Links in “Lending”

Not all loans made for business purposes are considered member business loans under NCUA rules. A bill sponsored by Rep. Ed Royce from California, the Credit Union Residential Loan Parity Act, would add a new exemption for 1-4 family family buildings that are not owner-occupied. [3/14]

Survey of leading lenders finds the top challenging issue from 2013-2015 to be compliance and regulatory-related, followed closely by "improving productivity and cost efficiency." [3/14]

Speech given at annual National Community Reinvestment Coalition (NCRC) convention highlights Bureau's efforts on consumer protection and access to credit. The speech noted continued problems in collections and mortgage industries as evidenced by the heavy volume of complaints (300,000 to date with 21,000 received in February 2014), with the majority focused on debt collections (6,200  per month on average) and mortgages (4,500). [3/13]

CFPB plans to address "zombie foreclosures," properties that banks and mortgage servicers have walked away from before the completion of the foreclosure process, sometimes leaving borrowers on the hook for mortgage debt, taxes and maintenance, even though they may have long since moved out. [3/13]

Of the 78 videos on the CFPB's YouTube page, the most popular is a message from Director Cordray inviting consumers to tell their story of treatment at the hands of lenders and mortgage servicers "to ensure that they're treated fairly." [3/11]

CFPB's updated strategic plan shows it intends to focus more than 45% of its staff growth over the next two years in supervision, enforcement and fair lending. [3/7]

WF doesn't believe it did anything outside the terms of the mortgage agreements and applicable laws, but settles cases to avoid protracted litigation. [3/7]

Benjamin Lawsky, New York State's top banking regulator, asks Nationstar about complaints consumers are raising concerning the company's mortgage modifications, improper fees and lost paperwork. [3/6]

What counts as a business day when it comes to "delivering" an appraisal to the applicant three business days after it is placed in the mail, the days the businesses are open, the days the post office are open, or the days your institution are open? And what if there is no clear answer? So many questions... [3/5]

Regulations are pressing banks to exit from servicing, creating significant capital advantages for nonbank servicers and raising concerns that regulators have gone too far. [3/4]