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Jan. 14: Marketing, referral, pricing, sales tools; FHA, VA, Ginnie changes around the biz

January 14, 2020 by Rob Chrisman

There are some clever people out there creating abbreviations and acronyms. Megxit? Yes: Prince Harry and Meghan Markle exiting from certain royal duties. Remember when talking about the economic woes of PIGS (Portugal, Italy, Greece, and Spain) was all the rage? Here’s a new acronym to tuck away that has nothing to do with mortgages: FANG. Analysts are wondering if the FANG stocks (Facebook, Amazon, Netflix and Google parent Alphabet) will continue to lead the stock market in 2020. And there are some clever people, and computers, analyzing demographics. Every LO should know that owning a median-priced, three-bedroom home is more affordable than renting a three-bedroom property in 455, or 53%, of the 855 U.S. counties.

Lender services and products

Imagine receiving your borrower’s entire underwriting package within minutes (instead of days) of a submitted loan application. With Maxwell’s digital mortgage platform, lenders are getting documents 73% faster with their FileFetch technology which connects to over 1,300 financial institutions for increased efficiency and a better borrower experience. This, matched with Maxwell’s already impressive, customizable loan app, borrower portal, task list, and integrations, drive real performance. Loans in Maxwell close more than 45% faster than the national average. To learn more and start using Maxwell today, visit www.himaxwell.com and request a demo today.

Volly awarded A.I.’s Most Innovative Marketing Automation Platform for Banking in 2020. “We are honored to be recognized with yet another distinguished award of the Volly technology” says Jerry Halbrook, CEO of Volly. “While the Volly Marketing Automation platform is only a single component of the available Volly fully integrated suite of technology products, we feel privileged to receive so great a distinction for the results we deliver to our clients every day.” Volly is the mortgage and banking industries most innovative component-based platform that seamlessly integrates marketing and customer engagement strategies with robust lending technologies for Marketing Automation, CRM, Point of Sale, portfolio retention and marketing, and is renowned for delivering exceptionally high lead conversion rates as well as providing fully customized customer journeys to personalize the customer experience and dramatically increase ROI. Click here to learn more about the Volly and schedule a demo today.

Single-family Rental or vacation rental? Visio Lending is the nation’s leader in Non-QM loans for buy and hold SFR rentals. A proven lender with over 6,000 closed loans. With direct access to Wall Street, having just completed our fifth securitization, we offer the most attractive terms and the fastest, simplest and most dependable process in the country. Check us out today and learn why thousands of satisfied customers and brokers choose Visio for all of their SFR rental needs.

Total Expert, the leading marketing and customer engagement technology platform for banks, lenders, and financial services, today announced a dramatic improvement in lead-to-application conversion rates for early adopters of a new feature designed to bridge the gap between marketing and sales teams and become more productive. The new sales enablement feature, “Focused View,” automatically identifies and surfaces the highest value opportunities to customer-facing advisors; allowing them to spend less time configuring their CRM and more time building relationships with prospects and customers. Learn more about Focused View and how it can change the game for your sales team.

Recently, Seroka Brand Development, PR specialists in the mortgage industry, shared information with a group of mortgage b2b companies about emerging trends in public relations. Amy Hansen, Seroka’s VP of Public Relations, revealed a number of ways her staff uses technology to develop creative story ideas that resonate with target audiences to build awareness and new business opportunities for its clients. Hansen stated, “Integrating PR activities with social and digital channels is critical combined with creating thought leadership content that makes readers want to learn more about your company and how you could become a resource for them.” She further pointed out that technology will continue to drive PR forward to create more efficiency and effectiveness in targeting and producing results. Want to learn more? Email Amy to discuss PR trends with any of our readers. Be sure to ask her about Seroka’s exclusive new Marketing Automation OptimizerSM service or visit Seroka Marketing Automation Optimizer.

Join National Mortgage Professional Magazine and Darin Brooks, Regional Director of Sales with Podium on Thursday, January 16 at 1:00 PM Eastern/10:00 AM Pacific, to learn “How to Win Clients and Influence Word-of-Mouth” Any mortgage broker knows instinctively that they live and die by word-of-mouth. A recent study found that a staggering 90 percent of purchases are influenced by word-of-mouth. But how can you get people to talk spontaneously about your mortgage brokerage like this? The answer is surprisingly simple, yet profound: be remarkable. Come join this webinar and learn how to give your clients a remarkable experience, how to kickstart a word-of-mouth engine for your firm, and Simple steps and takeaways to take “give [your clients] somethin’ to talk about.” Click here to register.   

What will it take to be successful in 2020? XINNIX is hosting an event next week that will help you answer that question to help you finetune your 2020 plan. XINNIX CEO and Founder Casey Cunningham and mortgage industry thought leader Nicole Yung, Senior Partner at STRATMOR Group will tackle the subject in a live webinar next Wednesday, January 22 at NOON ET. Register today to hear these two industry leaders discuss what we need to learn from 2019 to make 2020 great, the role that technology will play in next year’s success, what to do to stay productive WHEN (not if) the market turns and MORE. Register now. Seating is limited.

With the ReadyPrice Mortgage.Exchange Non-Delegated Correspondents can deliver the product flexibility of mortgage broker while maintaining the independence and control of the mortgage banker. It’s the first and only platform designed specifically for NDC lenders equipped with all the tools to complete essential mortgage banking functions on a single platform. Whether you’re a veteran in the Non-Del space or just starting out, Mortgage.Exchange offers you the independence, control, compliance, & optionality with the simplicity of a success-based pricing structure. Getting started is easy! Schedule a demo today to learn more.

SimpleNexus retains over 99% of clients year after year. When asked how they do it, they say the key to their success is putting client profitability first. As one lender tells it, by speeding up the loan process, SimpleNexus helps lenders win more business from referral partners. SimpleNexus recently enabled the lender to complete a loan transaction in 4 days and then wait out the 10-day legal requirements to close compared to a standard 21- or 30-day close. The Realtor for the transaction, who normally worked with another lender, was beyond impressed. “We won that Realtor,” said the lender.  “She calls us first every time now.” Request a demo here. If you’re interested in achieving similar results, SimpleNexus would love to see you at its second annual SimpleNexus User Group (SNUG), which convenes February 9-12 at the Snowbird Ski Resort just outside Salt Lake City (current snow depth: 106”).

FHA, VA, and Ginnie changes

FHA has implemented its Defect Taxonomy Version 2, effective for loan reviews beginning Wednesday, January 1, 2020. The new version includes various updates to the Defect Taxonomy originally implemented through the Loan Review System (LRS) in 2017. The posting of Defect Taxonomy Version 2 on the Loan Review System webpage is one of several important milestone achievements in FHA’s efforts to provide greater clarity and consistency for lenders. Additionally, recent changes to LRS now allow lenders to submit optional responses to Tier 3 and 4 deficient findings, as well as Tier 1 and 2 findings that FHA has mitigated or remediated. FHA’s Defect Taxonomy Version 2 and an updated LRS User Manual can be accessed on the Loan Review System webpage.

Ginnie Mae has added “MyGinnieMae roll-out continues with January 14 webcast for Users”.

VA lenders know that the “Blue Water Act“, signed into law in 2019 and effective starting in January of 2020, created relief for veterans with medical conditions presumed to have been caused by Agent Orange or “herbicide exposure” during service in Vietnam. The Act makes significant changes to the VA home loan program. Some are alterations to help pay the measures required by the act, others are procedural changes, while still others are fundamental alterations to the basic structure of VA loans. The changes include: No upper loan limit on VA mortgages as of 1 January 2020*. An increase in the VA Loan Funding Fee for all non-exempt borrowers. Purple Heart recipients are now exempt from paying the VA loan funding fee the same as those who receive or are entitled to receive VA compensation.

FHA and VA Loan Limit Increase for 2020 is addressed by PennyMac Correspondent in Announcement 19-69

Effective January 15, 2020 Minimum Credit Score for Land Home Financial Services’ FHA Within Reach TM Program will be 640*. Contact your Account Executive and learn about its NEW Down Payment Assistance Programs allowing up to a 6% FHA Loans.

Click here to view Lakeview Correspondent announcement for updates to Fannie Mae, Freddie Mac and VA guidelines and an important bailee letter reminder for the Lakeview No MI With Community Second program.

Lakeview Wholesale announcement W2020-01 announces updates to FHLMC and VA.

PRMG’s Product Profile Update 20-01 includes information on the addition of a link to access TCF Taxpayer Consent Form and updated 2020 max loan limits on CHFA FHA and Conventional Products.

Veterans United published its 2020 funding fee calculator, making “life a lot easier for service members that are wanting to calculate the new funding fee that went into effect January 1, 2020. The Blue Water Navy Vietnam Veterans Act of 2019 makes several key changes to the VA Funding Fee, some temporary and others permanent. The VA Funding Fee jumped from 2.15% to 2.30 percent for first use and from 3.30 to 3.60 percent for subsequent use, followed by a return to the new equalized rates for almost eight years.”

Plaza has revised its Department of Veterans Affairs (VA) program guidelines to incorporate the Blue Water Navy Vietnam Veterans Act of 2019, which includes changes that are effective for VA loans closed on or after January 1, 2020. Plaza’s updated guidelines will be effective on January 1, 2020. For more information, refer to Plaza’s January 1 effective VA program guidelines.

Don’t forget that Plaza’s FHA Limited 203(k) program now allows for increased renovation amounts in Qualified Opportunity Zones (QOZs). Refer to Plaza’s updated FHA 203(k) program guidelines and FHA Mortgagee Letter 2019-18 for more information.

Land Home Financial Services, Inc is now offering FHA Within Reach™ 2.0 Down Payment Assistance Program (DAP). This product is a competitively priced government loan program that does not require a borrower minimum down payment. Exclusively offered by Land Home Financial Services, Inc., Within Reach™ 2.0 provides a choice of a 3%, 4% 5% or 6% Down Payment Assistance. Manual Underwriting is allowed. Must meet FHA Manual Underwriting Requirements along with Land Home Financial Services, Inc guidelines.

Did you know that the FHA’s recent announcement about single unit condo approvals also applies to reverse mortgages? Now, even if your borrower’s condominium is not in an FHA-approved project they may still qualify for FHA-backed financing, like a HECM. Additionally, the 2020 lending limit for federally backed reverse mortgages has been increased to $765,600 in all US counties. If you have a borrower looking for a HECM for their condominium or want to learn more about the new reverse lending limits, Contact the Plaza Home Mortgage reverse mortgage division.

Capital markets

AmeriHome requires that when submitting bid tapes, Sellers identify all Fannie Mae and Freddie Mac loans utilizing an appraisal waiver. Effective with new Bulk Trade and Bulk Assignment of Trade bid tapes submitted on and after Wednesday, January 15, loans utilizing an appraisal waiver (e.g. Fannie Mae Appraisal Waiver, or Freddie Mac Automated Collateral Evaluation (ACE)) that are not identified as such on the bid tape may be subject to a 25 basis points loan price adjustment.

Looking at bond prices, which create interest rates, U.S. Treasuries began the week pulling back slightly +2 bps across the curve after the weekend did not see a further escalation in tension between the U.S. and Iran. Aiding sentiment was the White House reporting it will end the designation of China as a currency manipulator, removing an obstacle to an overall deal that will partially end the trade war begun by President Trump. The Phase One trade deal is expected to be signed tomorrow, as China’s Vice Premier He arrived in Washington over the weekend.

 

Today’s calendar is already underway with the NFIB Small Business Activity Index for December (dropping, but the takeaway is that the 4th quarter matched the 3rd quarter), the December CPI report (+.2%, core +.1%), and real average weekly earnings (-.1% after being +.1% in November). Out later in the day will be Redbook same store sales for the week ending Jan 11. We also have some Fed speak, with NY Fed President Williams and Kansas City’s George both opining on the podium. We begin today with Agency MBS prices better a tick or two and the 10-year sitting around 1.84 percent (1.85 close yesterday) after the tame inflation numbers.

When I worked in the post office, a lady barged in and started complaining that she’d got home to find a note from the postman – he’d tried to deliver a package but nobody was in.

“My husband was home all day!” she fumed.

After I gave her the package, she said, “Oh, I’m so excited – it’s my husband’s new hearing aid!”

Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the STRATMOR Group web site. The current blog is, “Politics do Indeed Impact Interest Rates and Borrowers” If you have the inclination, make a comment on what I have written, or on other comments so that folks can learn what’s going on out there from the other readers.

Rob

(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are hundreds of mortgage professionals looking for operations, secondary and management roles. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2020 Chrisman LLC. All rights reserved. Occasional paid job listings do appear. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Rob Chrisman.)

Source: Rob Chrisman

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Rob Chrisman
Latest posts by Rob Chrisman (see all)
  • Jan. 22: MLO jobs; broker, recruiting, HELOC products; Freddie & Fannie compliance reminders; a clever joke - January 22, 2021
  • Jan. 22: MLO jobs; broker, recruiting, HELOC products; Freddie & Fannie compliance reminders; a clever joke - January 22, 2021
  • Jan. 21: Retail, Correspondent jobs; performance, non-QM, sales tools; STRATMOR strategy paper; DACA & FHA - January 21, 2021

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Archives

Real Estate

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3 Keys to Non-Traditional Holiday Decor
3 Keys to Non-Traditional Holiday Decor

Forget the traditional holiday decorating rules and push yourself to find decor that is new, fresh and fits within your current home decor. [...]

8 Tips for Achieving Maximum Coziness

Gray skies don't have to mean a drab indoor life. [...]

A 3-Step Downsizing Plan

When it's time to move to a smaller home, these tips will help you save the memories while minimizing clutter in your new place. [...]

How to Carve the Best Pumpkin on the Block

To ensure your jack-o'-lantern is primed for Halloween, follow these tips. [...]

Regain Your Garage: Simple Tricks for Getting Organized

A thoughtful approach to garage storage makes the most of this valuable space and keeps every necessity at your fingertips. [...]

Capitol rioters could face penalties under this NAR policy
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Realtors convicted of a "felony or crime involving moral turpitude" may be subject to discipline under membership rule. [...]

How do you serve a client who just won the $731.1M Powerball lottery?
How do you serve a client who just won the $731.1M Powerball lottery?

On Thursday, a lottery ticket sold in a convenience store in Lonaconing, Maryland, became the fourth-highest jackpot in Powerball history. Odds are, the winner's going to need an agent. [...]

December home value growth shatters records: Zillow
December home value growth shatters records: Zillow

Typical U.S. home values rose 8.4 percent year over year to $266,104, the highest annual increase seen since January 2014, according to a new report from Zillow. [...]

It’s official: Home sales in 2020 soared to highest level in ages
It’s official: Home sales in 2020 soared to highest level in ages

Just as the real estate industry suspected, existing-home sales surged in 2020, up 5.9 percent from the year previous and to a level unseen since the Great Recession, according to new data. [...]

Boston home atop Underground Railroad hits the market for $10.7M
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Resources for homeowners affected by COVID19.

Here's a list of some high level resources where homeowners can find additional information and possibly help, regarding mortgage forbearance or other questions. If you want to suggest other links that are not blogs or promotional, message me and I'll add them here at the top. List of lenders who may offer relief: https://www.aba.com/about-us/press-room/industry-response-coronavirus https://www.hud.gov/ National relief information and resources https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm if you want to talk to a housing counselor about avoiding foreclosure If you have a Fannie Mae loan: https://www.knowyouroptions.com/covid19assistance If you have a Freddie Mac loan: https://myhome.freddiemac.com/own/getting-help-disaster.html General info on CFPB site: https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/ https://www.sba.gov/ Small Business Loans 800-827-5722.… [...]

New Coronavirus megathread, place for linking good discussions.

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It's closing day! Wish me luck.

It's been a short , excruciating journey. Nerves are just as bad as they've been at any point in the process, but half of our belongings are packed in the cars so we can start moving immediately after signing. Wish me luck! submitted by /u/poppycockpickle [link] [comments] [...]

Setting yourself up for failure as a first time buyer in a competitive market, an exercise to avoid this

I am a San Francisco realtor and I ever since I implemented this exercise with my first time clients, I have seen a dramatic increase in success rate with buyers. My team calls it the "reality check" and I wanted to share it will all buyers. We have our first time buyer clients identify what they are looking for using four criteria. Home Type (Single Family Home, Condo, TIC) Neighborhood or location restriction (either a very specific location like "Richmond District" or general like "convenient to public transportation to Financial District") Home Features (Bed, bath count, size, amenities etc) Price… [...]

How to tactfully switch realtors?

My husband and I have been house hunting since August 2019. We’ve had 4 offers declined and it’s been tough. Our realtor (while incredibly sweet) has been subpar. She usually takes over a week to schedule a single viewing and has been late to multiple viewings. She’s not very communicative and will go a week without responding to our emails. It’s been frustrating and she isn’t making the hot market any easier on us. I sent her listings we wanted to see 2 weeks ago and she has yet to schedule a single viewing from our list. That was our… [...]

Markets

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Market Extra: Chinese bonds attracted record $186.1 billion of inflows in 2020
Market Extra: Chinese bonds attracted  record $186.1 billion of inflows in 2020

Overseas investors plowed billions into Chinese bond markets last year, reflecting the growing attractions of its debt to yield-hungry investors. [...]

Earnings Outlook: Starbucks earnings preview: COVID-19 stalls sales recovery, but spring is looking up
Earnings Outlook: Starbucks earnings preview: COVID-19 stalls sales recovery, but spring is looking up

The return of the Starbucks Happy Hour will give sales a bump, analysts say [...]

Market Extra: Black Americans suffered the most under Trump-era consumer-protection agency, study finds
Market Extra: Black Americans suffered the most under Trump-era consumer-protection agency, study finds

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: Gap’s Athleta brand adding larger sizes to hundreds of items
: Gap’s Athleta brand adding larger sizes to hundreds of items

Gap Inc.'s Athleta brand has expanded its size range to 1X to 3X, or sizes 18 to 26, across 350 styles in its collection. [...]

: Japan says reports of the Tokyo Olympics being canceled are ‘categorically untrue’
: Japan says reports of the Tokyo Olympics being canceled are ‘categorically untrue’

In recent weeks, Japan has declared a state of emergency and seen rising cases of COVID-19 [...]

The Moneyist: My wife has a degenerative neurological disease. My father-in-law wants to put her in a facility — and take over our finances
The Moneyist: My wife has a degenerative neurological disease. My father-in-law wants to put her in a facility — and take over our finances

‘My father-in-law now seems obsessed with moving my wife out of our home to some sort of group home/facility. The mere thought of this seems abhorrent and barbaric.’ [...]

The Moneyist: ‘This is sheer economic waste. We distributed our $1,200 stimulus to our church:’ Why did we get these checks instead of poor Americans?
The Moneyist: ‘This is sheer economic waste. We distributed our $1,200 stimulus to our church:’ Why did we get these checks instead of poor Americans?

‘We do not light our fireplace with $100 bills, but we are comfortable.’ [...]

The Moneyist: I want to propose to my girlfriend — but how do I divide my estate between her and my daughter from a previous marriage?
The Moneyist: I want to propose to my girlfriend — but how do I divide my estate between her and my daughter from a previous marriage?

This letter writer asks: ‘Is it wrong to leave funds passed down from generation to generation solely for my daughter, and leave other funds to my new wife?’ [...]

Encore: Eliminating Social Security provisions that reduce benefits for some state and local workers is not the way to help retirees
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All state and local workers should be covered by Social Security [...]

Outside the Box: If I inherit a Roth IRA, are the distributions taxed?
Outside the Box: If I inherit a Roth IRA, are the distributions taxed?

Most of the time no, but there are a few things to keep in mind [...]

Guidelines

  • FDIC Financial Institution Letters
  • FDIC Press Releases
Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering (AML) Considerations
Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering (AML) Considerations

Financial Institution Letter January 19, 2021 Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering (AML) Considerations Summary The FDIC, Board of Governors of the Federal Reserve System, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency have issued responses to frequently asked questions (FAQs) regarding suspicious activity reporting and other AML considerations for financial institutions that are required to submit Suspicious Activity Reports (SARs).   Statement of Applicability to Institutions Under $1 Billion in Total Assets This Financial Institution Letter (FIL) applies to all FDIC-supervised institutions.   Distribution FDIC-Supervised Institutions… [...]

FDIC Board of Directors Meeting
FDIC Board of Directors Meeting

Board Materials January 19, 2021 FDIC Board of Directors Meeting Today the Federal Deposit Insurance Corporation’s Board of Directors met in open session. Materials and information relative to the Board actions are available here: Revisions to the FDIC’s Guidelines for Appeals of Material Supervisory Determinations Statement by Chairman Jelena McWilliams Statement by Board Member Martin J. Gruenberg Financial Institution Letter Final Rule Final Rule on Role of Supervisory Guidance Press Release Financial Institution Letter Final Rule   The FDIC Board of Directors also met in closed session to discuss the following: Lifting Moratorium for Insured Depository Institution (IDI) Plans FDIC… [...]

Consolidated Reports of Condition and Income for Fourth Quarter 2020
Consolidated Reports of Condition and Income for Fourth Quarter 2020

Financial Institution Letter January 15, 2021 Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Consolidated Reports of Condition and Income for Fourth Quarter 2020 The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2020, report date. Please plan to complete as early as possible the preparation, editing, and review of your institution’s Call Report data and the submission of these data to the agencies’ Central Data Repository (CDR). Starting your preparation early will help you identify and resolve any edit… [...]

Banker Webinar: Basics of New Paycheck Protection Program (PPP) Loan Programs
Banker Webinar: Basics of New Paycheck Protection Program (PPP) Loan Programs

Financial Institution Letter January 11, 2021 Banker Webinar: Basics of New Paycheck Protection Program (PPP) Loan Programs Summary: The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Conference of State Bank Supervisors will host a webinar for bankers on Monday, January 11, 2021 from 2:00 p.m. to 3:00 p.m., ET, to discuss recent changes to the Paycheck Protection Program (PPP).  During the webinar, officials from the Small Business Administration (SBA) and the U.S. Department of the Treasury (Treasury) will provide… [...]

Information Regarding the FDIC’s Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs)
Information Regarding the FDIC’s Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs)

Financial Institution Letter December 28, 2020 The previous update to FIL-116-2020 has been retracted. The correct FIL is as follows: Information Regarding the FDIC’s Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs) Summary On October 20, 2020, the FDIC Board of Directors voted to issue an Interim Final Rule (IFR) to provide temporary relief from the Part 363 Audit and Reporting requirements for IDIs experiencing asset growth as a result of their participation in pandemic-related government stimulus programs or related effects. The IFR reserves to the FDIC the authority to require an IDI to… [...]

FDIC Board of Directors Meeting
FDIC Board of Directors Meeting

Board Materials January 19, 2021 FDIC Board of Directors Meeting Today the Federal Deposit Insurance Corporation’s Board of Directors met in open session. Materials and information relative to the Board actions are available here: Revisions to the FDIC’s Guidelines for Appeals of Material Supervisory Determinations Statement by Chairman Jelena McWilliams Statement by Board Member Martin J. Gruenberg Financial Institution Letter Final Rule Final Rule on Role of Supervisory Guidance Press Release Financial Institution Letter Final Rule   The FDIC Board of Directors also met in closed session to discuss the following: Lifting Moratorium for Insured Depository Institution (IDI) Plans FDIC… [...]

FDIC Selects 11 Companies to Compete in Final Phase of Tech Sprint
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Press Release January 11, 2021 FDIC Selects 11 Companies to Compete in Final Phase of Tech Sprint WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the selection of 11 companies to compete in the third and final phase of the agency’s Rapid Phased Prototyping Competition, a tech sprint designed to develop an innovative new approach to financial reporting, particularly for community banks.   The FDIC selected the following companies to continue to Phase III of this competition: ACTUS Financial Research Foundation, Inc. BearingPoint DSQuorum, LLC (Data Society) Fed Reporter, Inc. Fidelity Information Services, LLC First Data Government Solutions,… [...]

FDIC Announces Personnel Changes
FDIC Announces Personnel Changes

Press Release January 11, 2021 FDIC Announces Personnel Changes WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) has made several personnel changes in its Division of Risk Management Supervision (RMS) and Division of Depositor and Consumer Protection (DCP).   Atlanta Regional Director   John P. Henrie has been appointed Regional Director, Atlanta Region, directing both RMS and DCP supervision programs for institutions in Florida, Georgia, Alabama, South Carolina, North Carolina, Virginia, and West Virginia.   Mr. Henrie has been with the FDIC for more than 33 years and has held a number of leadership positions within RMS, where he most recently… [...]

FDIC Announces Personnel Change in Its Division of Complex Institution Supervision and Resolution
FDIC Announces Personnel Change in Its Division of Complex Institution Supervision and Resolution

Press Release January 5, 2021 FDIC Announces Personnel Change in Its Division of Complex Institution Supervision and Resolution WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors has appointed John P. Conneely as director of the Division of Complex Institution Supervision and Resolution (CISR).  Mr. Conneely has been with the FDIC for more than 30 years and was instrumental in establishing CISR while serving as its Acting Senior Deputy Director.  He has held numerous senior leadership roles throughout the FDIC in the Division of Risk Management Supervision, the Division of Insurance and Research, and the Office of Complex… [...]

FDIC Issues List of Banks Examined for CRA Compliance
FDIC Issues List of Banks Examined for CRA Compliance

Press Release January 4, 2021 FDIC Issues List of Banks Examined for CRA Compliance The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).  The list covers evaluation ratings that the FDIC assigned to institutions in October 2020.    The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations.  As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated… [...]


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