Construction and development lending at banks and thrifts has grown at a 30% annual rate over the past eight quarters, but delinquency rates are starting to tick up despite the rapid growth in their construction portfolios.The Federal Deposit Insurance Corp. reported that construction lending increased by $31.7 billion in the second quarter at a 32% annual rate. FDIC-insured institutions held $513.9 billion in C&D loans as of June 30, up from $389.1 billion in the second quarter of 2005 and $299.4 billion in the second quarter of 2004. The FDIC report also shows that noncurrent C&D loans have increased from 0.38% to 0.43% over the past two quarters. Banks and thrifts currently hold $2.2 billion in construction loans that are 90 days past due. Approximately $1.8 billion of those loans are classified as nonaccrual. "It is something to keep an eye on," said FDIC economist Ross Waldrop. But it is "nothing dramatic," he added.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24