Doral Financial Corp., San Juan, Puerto Rico, has announced the signing of consent orders with banking regulators that assess no monetary penalties but restrict its payment of dividends and require it to review its mortgage portfolio and submit plans on maintaining capital adequacy and liquidity.The orders -- with the Federal Reserve Board, the Federal Deposit Insurance Corp., and the Commissioner of Financial Institutions of Puerto Rico -- arise out of Doral's Feb. 27 restatement of earnings for 2000-2004 to correct the accounting for certain mortgage loan sales and the valuation of its interest-only strips, the company said. Doral and its principal Puerto Rico banking subsidiary, Doral Bank, "neither admit nor deny any unsafe and unsound banking practices" under the terms of the consent orders, Doral said. Doral Bank FSB, Doral's New York City-based thrift, is not a party to the orders. Doral can be found online at http://www.doralfinancial.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18