Examiners are taking a sharp look at national banks with high concentrations of construction and development loans in declining markets, according to the comptroller of the currency, who expects to see some bank failures this year. "There will be more criticized assets, increases to loan loss reserves; and more problem banks," Comptroller John Dugan told the Florida Bankers Association. "And yes, there will be an increase in bank failures." The comptroller noted that large and small homebuilders are under stress, and the percentage of nonperforming C&D loans 90 days or more past due in Florida is 3.34% -- up 70% from a year ago. "We see clear signs of credit quality declining," and bank management needs to make "realistic assessments" of their portfolio's current conditional and get new appraisals, Mr. Dugan said.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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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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