OCC Newsletter Focuses on Reducing Foreclosures
The OCC’s Community Developments Investments newsletter published today focuses on how banks can provide sustainable loan modifications and help reduce foreclosures.
Browsing: Servicing
House Passes Two ABA-Backed Reg Relief Bills
The full House today passed two ABA-supported bills by voice votes. The bipartisan bills would equalize the SEC registration and de-registration thresholds for savings and loan holding companies (H.R. 1334) and require regulators to conduct a study of Basel III’s effect on mortgage servicing assets (H.R. 1408).
House to Vote on Three ABA-Backed Bills This Week
The full House is scheduled to vote this week on three ABA-advocated bills. The bipartisan bills would equalize the SEC registration and de-registration thresholds for savings and loan holding companies (H.R. 1334), require regulators to conduct a study of Basel III’s effect on mortgage servicing assets (H.R. 1408) and modifying escrow requirements for banks with
Servicing Rule Compliance Lapses Are Focus of CFPB Report
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.
Senate Democrats Seek Investigation of REO Maintenance Disparities
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.
ABA Supports Proposed State Standards for Nonbank Servicers
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.
Weekly Infobyte: Servicing after the CFPB Mortgage Rules
Since the CFPB’s mortgage rules took effect, more banks are exiting servicing.
N.Y. State Envisions Penalties for Foreclosure Delays
Noting that the average New York state foreclosure takes more than 900 days—twice the national average—and that foreclosures account for nearly three in 10 civil cases on court dockets, the New York Department of Financial Services today recommended that the state legislature take action to speed up the foreclosure process.
FDIC to Offer Teleconference on CFPB Mortgage Rules
The FDIC will hold a teleconference for bankers on the Consumer Financial Protection Bureau’s mortgage rules on May 21.
CFPB Issues Guidance on Housing Counseling Disclosure
The Consumer Financial Protection Bureau today issued an interpretive rule intended to help lenders comply with the requirement in its mortgage servicing and high-cost mortgage rules to provide a list — shortly after a borrower applies for a mortgage — of Department of Housing and Urban Development-approved housing counselors nearby.