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Items Tagged with 'OCC'

ARTICLES

OCC: 87% of settlement funds distributed to borrowers

Waters has called OCC's crediting system "nonsensical"
April 30, 2014
According to the OCC, Qualified Settlement Fund 1 had disbursed 3,948,415 checks to distressed borrowers, totaling $3,385,814,432, as of January 24, 2014. Of those checks, 3,280,458 (83%), totaling $2,903,932,623 (86%), have been cashed or deposited as of April 8, 2014.
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Waters: Regulators used “nonsensical system” to setup mortgage settlement fund

Waters is "troubled" by GAO report on foreclosure process
April 29, 2014
Waters said she was “concerned” with these GAO findings. Waters said the report also “show(s) that the settlement was reached without adequate investigation into the harms committed by the servicers.”
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Mortgage servicing foreclosure review faults subpar regulation

Cash payouts and foreclosure prevention fund based on "incomplete information"
April 29, 2014
When it came to the $6 billion set aside for foreclosure prevention actions, the GAO found that the Fed and OCC did not define specific objectives for what was to be done with the money. Instead, the regulators negotiated with the servicers and identified broad objectives, including “that actions be meaningful and that borrowers be kept in their homes.”
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Did the foreclosure rate really get cut in half?

Yes, according to OCC data
March 27, 2014
The percentage of early stage delinquencies, 30 days+ overdue, is 2.6%, down 8.7% from a year ago and the lowest level at year-end since reporting began in January 2008. But the really big changes concern foreclosures.
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3 security concerns when working with third-party vendors

OCC: Vendor relationships create added risks
March 5, 2014

As more lenders turn to third parties, regulators are emphasizing the importance of gauging the potential risks involved. While relying on vendors is not bad, it is adding new weaknesses into the system.


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Why the OCC is worried about looser lending standards

New data shows lenders growing less reluctant
January 30, 2014
The Office of the Comptroller of the Currency points out in its 19th Annual Survey of Credit Underwriting that OCC bank examiners studying banks noted an easing of underwriting standards in recent months.
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EXCLUSIVE: Sue Allon parts ways with Stewart Lender Services

Industry insider calls recent acquisition a fire sale
January 22, 2014
Just six months after Stewart Lender Services acquired key assets of Allonhill, Sue Allon exited the company before the ink on her business cards could even dry.
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OCC believes banks might be gambling again

Report cites increased risk-taking in slow economic growth environment
December 19, 2013
The Fed may be tapering its monthly asset purchases – and economic data may be showing some signs of improvement – but the Office of the Comptroller of the Currency is telling national banks and federal savings to be careful of excessive risk taking in the new year.
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Payday lending critics bark up the wrong tree

While CFPB searches for solutions, big banks hidden role becomes clear
December 18, 2013
While a 5% mortgage rate appears astoundingly high, some payday loans easily hit the hundred-percent interest range. But are activists barking up the wrong tree in trying to fix this sky high rate problem?
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Outside examiners evaluate the OCC for a change

Fire a warning shot about experienced examiners retiring
December 5, 2013
The Office of the Comptroller of the Currency spends its days overseeing national banks and federal thrifts, but a new report is giving the regulator a little advice on how to improve its own operations.
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