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also known as the Council. The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRS), , the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision*(OTS), and to make recommendations to promote uniformity in the supervision of financial institutions. In 2006, the State Liaison Committee (SLC) was added to the Council as a voting member. The SLC includes representatives from the Conference of State Bank Supervisors (CSBS), the American Council of State Savings Supervisors (ACSSS), and the National Association of State Credit Union Supervisors (NASCUS).
The FFIEC was given additional statutory responsibilities by section 340 of the Housing and Community Development Act of 1980 to facilitate public access to data that depository institutions must disclose under the Home Mortgage Disclosure Act of 1975 (HMDA) and the aggregate of annual HMDA data, by census tract, for each metropolitan statistical area (MSA).
In 1988 and 1989, coverage was expanded to include nondepository institutions in the collection and reporting of HMDA. Independent mortgage companies (nondepository institutions) that are regulated by the Department of Housing and Urban Development (HUD) were required to collect and report HMDA if they met the reporting criteria. (Even though data are collected from the independent mortgage companies, HUD is not a member agency of the Council).
* According to the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) the OTS closed as of July 21, 2011. While most of its functions were transferred to the OCC, certain other authorities of the OTS were transferred to the FDIC and the FRS. Correspondingly, in accordance with the Dodd-Frank Act, the Director of the newly created Consumer Financial Protection Bureau joins the membership of the Council.
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift
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This Act established the Federal Home Loan Bank Board (“FHLBank Board”), which charters and supervises Federal Savings and Loans Institutions (“S&Ls”). Additionally, the Act established the Federal Home Loan Banks (“FHLBanks”) and gave the FHLBank Board authority to regulate and supervise S&Ls. The FHLBanks were given the authority to lend to S&Ls to finance home mortgages.
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift
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A five-member board established in 1932 by the Federal Home Loan Bank Act. The FHLBank Board provided the FHLBanks with the authority to regulate and supervise savings and loan institutions (“S&Ls”), as well as to lend money to S&Ls, which would in turn finance home loans. The FHLBank Board retained these basic responsibilities until the passage of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”). FIRREA created the Federal Housing Finance Board to succeed the FHLBank Board, and some of the FHLBank Board’s functions were transferred to the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, and the Office of Thrift Supervision.
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift
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The Federal Home Loan Banks are 12 regional cooperative banks that U.S. lending institutions use to finance housing and economic development in their communities. Created by Congress, the FHLBanks have been the largest source of funding for community lending for eight decades. The FHLBanks provide funding to other banks, but not directly to individual borrowers.
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift
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A federally chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders with funds that can be used to make loans to homebuyers.
- Browse Related Terms: Chapter 7 Bankruptcy, Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), Investment Property, Mortgage-Backed Securities (MBS), Preferred Stock, Primary Mortgage Market, Secondary Mortgage Market, Securitization
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Part of the U.S. Department of Housing and Urban Development (“HUD”), FHA provides mortgage insurance on loans made by approved lenders throughout the United States and insures mortgages on single family and multifamily homes, including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift
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The Act modernized the regulatory oversight of Fannie Mae and Freddie Mac. It created the Office of Federal Housing Enterprise Oversight (“OFHEO”) as a new regulatory office within HUD with the responsibility to “ensure that Fannie Mae and Freddie Mac are adequately capitalized and operating safely.” OFHEO was funded by assessments on Fannie Mae and Freddie Mac. The Act established risk-based and minimum capital standards for Fannie Mae and Freddie Mac and established HUD-imposed housing goals for financing of affordable housing, housing in central cities, and other rural areas.
- Browse Related Terms: Conventional Conforming Mortgage Loans, Emergency Home Finance Act of 1970, Federal Housing Enterprises Financial Safety and Soundness Act of 1992, Federal National Mortgage Association Charter Act of 1954 (Charter Act), Government National Mortgage Association (Ginnie Mae), Government-Sponsored Enterprise (GSE), Housing and Urban Development Act, Implied Guarantee, Loan Type, Private-Label Mortgage-Backed Securities (Private-label MBS), Private-Label Mortgages, Senior Preferred Stock Purchase Agreement (PSPA)
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A federally chartered corporation that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages, Fannie Mae supplies funds to lenders so they may make loans to homebuyers.
- Browse Related Terms: Chapter 7 Bankruptcy, Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), Investment Property, Mortgage-Backed Securities (MBS), Preferred Stock, Primary Mortgage Market, Secondary Mortgage Market, Securitization
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The Charter Act transformed Fannie Mae from a government agency into a public-private, mixed ownership corporation. It also exempted Fannie Mae from all state and local taxes, except real property taxes.
- Browse Related Terms: Conventional Conforming Mortgage Loans, Emergency Home Finance Act of 1970, Federal Housing Enterprises Financial Safety and Soundness Act of 1992, Federal National Mortgage Association Charter Act of 1954 (Charter Act), Government National Mortgage Association (Ginnie Mae), Government-Sponsored Enterprise (GSE), Housing and Urban Development Act, Implied Guarantee, Loan Type, Private-Label Mortgage-Backed Securities (Private-label MBS), Private-Label Mortgages, Senior Preferred Stock Purchase Agreement (PSPA)
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Created by the National Housing Act of 1934, the FSLIC, which was administered by the FHLBank Board, insured savings and loan deposits until 1989.
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift
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Any item of value including goods or services.
- Browse Related Terms: Closing, Deed-in-Lieu of Foreclosure, fee, Foreclosure Prevention, HAFA Short Sale, Pre-foreclosure, Servicing transfer, Short Sale
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Financial institutions that have been approved by FHA for the origination and servicing of FHA-insured mortgages.
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift
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Enacted by Congress in 1989 in response to the savings and loan crisis of the 1980s, FIRREA abolished FSLIC, transferred its assets, liabilities, and operations to the newly created FSLIC Resolution Fund, and created a new insurance fund for thrift depositors known as the Savings Association Insurance Fund. FIRREA also created the Resolution Trust Corporation to resolve all troubled financial institutions placed into conservatorship or receivership and reorganized Freddie Mac into a for-profit corporation owned by private shareholders.
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift
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Financial models are computer simulations designed to forecast the financial performance of a company or project or estimate the impact of key parameters, such as interest rates.
- Browse Related Terms: Appraisal, Appraiser, Closing (or settlement) costs, equity, Financial Models, Good faith estimate, Loan to Value (LTV) Ratio
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a mortgage that has a first-priority claim against the property in the event the homeowner defaults on the loan.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: First Mortgage, Guarantee, Hazard Insurance, Lender-Placed Insurance, Lien, mortgage, Mortgage Insurance (MI), second mortgage, Suspension
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a mortgage loan with a fixed interest rate that remains the same for the life of the loan.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Adjustable-Rate Mortgage (ARM), amortization, balloon mortgage, Convertible ARM, Debarment, Fixed-Rate Mortgage (FRM), Interest-only mortgage, Lock-In, Lock-in agreement, Mortgage life insurance, Negative amortization, Payment Cap, Right of rescission, Self-Amortizing Loans, Swap, term, Weighted Average Life (WAL)
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a temporary period of time during which a regular monthly mortgage payment is reduced or suspended
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Chapter 13 Bankruptcy, Debt-to-income (DTI), Escrow, Escrow Account, Escrow Analysis, Forbearance, Home Affordable Unemployment Program (UP), Housing expense, Monthly Gross Income (MGI), Mortgage Payment, Mortgage Payment Guideline, Pricipal, interest, taxes, insurance and homeowners association dues (PITIA), Primary or Principal Residence, Repayment Plan, Servicer, Underwriting
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the legal process by which a property may be sold and the proceeds of the sale applied to the mortgage debt. A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the homeowner is in default for a reason other than the failure to make timely mortgage payments.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Deferred payments, Foreclosure, Home Affordable Foreclosure Alternatives Program (HAFA), Home Affordable Modification Program (HAMP), Home Affordable Refinance Program (HARP), Home Owners’ Loan Act, Loss Mitigation, Second Lien Modification Program (2MP), Trial Period or Trial Period Plan, Work Out
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steps by which the servicer works with the homeowner to find a permanent solution to resolve an existing or impending loan delinquency.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Closing, Deed-in-Lieu of Foreclosure, fee, Foreclosure Prevention, HAFA Short Sale, Pre-foreclosure, Servicing transfer, Short Sale