ABA Regulatory Compliance Inbox: If my bank reduces the amount of a customer’s HELOC, are we required to provide an adverse action notice?
And: Must banks include a printed version of their “HMDA Disclosure Statement” in their CRA public file?
Browsing: Mortgage
NY Fed: Household debt ticks up to at $17.29 trillion in Q3
Total household debt increased by $228 billion, or 1.3%, to $17.29 trillion in the third quarter of 2023, according to the Federal Reserve Bank of New York’s latest quarterly report on household debt and credit.
Treasury Department to collect data on climate risk from insurers
The Treasury Department announced that its Federal Insurance Office will soon begin collecting data from insurers to assess climate-related financial risk to consumers.
OCC releases second quarter mortgage report
The OCC released the second quarter Mortgage Metrics Report, which showed that 97.3% of first-lien mortgages in the federal banking system were current and performing at the end of the quarter, compared with 97.6% in Q1.
CFPB: Higher interest rates erode mortgage affordability
Higher interest rates led to a significant reduction in overall mortgage affordability in 2022, according to the CFPB’s annual report on residential mortgage lending activity and trends.
Housing agencies: Assistance available following Maui wildfires
The Federal Housing Administration, Federal Housing Finance Agency and other federal housing agencies have released a list of the various forms of assistance available to homeowners and renters in Hawaii following the Maui wildfires.
FHFA issues proposed rule on suspended counterparty program
The proposed rule would authorize the suspension of business between regulated FHFA entities and counterparties found to have committed misconduct in the context of civil enforcement actions or that have committed criminal or civil misconduct in connection with the management or ownership of real property.
ABA, trade groups call for changes to FHA’s proposed partial claim option
ABA, the Mortgage Bankers Association and the National Mortgage Servicing Association cautioned the Federal Housing Administration that a proposed payment supplemental partial claim option “would significantly increase the operational, compliance, liquidity and reputational risk for mortgage servicers, while introducing potential harm to borrowers.”
Agencies release HMDA data for 2022
The Federal Financial Institutions Examination Council released the 2022 Home Mortgage Disclosure Act data on mortgage lending transactions at 4,460 financial institutions, up from 4,338 institutions the previous year.
Housing affordability: In the pursuit of equity
Affordable housing is an old problem in search of new solutions. As banks develop creative, sustainable programs to help close ever-widening wealth and homeownership gaps in underserved communities, they know there’s more to be done.