Tag Archives: FFIEC

Due to a shortage of licensed and certified appraisers, major national financial regulatory agencies have issued an advisory to help reduce delays in the consideration of loan applications in rural communities. Since loans cannot be executed without appraisals, the advisory outlines two options to remedy the problem. The FDIC has suggested that states issue temporary practice permits and engage in reciprocity, or that effected institutions submit a request temporary waivers to set aside licensing requirements.

The objectives of the initiative to reduce the regulatory burden on community banks are consistent with the feedback the FFIEC has received as part of the regulatory review conducted under the Economic Growth and Regulatory Paperwork Reduction Act (EGPRA) of 1996, according to the FFIEC.

The data on 2013 mortgage lending transactions at thousands of U.S. financial institutions was made available starting Monday, the Federal Financial Institutions Examination Council (FFIEC) announced.

The data showed that the total number of originated loans of all types and purposes fell by about 780,000 - 10 percent - from 2010 to 2011, partly because of a 13 percent decline in refinancings. The overall drop in refinancings was the result of declines in conventional and FHA activity, as data revealed that VA-related refinancing activity actually rose 41 percent.

Recent Home Mortgage Disclosure Act (HMDA) data released by the Federal Financial Institutions Examination Council (FFIEC) revealed that 11 percent of lenders doubled their volume during the 2009 calendar year. Of those lenders, 40 percent use HMDA and compliance software from QuestSoft. One San Diego-based lender says QuestSoft's technology has cut the time needed to geocode and prepare its quarterly regulatory reports by 90 percent.