The Board of Governors of the Federal Reserve System (Board), working in consultation with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), has developed updated information regarding the Home Mortgage Disclosure Act (HMDA) key data fields that Federal Reserve examiners use in connection with validating the accuracy of HMDA data collected since January 1, 2018 pursuant to the Bureau of Consumer Financial Protection’s (Bureau) October 15,... Read More
The FDIC has updated the Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises to reflect the most up-to-date information available about the mortgage products offered through federal housing programs, Fannie Mae and Freddie Mac.
1. The Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises is designed as a resource for community banks to gain an overview of a variety of products, compare diffe... Read More
The FDIC, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (the Agencies) are jointly issuing a notice of proposed rulemaking titled Real Estate Appraisals (Appraisal NPR), which will be published in the Federal Register for a 60-day comment period. The Appraisal NPR proposes to increase the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. Evaluations would be required for transactions exem... Read More
The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (referred to as the 'agencies') are issuing the attached Frequently Asked Questions on the Appraisal Regulations and the Interagency Appraisal and Evaluation Guidelines to clarify certain aspects of the agencies' appraisal regulations and to consolidate some of the interagency frequently asked questions (FAQs) from a previous release issued in 2005.
In response to questions receiv... Read More
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) are publishing answers to frequently asked questions (FAQ) concerning appraisals and evaluations for real estate transactions that are covered by the interagency appraisal rules (12 CFR 34, subpart C). These FAQs clarify existing regulatory requirements and guidance provided in the 2010 Interagency Appraisal and Eval... Read More
The federal banking agencies (the Agencies) are issuing the attached Frequently Asked Questions (FAQs) on appraisal and evaluation functions. This document was developed in response to recent questions about the agencies' real estate appraisal regulations and guidelines and replaces previous FAQs on the appraisal regulations issued in 2005.
- The Agencies are issuing these FAQs in response to questions raised regarding the Agencies' appraisal regulations and guidance.
- Thes... Read More
The Bureau of Consumer Financial Protection released an interpretive and procedural rule to implement and clarify amendments to HMDA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act. The rule provides further guidance from the Bureau on implementation of the partial exemptions available to qualifying institutions pursuant to the Act.
- On August 31, 2018, the Bureau issued an interpretive and procedural rule to implement and clarify HMDA amendments ma... Read More
The Office of the Comptroller of the Currency (OCC) issued today the 'Truth in Lending Act' (TILA) booklet of the Comptroller's Handbook. This updated booklet replaces a similarly titled booklet issued in December 2014.
This booklet provides updated guidance and procedures to examiners in connection with changes made to Regulation Z (12 CFR 1026), which implements TILA. The updated OCC booklet includes procedures implementing the Bureau of Consumer Financial Protection’s rule: the Integrate... Read More
The Office of the Comptroller of the Currency (OCC) today issued the updated1 “Other Real Estate Owned” booklet of the Comptroller’s Handbook, which provides guidance to examiners on banks’ acquisition, reporting, management, and disposition of other real estate owned (OREO). The updated booklet includes accounting changes for foreclosed property under contract, in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification Subtopic 360-20, Subtopic 610... Read More
HUD Mortgagee Letter ML 2018-05 amends the Loss Mitigation procedures for Disaster-Affected Borrowers referenced in ML 2018-01 and Section III.A.3.c.iv. of FHA Single Family Housing Policy Handbook 4000.1 for borrowers with FHA-insured mortgages whose property and/or employment is located in the Presidentially-Declared Major Disaster Areas (PDMDAs) of Puerto Rico Hurricane Maria DR-4339 or Virgin Islands Hurricane Maria DR-4340, and who have not previously received an FHA permanent Loss Mitigati... Read More