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Community Reinvestment Act (CRA)

Federal Financial Agencies Clarify Community Reinvestment Act

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Four federal financial institution regulatory agencies issued a statement to clarify safety-and-soundness expectations and Community Reinvestment Act (CRA) considerations related to Qualified Mortgage loans and non-Qualified Mortgage loans offered by regulated institutions.Click to continue

QuestSoft Updates Software to Accomodate New MSAs


QuestSoft is updating all of its software to reflect new Metropolitan Statistical Area (MSA) realignment changes that impact compliance in 2014. In an analysis of the new regions, QuestSoft and its consulting partner, Connecticut-based GeoDataVision, mapped and studied changes regarding MSA’s. The analysis details eliminated and expanded MSA’s, which become effective Jan. 1, 2014 and will impact demographics affecting Community Reinvestment Act (CRA) and Fair Lending programs.Click to continue

NY Gov. Cuomo Seeks to Stamp Out Slumlords

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New York Gov. Andrew M. Cuomo announced proposed Slumlord Prevention Guidelines (SPG) for bank lending to help protect tenants, strengthen communities, and promote sustainable, long-term investments in rental housing. The guidelines include new Community Reinvestment Act (CRA) regulations from the Department of Financial Services (DFS) that incentivize banks to lend to landlords who are committed to the long-term health of a community – instead of quick-buck artist slumlords who let buildings fall into disrepair.Click to continue

List of 2013's Distressed Geographies Now Available

Distressed Property

The federal bank and thrift regulatory agencies announced the availability of the 2013 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development."Click to continue

Agencies Release Proposed Revisions to CRA Q&A


The federal bank regulatory agencies have requested comment on proposed revisions to "Interagency Questions and Answers Regarding Community Reinvestment." The Questions and Answers document provides additional guidance to financial institutions and the public on the agencies' Community Reinvestment Act (CRA) regulations. The proposed revisions focus primarily on community development. Community development activities are considered as part of the CRA performance tests for large institutions, intermediate small institutions, and wholesale and limited purpose institutions.Click to continue

AllRegs Launches Consumer-Focused Training Resources

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AllRegs has announced the launch of consumer training resources for the financial services industry. AllRegs has developed this online consumer training platform in conjunction with HomeFree-USA, one of the largest homeownership development and U.S. Department of Housing & Urban Development (HUD) intermediaries in the United States, and is made available through HomeCoach-USA. The online home training courses include homebuyer education, homeowner education and financial literacy curriculums, with the potential to reach more than four million Americans.Click to continue

New QuestSoft Product to Assist Lenders With State Compliance Exams

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QuestSoft, a provider of mortgage compliance software and services for the mortgage industry, has significantly enhanced its Compliance EAGLE module that helps lenders validate and review multi-state and single state mortgage exam files prior to submission to governing agencies. Administered jointly by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR); the multi-state exams for state-chartered lenders began in January of this year.Click to continue

New Tech Partnership Formed to Maintain GFE Compliance

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QuestSoft, a provider of mortgage compliance software for lenders, has added La Jolla, Calif.-based ClosingCorp’s SmartGFE service to Compliance EAGLE, an end-to-end, automated compliance review solution. The integration of SmartGFE into Compliance EAGLE ensures that fee amounts in Good Faith Estimates (GFEs) produced by integrated loan origination and document software will be accurate and in compliance.Click to continue

MountainView Hires Robert Wellerstein as a Managing Director

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MountainView Capital Holdings has announced the hiring of Robert Wellerstein as a managing director in its mortgage and fixed income sales and trading units. Wellerstein is an industry veteran with extensive experience in sales and trading of mortgage loans, mortgage servicing rights and fixed income securities. He will be based in Los Angeles.Click to continue

Federal Agencies Announce CRA Changes to Address High Foreclosure Rate

Home Foreclosure

The federal bank and thrift regulatory agencies have announced changes to Community Reinvestment Act (CRA) regulations to support stabilization of communities affected by high foreclosure levels. The final rule is substantially the same as the proposal published for comment on June 24, 2010. It encourages depository institutions to support eligible development activities in areas designated under the Neighborhood Stabilization Program (NSP) administered by the U.S. Department of Housing & Urban Development (HUD).Click to continue