News Briefs

Register now

Bluepoint, Corporate One To Host Webinar on IMAGEin June 30

DUBLIN, Ohio--Bluepoint Solutions and Corporate One will host a webinar this week titled, "Learn how Bluepoint and Corporate One can protect your investment in IMAGEin." According to the two parties, the webinar will focus on how current IMAGEin users can continue to leverage software support, check processing and clearing services with no disruption to operations or member service as they transfer product support directly to Bluepoint, with no additional costs or license transfer fees; support options that are available from Bluepoint and other issues.The webinar is scheduled for June 30 from 2 p.m. to 3 p.m. ET (11 a.m. to 12 p.m. PT). It will conclude with a panel discussion.Forinfo: www.bluepointsolutions.com or www.corporateone.coop.

 

Comment Deadline On Risk-Retention Requirements Extended To Aug. 1

WASHINGTON-The comment deadline has been extended until August 1 for feedback to a joint federal agency proposal that seeks to address abuses in the mortgage lending market by altering risk retention requirements. The previous deadline for comment on the risk retention provisions, which are required by the Dodd-Frank Wall Street Reform Act, was June 10.

The Federal Deposit Insurance Corp., the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Reserve, the Department of Housing and Urban Development, and the Federal Housing Finance Agency (FHFA) released a joint statement saying the additional time has been granted in order to allow interested parties more time to analyze the proposal and prepare their comments.

The proposed rule, which was released in March, would require loan securitizers to retain a 5% economic interest in a material portion of the credit risk for any asset that they transfer, sell, or convey to a third party. A number of credit union organizations have already commented that the proposal would harm low-income borrowers even though a majority of credit unions would be exempted, as loan originators would not be included if they contribute less than 20% of the loans or other collateral to a given pool of asset-backed securities. A majority of credit unions would likely be exempted under this threshold.

If the credit union's or other mortgage originator's loans make up 20% or more of a pool of asset-backed securities, the originator would then be required to take on a portion of the loan securitizer's risk retention requirement in the same percentage amount as its contributions to the asset pool.

Qualified residential mortgages and U.S. government-guaranteed mortgages, such as FHFA and Veterans Administration mortgages, would be exempt from all risk-retention requirements, and government-sponsored entities Fannie Mae and Freddie Mac would also be exempt from the securitzer risk-retention requirements for as long as those entities are held under government conservatorship.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER