The Office of the Comptroller of the Currency (OCC) took steps toward reducing the regulatory burden placed on community national banks and federal savings associations (FSAs) by participating in an outreach meeting as part of the Economic Growth and Paperwork Reduction Act (EGRPRA) on Monday.
Read More »OCC Announces Bank, Federal Savings Association Growth in South
Financial conditions are improving in the Southern United States, according to a report released by the Office of the Comptroller of the Currency (OCC). The report, which details the performance of national banks and federal savings associations (FSAs), showed that nine states in the OCC’s Southern District showed improvement in 2014. Those states included Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Oklahoma, Tennessee and Texas.
Read More »Bank Asks Appellate Court to Revive 2012 Mortgage-Backed Securities Suit
HSBC Bank has asked the Court of Appeals in White Plains, New York, to consider reviving a 2012 lawsuit against Deutsche Bank Structured Products Inc. The 2012 claim alleged that Deutsche misrepresented the quality of residential mortgages it sold to investors in 2006.
Read More »Index Reveals Strong Over-55 Housing Market
Despite the HMI’s positive overall outlook, however, the index for single-family housing sales actually dropped by one point over the last quarter, decreasing from 59 to 58. According to the Emrath, this was likely due to a drop in buyer traffic, caused by rough winter weather throughout many parts of the country.
Read More »Survey Reveals Gaps in Credit Health Awareness
More than half of those surveyed were not aware that overdue bills could impact their credit score, and only 37 percent said they were confident that their current score could help them accomplish their personal goals. Sixty-six percent said they would like to improve their credit score over the next year.
Read More »CFPB, Maryland AG Strike Against ‘Pay-to-Play’ Mortgage Kickback Scheme
Specifically, the complaint said that Genuine Title offered purchasing, analysis and consumer data to loan officers and created mailers on the officers’ behalf. In exchange for this, the officers then referred buyers to Genuine’s closing services. Loan officers also allegedly received cash payments through their individual companies.
Read More »Fed Decides Against Interest Rate Hike
According to the FOMC’s statement, this decision was made to “support continued progress toward maximum employment and price stability” and largely factored in energy prices, household spending and incomes, unemployment rates, inflation and other economic influencers. Despite opting to continue with its current interest rates, the FOMC’s statement did recognize that increases in the future are possible.
Read More »Pending Home Sales Up Over Last Month, Reach Highest Point in Two Years
The index, an indicator of sales based on contract signings, was released this morning. It showed a 1.1 percent increase in pending sales for March and an 11.1 percent increase over the same time last year. This marks the third month in a row the sales have risen and the seventh year that pending sales numbers have improved.
Read More »FHFA Numbers Reveal Slight Rise in Interest Rates Since March
The most recent FHFA index, released Tuesday, revealed that interest rates have increased slightly from February to March on several levels. The average interest rates on all mortgage loans for March jumped 3 basis points from February, from 3.77 percent to 3.8 percent.
Read More »Flagstar Reports Jump in Profits for Q1
The first quarter of 2015 also brought in a 15 percent increase in revenue and a 2 percent decline in operating expenses when compared to 2014, and interest-earning assets rose 8 percent over the last quarter. Warehouse lending also saw an increase of 15 percent since 2014.
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