Miami Valley Bank was cited by federal regulators for purchasing poor-quality subprime mortgages before they closed the Lakeview, Ohio, bank Oct. 4 and placed it in receivership.The bank had $86.7 million in total assets when it failed, including nearly $30 million in subprime mortgages, according to the Federal Deposit Insurance Corp. In April, the FDIC ordered the bank to reverse a purchase of $7 million in mortgages from affiliate MVB Mortgage Corp., Southfield, Mich. The temporary cease-and-desist order said the bank's mortgage activities were "likely to cause insolvency or significant dissipation of assets or earnings." The FDIC also fined a former owner of the bank. The Citizens Banking Co., based in Sandusky, Ohio, paid a 2% premium for the $62 million in insured deposits. The failed bank had $14 million in uninsured deposits, and the depositors will become creditors of the receivership. The FDIC has retained all the assets of failed bank.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28