Mortgage

ABA, ABIA Welcome Private Flood Insurance Bills

ABA and its American Bankers Insurance Association subsidiary yesterday welcomed a pair of bipartisan bills, S. 1679 and H.R. 2901, that would help develop a competitive private marketplace as an alternative to the National Flood Insurance Program.

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Mortgage Rates Rise

The rate for a 30-year fixed-rate mortgage averaged 4.08 percent this week, up from last week’s 4.02 percent, Freddie Mac said today.

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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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