Advocacy News

IBA E-News 8-21-20 STATE GOVERNMENT RELATIONS DFI Releases Revised Q&A on Changes in SEA 395 The Indiana Department of Financial Institutions has released a revised Q&A regarding the law changes resulting from SEA 395. Specifically, Q10 was revised to clarify that finance charges may be imposed on the nonrefundable prepaid finance charge (NRPFC) for both loans under chapter 3 and credit sales under chapter 2 subject to certain conditions. The revisions were made to clarify that the Department’s position applied to both chapter 3 loans (in the original question), as well as chapter 2 credit...
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IBA COVID-19 Updates 8-18-20 COVID-19 UPDATES Florida Court Dismisses Case Seeking Agent Fees for “Agents” of PPP Loans In a decision handed down yesterday, the U.S. District Court for the Northern District of Florida dismissed a court case seeking to establish whether or not “agents” are entitled to agent fees for PPP loans. Four banks were named as defendants in the case. The court determined that agents were not entitled to fees and dismissed the case. Read the case Action Alert: Ask Congress to Request FHFA and GSEs to Rescind Refinance Fee Last week, Fannie Mae and Freddie Mac announced that they...
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IBA E-News 8-14-20 FEDERAL GOVERNMENT RELATIONS New GSE Fee on Refinances Criticized, Groups Call for Withdrawal On Wednesday night, Fannie Mae and Freddie Mac announced that they will impose an “adverse market refinance fee” of 50 basis points for no-cash-out and cash-out refinance mortgages with delivery dates on or after Sept. 1, 2020 (for Fannie Mae loans), or with settlement dates on or after Sept. 1 (for Freddie Mac loans). This fee – which would amount to an additional $1,400 for the typical consumer, based on the average GSE loan size – would either be paid upfront or be added to the mortgage...
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IBA COVID-19 Updates 8-11-20 COVID-19 UPDATES PPP Forgiveness Platform Now Live The Small Business Administration’s Paycheck Protection Program forgiveness platform is live and scheduled to begin accepting loan-forgiveness applications and decisions as of Monday, Aug. 10. An SBA user guide released last week provides details on the timeline, decision process, account management and more.   In a recent procedural notice, the SBA indicated all PPP lender authorizing officials in the CAFS/ETRAN system should have received a welcome email from PPPForgivenessRequests@SBA.gov with instructions. Officials who...
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