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Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

OCC: Amendment to Home Mortgage Disclosure Act

The Office of the Comptroller of the Currency (OCC) issued a bulletin on Tuesday to publicize key fields—which examiners will use to validate the accuracy and reliability of home mortgage loan data collected.

These key fields, which are intended for national banks, federal savings associations, and insured federal branches and agencies of foreign banks, will establish beginning in 2018, pursuant to the Home Mortgage Disclosure Act (HMDA) rule issued October 15, 2015.

According to the release, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the OCC issued “similar guidance designating the same key fields for these purposes.”

In response, Keith A. Noreika, Acting Comptroller of the Currency, said he commends the hard work of the staffs of the OCC and the other federal banking agencies.

“The action the agencies take today will support the efficient and effective evaluation of financial institutions’ compliance with the requirements of HMDA,” Noreika said in a statement released Tuesday.

Can a letter of hardship apply toward Mortgage forgiveness Act?

I am looking to move closer to my job, which I currently commute 200 miles on a daily round trip. My current property is $200k under my purchase price. I plan on trying to rent my home or I will probably attempt to short sale it.

If you chose to buy a home 200 miles to job, that's a choice you made, your election, hardship you chose. Now if you got transferred after purchasing home, then it's a hardship.

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