Mortgages

Customers suffered when they were placed in mortgage relief plans without their consent, the Massachusetts senator says. She urged the Federal Reserve to take the blunder into account as it weighs when to lift other sanctions against the bank.

The proposed best practices would be modeled after federal servicing standards and be used to supervise nonbanks firms subject to state regimes.

The company's software can now be used to handle personal loans, credit cards and specialty-vehicle loans.

The agency reported signs of stress on the credit quality in residential loans serviced by seven large banks as a result of the COVID-19 pandemic.

The company also found a buyer for its portfolio of equipment finance loans as it tries to clean up credit and refocus on middle-market lending.

Some homeowners who sought relief as a result of COVID-19 may owe a lump sum when their forbearance period ends, according to a report from the Committee for Better Banks. The group is calling on banks to instead extend the repayment periods for affected customers.

Credit unions need to improve their processes to ensure the problems that have arisen with credit reporting during the coronavirus don't happen again.

Measures designed to give banks and credit unions more flexibility to help customers weather the coronavirus pandemic are set to expire Dec. 31 unless Congress renews them.

The agency has scheduled an extra assessment of institutions' strength to incorporate more recent economic data during the pandemic.

More than 160 institutions will use the money to help members weather the coronavirus by offering new products and providing help with loan payments.

On Jun. 30, 2020. Dollars in thousands.

On Jun. 30, 2020. Dollars in thousands.

It's unlikely that lawmakers will pass new coronavirus-related legislation before Congress leaves for its October recess.

More consumer and commercial borrowers are paying their loans, increasing the likelihood that charge-offs will be manageable for banks despite the ongoing pandemic.

The post was vacant since Kristy Fercho left to run Wells Fargo Home Loans in July.

The Senate Banking Committee met Wednesday to review central bank lending facilities such as the Main Street Lending Program, which provides bank-issued loans to middle-market firms. But some lawmakers on the panel said the focus of pandemic relief has been misplaced.

The final version of the amended rule, like the original proposal, makes fair-lending claims tougher to prove. But it does soften language that otherwise might have allowed mortgage companies to use algorithms to prove nondiscrimination.

On Jun. 30, 2020. Dollars in thousands.

The Federal Housing Finance Agency's proposal could undermine the companies’ mission to support the housing market and penalize consumers in underserved communities, industry and consumer groups say.

The agency’s plan to extend the "qualified mortgage" stamp of approval to more loans could help lenders that rely on alternative data and cushion the blow of other QM changes for Fannie Mae and Freddie Mac.