housing GSEs do less to maintain foreclosed homes in minority-dominated neighborhoods than in predominantly white communities.
The number of home loans backed by Fannie Mae and Freddie Mac that are 60 days or more past due or are in the foreclosure process fell 9 percent in the first quarter, following a 3 percent drop in the fourth quarter of 2014, according to the Federal Housing Finance Agency’s foreclosure prevention report released today.
ABA strongly supports a set of prudential regulatory standards for nonbank mortgage servicers recently proposed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Servicers, the association said in a comment letter yesterday.
Fannie Mae announced today that it is immediately eliminating fees for Desktop Underwriter, its automated mortgage underwriting system, as part of a broader effort to streamline mortgage origination.
ABA is urging bankers to take grassroots action in support of the Financial Regulatory Improvement Act, the financial reform proposal introduced by Senate Banking Committee Chairman Richard Shelby (R-Ala.).
Sales of new single-family houses in May rose to a seasonally adjusted annual rate of 546,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The May rate is 2.2 percent above the revised April rate of 534,000 and is 19.5 percent above the year-ago rate of 457,000.
New orders for manufactured durable goods decreased 1.8 percent to $228.9 billion in May, according to the U.S. Census Bureau. New orders for manufactured durable goods has been down three of the last four months.
The federal financial agencies today finalized a rule implementing the mandatory escrow and detached structure requirements in last year’s Homeowner Flood Insurance Affordability Act, which addressed affordability problems in the 2012 Biggert-Waters flood insurance reform law.