Two mortgage lenders and six real estate investment trusts have reported a 15-day delay in the filing of their annual Form 10-K reports with the Securities and Exchange Commission.Accredited Home Lenders Holding Co., a San Diego-based mortgage banker, said the delay resulted from "the additional demands on management and other resources in complying with both the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the shortened 10-K filing deadline applicable to Accredited as an accelerated filer." Flagstar Bancorp, a mortgage originator based in Troy, Mich., also cited Sarbanes-Oxley requirements. The REITs seeking a filing delay are Cousins Properties Inc., Atlanta; Essex Property Trust, Palo Alto, Calif.; First Industrial Realty Trust, Chicago; General Growth Properties, Chicago; Impac Mortgage Holdings, Newport Beach, Calif.; and The Macerich Co., Santa Monica, Calif. Several cited the need to review methods of accounting for leases and leasehold improvements in the light of a Feb. 7 letter from the SEC to the American Institute of Certified Public Accountants. In the case of Impac, the REIT said its commitment of resources to restate earnings for prior periods prevented it from completing a report on its internal control over financial reporting, delaying the completion of an audit by its independent auditor.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
10h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
11h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16