First Community Bancshares Inc., Bluefield, Va., has announced the discontinuance of the wholesale portion of its mortgage subsidiary.The company noted that a proposed sale of the mortgage subsidiary was canceled in early July. "While the mortgage banking subsidiary continues to be held for sale, termination of the previously announced sale led to the elimination of the wholesale portion of the mortgage company's business and substantial downsizing of the remaining retail division," the company said. In the second quarter, the company recorded impairment charges of $933,000 to reduce the carrying value of the subsidiary to "its estimated fair value less costs to sell." First Community reported net income of $5.6 million ($049 per share) for the second quarter, compared with $7.0 million ($0.63 per share) a year earlier.
-
In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
5h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27