Industry News

This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry. 




October 11, 2018

Owner home value perceptions remain stable in September

Mortgage Professional America--Francis Monfort

Estimates of home value by owners remained steady for the second straight month in September, with expectations barely overvaluing their homes on a national level, according to the Home Price Perception Index released by Quicken Loans.

The index found that the average appraisal value in September was 0.29% lower than what the owner expected. This...

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October 11, 2018

HUD Awards $47M in Housing Counseling Grants Including Reverse Mortgage

Reverse Mortgage Daily--Maggie Callahan

Some reverse mortgage counseling agencies received a financial boost Wednesday when the U.S. Department of Housing and Urban Development announced $47 million in grants to housing counseling organizations across the country.

In addition to supporting counseling for first-time homebuyers and other homeowners, the annual grant money will help fund some reverse mortgage counseling operations.

Quickcert...

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October 11, 2018

Serving the Legal Needs of a Recovering Puerto Rico

DSNews--David Wharton

On Wednesday, attorneys Stephen M. Hladik, Miguel Maza, Rose Marie Brook, and Steven Horne announced the formation of HMB Law Group, LLC, a new law firm headquartered in the heart of San Juan’s financial district. HMB has been designed from the ground up to meet the dynamic legal challenges of both financial institutions and Puerto Rican community...

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Surviving an Onsite Audit

October 10, 2018

FDIC FIL-59-2018 Meeting the Financial Needs of Customers Affected by Hurricane Michael and its Aftermath

Printable Format:

FIL-59-2018 - PDF (PDF Help)

Summary:

The FDIC encourages depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms. The FDIC realizes that although the effects of natural disasters on local businesses and individuals can be devastating, they often are transitory. The FDIC recognizes that efforts to work...

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October 10, 2018

OCC NR 2018-110, Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Michael

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators recognize the serious impact of Hurricane Michael on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their...

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October 10, 2018

Former SoFi CEO Mike Cagney's blockchain lending startup Figure unveils first loan program

Housingwire--Alcynna Lloyd

Former SoFi CEO Mike Cagney is officially back and has officially pivoted to blockchain.

Cagney's new company, Figure Technologies, is now rolling out its first lending product: the Figure Home Equity Loan.

Figure launched earlier this year after Cagney resigned from SoFi amid a workplace culture controversy at the online lender. Cagney co-founded SoFi and served as its CEO before resigning last year after reports emerged about the alleged toxic culture...

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Customer Testimonials

October 10, 2018

Factors Impacting Delinquent Loan Projections

DS News--Radhika Ojha

Are advances on a loan and the losses associated with them a part of the asset they've been taken against or are they separate entities? And while it is easy for mortgage servicers to think about revenue realization for more extreme delinquency levels, how can they account for those in the early levels of default? A recent webinar...

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October 09, 2018

OCC NR 2018-109 - Allows National Banks and Federal Savings Associations Affected by Hurricane Michael in the Gulf Coast Region to Close

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by severe weather conditions associated with Hurricane Michael in the Gulf Coast region to close.

In issuing the proclamation, the OCC expects that only those bank offices directly affected by...

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