2020 in Review
- Issuer
- Congressional materials
- Document type
- 2021 01 12 A28147 D224218 Fazio Hollinshead Beatty Bouton Dfi Presentation
- Date
- 2021-01-12
- Case
- 2021 01 12 A28147 D224218 Fazio Hollinshead Beatty Bouton Dfi Presentation
Summary
A 2020 in Review slide presentation by the Washington State Department of Financial Institutions (DFI), dated January 12, 2021, with sections by Cindy Fazio, Director of Consumer Services, Roberta Hollinshead, Director of Banks, Bill Beatty, Director of Securities, and Drew Bouton of Policy & Legislation. The consumer services slides cover mortgage servicer guidance issued March 20, 2020 and report that 31,530 of 34,406 Washington first-lien mortgage loans (91.6%) were in forbearance as of September 30, 2020. The Paycheck Protection Program slides report 5,212,128 loans totaling $525,012,201,124 nationally and 107,659 loans totaling $12,464,918,993 in Washington, with a breakdown by loan size. Other slides summarize Title III of the Emergency Coronavirus Relief Act of 2020, the repeal of debenture company laws by Senate Bill 6131 (2020), and DFI request bills HB 1104 and SB 5077.
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Full text
2020 in Review
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
DFI Consumer Services
Pandemic Response
Cindy Fazio, Director of Consumer Services
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Pandemic Response
Cindy Fazio, Director of Consumer Services
Mortgage Servicer Guidance
Forbearances, not reporting to credit bureaus,
waiving late fees, postponing foreclosure,
communicating with borrowers.
• Issued originally March 20, 2020.
• Amended to track with Government Sponsored.
Entities (GSEs)
• Expires February 28, 2021.
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Mortgage Assistance Team
DFI Consumer Services
Made up of Financial Legal Examiners.
With the assistance of DFI’s front desk staff and the
Enforcement Unit’s Program Specialists, takes calls
from Washington homeowners, landlords, business
owners, and other Washington residents.
Callers always reach a live person.
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Student Loans
DFI Consumer Services
Student Education Loan Servicing
Negotiations for forbearance to track with the
Department of Education’s guidance to its
contractors servicing federal loans.
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Mortgage Forbearances in Washington
Washington State first-lien 1-4 family
residential mortgage loans reported by
servicers to Mortgage Bankers Association
as of September 30, 2020; 31,530 out of a
total of 34,406 (or 91.6%) are in forbearance.
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Paycheck Protection Program -
Past and Present
Roberta Hollinshead, Director of Banks
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Paycheck Protection Program in Review
Roberta Hollinshead, Director of Banks
Loan Count Net Dollars Avg. Loan Size
TOTAL 5,212,128 $525,012,201,124 $101K
WA TOTAL 107,659 $12,464,918,993 $116K
Source : https://home.treasury.gov/system/files/136/SBA-Paycheck-
Protection-Program-Loan-Report-Round2.pdf
PPP Program ended 8/8/2020
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
PPP Lending in 2020 - Breakdown
Loan Size Loan Count Net Dollars % of # Count % of $ Amount
$50K and Under 3,574,110 $62,742,565,653 68.6% 12.0%
>$50K - $100K 683,785 $48,676,961,052 13.1% 9.3%
>$100K - $150K 294,557 $36,058,010,813 5.7% 6.9%
>$150K - $350K 377,797 $84,782,932,509 7.2% 16.1%
>$350K - $1M 199,679 $113,558,427,234 3.8% 21.6%
>$1M - $2M 53,218 $73,887,171,387 1.0% 14.1%
>$2M 28,982 $105,306,132,476 0.6% 20.0%
Percent of # Count < $150K = 87.4%
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Emergency Coronavirus Relief Act of 2020
Passed December 21, 2020
Title III – Continuing the Paycheck Protection
Program and Other Small Business Support
• $325 billion in additional small business
assistance.
• Loan forgiveness process simplified for
borrowers with PPP loans of $150,000 or less.
• Hardest-hit small businesses to receive a 2nd PPP
loan.
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Emergency Coronavirus Relief Act of 2020
Passed December 21, 2020
Title III – Continued.
• Extends eligibility to additional business types and
forgivable business expenses.
• Funding set-asides for loans made by small community
lenders to small businesses with 10 or fewer employees.
• Ext. of Sec. 1112 of the CARES Act - provides payment of
principal, interest, and associated fees on qualifying SBA
7(a), 504 and microloans.
Click here for the full text of the Emergency Coronavirus Relief Act of 2020
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Debenture Company Act Repeal
Bill Beatty, Director of Securities
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Debenture Company Act Repeal
• At DFI’s request, Senate Bill 6131 (2020)
repealed the debenture company laws
from the Securities Act of Washington,
chapter 21.20 RCW.
• These provisions were obsolete and
effectively prevented the registration of
debt offerings by nonprofit entities.
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Applications Post Repeal
• Since the passage of SB 6131, DFI has
received two dozen applications for
registration of debt offerings.
• These offerings came from a variety of
issuers, including:
• Church extension funds (19)
• Social impact investing fund (1)
• For-profit start-up company (1)
• Community Development Financial
Institutions (2)
• CUSO (1)
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Review of New Applications
• Each of these applications has been
carefully reviewed by staff attorneys.
• Issues we have addressed include
automatic renewal of term notes, ensuring
appropriate controls are in place for
affiliated transactions, and marketing
concerns.
• To date, of the two dozen applications we
have received, seven offerings have been
registered.
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
2021 DFI Request Legislation
Drew Bouton, Policy & Legislation
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
DFI Bills
HB 1104 – Extending the Operations of the
Mortgage Lending Fraud Prosecutions
Account.
SB 5077 – Mortgage Loan Originators
Residence Workplace
No companions.
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
Thank You
Drew Bouton@dfi.wa.gov
(360) 764-0659
www.dfi.wa.gov
Washington State Department of Financial Institutions
“Leading the way in consumer protection and financial services regulation .”
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