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Posted Date: Tuesday, August 4, 2020
Top executives from large businesses around the country, led by former Starbucks CEO Howard Schultz, have written to Congress, calling on legislation to extend and create lending programs for small businesses.
The executives suggest the programs operate through the banks and lenders who have participated in the Paycheck Protection Program.
Read on for details from the letter to Congress. Read on »
Posted Date: Friday, July 31, 2020
Will they, or won’t they?
The Paycheck Protection Program (PPP) is scheduled to stop taking applications again Aug. 6. As of the end of business July 30, the PPP still had close to $130 billion in funding available.
In the Senate version of the latest round of federal stimulus, PPP would get an additional $190 billion in funding, and businesses would be able to access a second PPP loan if they already had received one earlier – with conditions on which businesses could access a second loan.
But talks between Democrats and Republicans have stalled. Will they pass legislation before PPP expires again? Read on »
Posted Date: Friday, July 31, 2020
The 16th annual National Settlement Services Summit (NS3), slated for Sept. 1-3, will feature a track dealing with innovation throughout the title and mortgage industry, one of three tracks featured at the show.
Among other things, the sessions will digital lenders, traditional lenders, and iBuyers as they discuss ways in which the lending industry has grown and changed in recent years.
Read on to learn more. Read on »
Posted Date: Friday, July 31, 2020
The Small Business Administration (SBA) Office of the Inspector General (OIG) announced it was issuing a management alert to the administration over “serious concerns of potential fraud” in the Economic Injury Disaster Loan and Advance (EIDL) grant programs that require immediate attention and action.
The OIG report said that it received complaints of more than 5,000 instances of suspected fraud from financial institutions, with nearly 3,800 coming from six institutions.
Read on for more details from the alert, and OIG suggestions to SBA. Read on »
Posted Date: Friday, July 31, 2020
In its latest quarterly report on loan originator compensation, LBA Ware found that total commissions paid rose 59 percent in the second quarter from a year before.
The company said that a significant increase in refinance volume helped drive the rise in commissions.
Read on for more details from the company’s report. Read on »
Posted Date: Friday, July 31, 2020
It has been more than 18 months since the Department of Housing and Urban Development (HUD) had Senate-confirmed leads in its top three positions, but that finally is the case, as the Senate easily confirmed Dana Wade as the Federal Housing Administration commissioner.
She joined HUD Secretary Ben Carson and Deputy Secretary Brian Montgomery atop the agency’s leadership.
Read on for more details and for reaction from HUD and the industry. Read on »
Posted Date: Friday, July 31, 2020
Moody’s Analytics said in a recent note that Black Knight’s acquisition of Optimal Blue could be a credit negative for the company.
Moody’s cited a rising debt burden risk as a potential concern in the acquisition.
Read on for more details from the analysts’ report. Read on »
Posted Date: Tuesday, July 28, 2020
The Consumer Financial Protection Bureau announced consent orders with a pair of mortgage companies after finding they violated the Mortgage Acts and Practices – Advertising Rule (MAP Rule) in advertising loans guaranteed by the Department of Veterans Affairs.
The companies combined will play more than $1.1 million in civil-money penalties, according to the orders.
Read on for details of the companies and the violations alleged by the bureau. Read on »
Posted Date: Tuesday, July 28, 2020
A new report found that the Consumer Financial Protection Bureau stopped reporting to congressional appropriations committees under the direction of then-acting director Mick Mulvaney – in violation of the Dodd-Frank Act.
Section 1017(e)(4) of the act requires annual reporting to the committees, which was suspended beginning with Mulvaney’s tenure in 2017.
Read on for more details. Read on »
Posted Date: Tuesday, July 28, 2020
A new report from Fitch Ratings found that residential mortgage borrowers are taking advantage of forbearance plans at a higher rate than comparable borrowers of auto loans and credit cards.
During the Great Recession, many consumers prioritized auto and credit card payments over mortgage payments, resulting in higher delinquencies for home loans than for consumer debt, Fitch stated.
Read on for more details from the Fitch analysts. Read on »
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Host State Loan-to-Deposit Ratios 2016The Federal Reserve Board, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. have issued information on the host state loan-to-deposit ratios, which are used to determine compliance under Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Review the ratios in Dodd Frank Update’s Library. Fed, FDIC, OCC, Riegle-Neal |
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