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Tag Archives: Federal Reserve

Fed Issues Interim Rule Clarifying Reg Z Mortgage Disclosures

The Federal Reserve Board on Wednesday approved an interim rule amending Regulation Z, which implements the Truth in Lending Act (TILA). The board is issuing this interim rule, in response to public comments, to clarify certain aspects of a September 24th interim rule. The September rule implements provisions of the Mortgage Disclosure Improvement Act (MDIA), which amended TILA to require mortgage lenders to disclose examples of how a loan's interest rate or monthly payments can change.

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Pitch for National Mortgage Servicing Rules Gains Momentum

The call for federal officials to establish industry-wide mortgage servicing and foreclosure standards is getting louder. A group of more than 50 senior economists, academic leaders, and influential investors sent a letter to the heads of federal regulatory agencies Tuesday, urging them to take the lead in setting national standards for mortgage loan servicers. The group argues that widely reported fraud in servicers' dealings with homeowners and foreclosure procedures demands new standards be adopted now.

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CoreLogic’s AVMs Comply with New Federal Standards

CoreLogic says its automated valuation models (AVMs) can assist mortgage lenders in complying with the new federal standards on property valuations. The new standards were released December 2 by the five federal bank regulatory agencies, and emphasize the need for risk-focused appraisal reviews, rigorous AVM testing, enhanced documentation of property condition, and valuation updates during the life of the loan.

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Federal Reserve Board Publishes 2011 Asset-Size Exemption

The Federal Reserve Board on Monday published a final rule amended to increase the asset-size exemption threshold for banks under the Home Mortgage Disclosure Act (HMDA). In 2011, the asset-size exemption for banks will increase to $40 million from $39 million, based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW) for the twelve-month period ending in November 2010.

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Ohio AG to Head Enforcement at Consumer Financial Protection Bureau

The U.S. Department of the Treasury added three members to its senior leadership lineup for the Consumer Financial Protection Bureau (CFPB). Ohio Attorney General Richard Cordray will lead the enforcement team. In addition, Federal Reserve Director Leonard Chanin will oversee the rule writing team, and former AFL-CIO Director David Silberman will head the card markets division.

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Dallas Fed Says 11th District Banks Performing Well, with Some Stress

According to the fourth quarter issue of Southwest Economy, published by the Federal Reserve Bank of Dallas, banks in the Eleventh Federal Reserve District are performing well, although signs of stress are still apparent. The report states that about 30 percent banks in the district, which includes Texas, northern Louisiana and southern New Mexico, find that even after restructuring troubled loans to give borrowers easier terms, many of the loans become delinquent again.

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New Regulatory Rule to Support Foreclosure-Ridden Neighborhoods

Federal regulators on Wednesday announced changes to the Community Reinvestment Act (CRA) parameters to support communities affected by high foreclosure levels. The final rule encourages depository institutions to finance development projects in areas that qualify for HUD's Neighborhood Stabilization Program (NSP). Institutions will receive CRA credit for any NSP-eligible activities, such as loans extended to grant recipients to buy foreclosed homes or a donation of REO properties to a nonprofit housing organization.

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New Mortgage Applications Fall as Rates Rise for Fifth Straight Week

Data released by the Mortgage Bankers Association (MBA) Wednesday shows that consumer demand for mortgages waned last week as interest rates soared to their highest level in nearly seven months. MBA's index of new applications for home purchases plummeted 5.0 percent, breaking a three-week streak of increases, while the refinance index slipped 0.7 percent. MBA says Treasury rates increased last week following news that lower tax rates could be extended for another two years. Mortgage rates also followed higher.

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Fed Holds Direction on Monetary Policy

The Federal Reserve says economic recovery is continuing but at a rate that has been insufficient to bring down unemployment. Following its monetary policy meeting Tuesday, the central bank called progress toward its objectives of creating jobs, stabilizing prices, and fostering economic growth ""disappointingly slow."" Fed officials voted to keep the target range for the benchmark federal funds rate at 0 to 0.25 percent, and reiterated their commitment to purchase another $600 billion in long-term Treasury securities by June 2011.

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Household Wealth Increases Despite Heavy Real Estate Losses

The average American's financial situation improved during the third quarter, according to data released by the Federal Reserve. The news is seen as a positive sign for the nation's mortgage markets, which have been stressed by an elevated number of borrowers struggling to fulfill their mortgage obligations because of deteriorating personal finances. The Fed says household wealth grew by 2.2 percent, or $1.2 trillion, during the third quarter as stock market gains offset the $700 billion that was lost on real estate assets.

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