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The Office of the Comptroller of the Currency (OCC) issues updated guidance on third-party risk management

October 30, 2013 – The OCC updated its risk management guidance for the third-party relationships of national banks and federal savings associations Wednesday. According to the bulletin, the use of third parties, contractual or otherwise, does not diminish the responsibility of the board and management to ensure that all activities conform to sound banking practices and applicable laws.

Read the bulletin >>

Fannie and Freddie issue guidance related to the CFPB mortgage servicing bulletin

October 15, 2013 –  Government sponsored enterprises (GSE) Fannie Mae and Freddie Mac updated servicing policies in response to the issuance of Consumer Financial Protection Bureau (CFPB) rules that take effect in January 2014. Freddie Mac also released a bulletin regarding CFPB rules that require creditors to provide mortgage applicants with free copies of all appraisals and other home value estimates.

The Fannie Mae bulletin is available at: https://www.fanniemae.com/content/announcement/svc1320.pdf

Freddie Mac’s bulletin is available at: http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1321.pdf

CFPB issues mortgage servicing rule guidance

October 15, 2013 –  The Consumer Financial Protection Bureau (CFPB) today released a bulletin and interim final rule addressing industry questions related to new mortgage servicing rules that take effect in January 2014. The clarifications include responses to requests for further explanation on three servicing issues: Home retention efforts after a borrower dies, early intervention requirement to contact delinquent borrowers and Interplay between the servicing rules, bankruptcy code, and the Fair Debt Collection Practices Act (FDCPA). Click here to read more >>

The bulletin is available at:http://files.consumerfinance.gov/f/201310_cfpb_mortgage-servicing_bulletin.pdf

The interim final rule is available at: http://files.consumerfinance.gov/f/201310_cfpb_mortgage-servicing_interim.pdf

OCC Reports Continued Improvement in Mortgage Performance

September 26, 2013 – The performance of first-lien mortgages serviced by large national and federal savings banks continued to improve in the second quarter of 2013, according to a report released today by the Office of the Comptroller of the Currency (OCC). Click here to read more >>

Click here to download the report >>

New booklet provides guidance on OREO

September 13, 2013 – The Office of the Comptroller of the Currency (OCC) released updated guidance on the acquisition, management, disposition and accounting of residential REO.

The updated OCC booklet replaces the similarly titled booklet from March 1990. It also replaces examination procedures issued in April 1998 and section 251, “Real Estate Owned and Repossessed Assets,” issued in December 2010 as part of the Office of Thrift Supervision (OTS) Examination Handbook for the examination of federal savings associations. Click here to read more >>

Click here to download the report >>

Interagency Appraisal and Evaluation Guidelines

December 10, 2010 – Issued by The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the National Credit Union Administration (NCUA) (the Agencies), the  Interagency Appraisal and Evaluation Guidelines (Guidelines), including their appendices, address supervisory matters relating to real estate appraisals and evaluations used to support real estate-related financial transactions. They also provide federally regulated institutions and examiners clarification on the Agencies’ expectations for prudent appraisal and evaluation policies, procedures, and practices.

Click here to download the Interagency Guidelines >>

Dodd-Frank Wall Street Reform and Consumer Protection Act

Dodd-Frank put in place a foundation for a framework that will support an entirely new regulatory regime designed to bring greater transparency and access to the securities-based swaps market, adopted rules that will result in increased oversight and transparency around hedge fund and other private fund advisers, gave investors a say-on-pay regarding executive compensation and established a whistleblower program which offers incentives for individuals with information regarding securities law violations to come forward. Click here for more information >>

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