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Entries in reverse mortgages (4)

Monday
Mar272017

Financial Institutions...In the News

  • Maine Harvest Credit Project formed an expert panel to assist with creating a new credit union for farmers and food entrepreneurs.  (Central Maine 3.16.2017)
  • Savings accounts at financial institution generally remain low as federal rates increase for borrowing.  (BDN 3.15.2017)
  • A study of Maine’s state-chartered banks and credit unions report that foreclosure activity is the lowest in 8 years.  (Portland Press Herald 2.25.2017)
  • Skimming device found on ATM at Downeast Credit Union branch in Belfast.  (Central Maine 2.26.2017)
  • March stock split in announced for Bar Harbor Bankshares.  (Ellsworth American 2.23.2017)
  • Governor LePage proposes legislation to help elderly residences in foreclosure stay in their homes through reverse mortgages.  (MPAMAG 2.20.2017)
  • Norway Savings Bank has new domain name, norwaysavings.bank, which will enhance online security and offer more protection against cybercrime.  (Mainebiz 2.16.2017)
  • Massachusetts area Better Business Bureau warns of new scamming tactic – Caller asks if they can be heard and then records voice of person saying “yes” to use at a later time.  (CBS News 1.20.2017)
Monday
Jul062015

FDIC issues TRID Exam Procedures: Integrating TILA and RESPA

On June 30th of this year, the FDIC issued guidelines for banks related to compliance examination procedures for Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).  The Integrated Disclosure Rule for the two acts is commonly referred to as “TRID."  

The TRID rules were issued by the Consumer Financial Protection Bureau (CRPB) in late 2013, and further revised in February of this year.  The rules are slated to go into effect on August 1, although the CFPB is currently taking comments on delaying the effective date to October 3, 2015.  The comment period closes on July 7.

Briefly, the TRID rules sought to integrate the RESPA and TILA disclosures for certain closed-end mortgages, excluding certain loans such as reverse mortgages, home equity lines of credit, and mobile home loans.  The new rules also modified the timing of disclosures and revised the definition of “application” triggering the disclosure requirements.  The new definition is a 6-factor test requiring the following information from the consumer:  name, income, social security number, property address, estimated value of property, and loan amount sought. 

To assist banks with compliance, the CFPB developed a comprehensive set of online resources for TILA-RESPA Integrated Disclosure Rule implementation, which is available here.  The resources include a compliance guide, a guideline to forms, a closing factsheet, a disclosure timeline, and sample disclosure forms. 

Thenew examination procedures also addressed changes to the following rules: 

  • Higher Priced Mortgage Loan Appraisal Rule, which exemps certain transactions from appraisal requirements;
  • Mortgage Servicing Rules, which modified the definition of “small servicer” to include nonprofit entities servicing fewer than 5000 mortgages;and
  • Ability to Repay/Qualified Mortgage Rule, which added a “cure provision” allowing creditors or assignees a set amount of time to refund to the consumer excess points, fees, or interest on either as necessary to allow the mortgage to maintain Qualified Mortgage (QM) status.

The examination guidelines were issued as part of Financial Institution Letter FIL-27-2015, which can be found here

Monday
Jun222015

Financial Institutions . . . In the News

  • Machias Bancorp MHC and its subsidiaries newest bank directors are Zachary Means and LuAnn Ballesteros. (Mount Desert Islander 6.4.2015)
  • US Regulators urge caution when considering reverse mortgages.  (Maine News Online 6.5.2015)
  • Financial decisions today may not be wise for tomorrow.  (Pittsburg Post-Gazette 6.11.2015)
  • Houses vacated during the foreclosure process create numerous issues for lenders and neighborhoods.  (Investors.com 6.12.2015)
  • Androscoggin Bank’s trust department seeking approval to become Portland Trust Co. to have offices in Lewiston and Portland.  (PPH 6.15.2015)
  • Maine community banks almost double the value of commercial loans processed from 2007 to 2014.  (PPH 6.18.2015)
  • Mortgage restrictions imposed on six banks for failing to comply with home foreclosure enforcement orders.  (Maine News Online 6.18.2015)
Thursday
Feb262015

Financial Institutions . . . In the News

  • Gorham Savings Bank President Chris Emmons appointed to FDIC Advisory Committee on Community Banking.  (Dodd Frank Update 2.20.2015)
  • Conversation with Peter Judkins, President and CEO of Franklin Savings Bank, recently appointed to the Federal Reserve Bank of Boston.  (PPH 2.11.2015)
  • Co-Branded credit cards leave little profit margin for banks.  (BDN 2.13-2015)
  • Hackers using malware sent to employees to gain access to bank’s computers.  (New York Times 2.14.2015)
  • Slow electronic payments causes some consumers high overdraft fees.  (MPBN 2.18.2015)
  • Americans debt increased in final three months of 2014.  (News Maine 2.18.2015)
  • Careful consideration is necessary before applying for a reverse mortgage.   (Keep Me Current 2.18.2015)