A group of Wisconsin bankers on a recent lobbying trip to Washington, D.C., returned with heightened optimism that some of the rules now governing community banks — regulations they contend are too costly — will be eased.
Community banks in Wisconsin and the U.S., defined generally as banks with assets of less than $10 billion, have complained since 2010 that reforms passed by a then-Democrat controlled Congress and aimed at preventing another financial crisis unfairly imposed an expensive compliance burden on them.
Continue reading Regulatory Relief on the Horizon for Community Banks?
Effective Date of Implementation of the Federal Housing Administration’s Loan Review System, and Change in Effective Date for Timeframe for Conducting Pre-Endorsement Mortgage Reviews for Unconditional DE Authority Continue reading FHA Provides Effective Dates for Implementation of the Loan Review System and Timeframe for Conducting Pre-Endorsement Mortgage Reviews
In the regular course of business, banks are exposed to market risks from movements in interest rates, foreign currencies and commodities. Many banks respond by utilizing over the counter derivative instruments to hedge against volatility. Under current accounting standards, banks must account for derivatives under the ASC 815 (formerly FAS 133) models. Continue reading Proposed Accounting Changes Should Make Hedging More Attractive to Community Banks
For many years, mortgage loan officers touted the value of attending closings out of a belief that doing so helped build relationships with the borrower, real estate agents and title companies. At the National Mortgage Lending Conference, the STRATMOR Group’s Senior Partner Garth Graham shared new data calculated from more than 150,000 home loan experiences to learn the truth behind this activity and whether it impacted borrower satisfaction. The result? A resounding yes – there’s a direct link between borrower satisfaction and whether loan officers attend mortgage closings. Continue reading Why Loan Officers Should Attend Mortgage Closings
If we learned anything at December’s Digital Mortgage Conference in San Francisco, it was that the industry is ready for the electronic mortgage.
That should come as no surprise to anyone who has been in the industry for very long. A mortgage originated, sold into the secondary market, and then serviced in a completely electronic fashion, has been the dream of many mortgage industry technologists for almost two decades. That’s how long ago the federal government passed the Electronic Signatures in Global and National Commerce Law, also known as the E-Sign Act. Continue reading Ready for the E-Mortgage – Here’s the Latest
Zillow Group (Z, ZG) shares have struggled in recent weeks, and new headaches may be coming investors’ way.
The real estate portal historically relied on advertising revenue from real estate agents listing homes, but Zillow’s strategic focus in recent years has been to add revenue from mortgage providers. While this has been beneficial to revenues in the past, the new income stream may be at risk due to a possible breach of regulations. Continue reading Zillow May Have Violated Mortgage Regulations – Be Smart to Stay Safe
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has released a proposal to amend Equal Credit Opportunity Act regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. The CFPB believes the proposed amendments will provide greater clarity to lenders regarding their obligations under the law, while promoting compliance with rules intended to ensure consumers are treated fairly. Continue reading ECOA Amendments Are on the Way – Are You Ready ?
Regulatory relief for community banks appears to be on the way, and the changes will likely make commercial real estate lending easier.
Banking regulators on March 21 issued a joint report to Congress on their efforts to reduce regulatory burden. Most notably, the report stated that regulators were considering changes to the capital treatment of risky commercial real estate, mortgage servicing assets and certain deferred tax assets. Continue reading CRE Lending Changes Are Coming
82 FR 15531 – AGENCY INFORMATION COLLECTION ACTIVITIES: PROPOSED COLLECTION; COMMENT REQUEST; REQUEST FOR FEDERAL ASSISTANCE FORM-HOW TO PROCESS MISSION ASSIGNMENTS IN FEDERAL DISASTER OPERATIONS Continue reading HUD Provides List of Regulatory Waivers