Links in “Lending”

The OCC’s updated booklet, “Mortgage Banking,” provides new guidance on risk by assessing mortgage banking, key aspects of risk associated with mortgage banking, and amendments to Regulation X and Regulation Z issued by the CFPB. [2/10]

Man and co-defendants recruited buyers to purchase more than 40 properties, then applied for loans on behalf of the buyers using false information, and pocketed the money for themselves. Banks lost between $2.5 million and $7 million. [2/6]

The CFPB's findings of its survey of private student loan servicers on how extra payments from borrowers in excess of the minimum payment are applied suggests that it may raise Truth-in-Lending issues if excess amounts aren't applied to loans with the highest interest rates. [2/5]

National Consumers League is sponsoring a Feb. 6 symposium in Washington D.C. described as "an examination of how many financial and other institutions have put communities of color at a disadvantage in the financial services arena, with an emphasis on mortgages, auto loans, student loans, and more. [2/4]

NAFCU recaps the updated educational brochures that lenders are required to provide consumers at the time of certain loan applications. [2/3]

The Federal Housing Administration grants expanded authority to lenders to accept e-signatures on more loan documents, but stops short of allowing them on mortgage notes themselves. [2/3]

FHA steps toward industry standards and announces expanded authority for lenders to accept electronic signatures (e-signatures) on documents associated with mortgage loans including those for origination, servicing, and loss mitigation documents. [1/31]

Report highlights key problems in mortgage servicing industry including unfair practices with servicing transfers associated with modifications, improperly waiving consumer rights, poor payment processing and failing to provide correct information to consumer reporting agencies. [1/31]

OCC annual survey from largest FIs in the nation notes easing underwriting standards and increasing loan volume as banks reflect increasing risk appetite amidst greater market liquidity. Some tightening in underwriting standards were noted in high LTV home equity and conventional home equity. [1/31]

CFPB advises House committee that it has received "thousands" of student loan complaints, but digging into the data reveals the number is less than 6,000, compared to nearly 40 million borrowers, which comes out to about 154 complaints for every million borrowers.