Federal banking regulators are seeking more information about nontraditional mortgage products, and all banks will be required to report their holdings of one- to four-family loans with negative amortization features starting with the first-quarter 2007 call report.The regulators are also proposing additional reporting requirement for banks with large exposures. They might have to report the total maximum remaining amount of negative amortization contractually permitted on interest-only and payment-option ARMs and the total amount of negative amortization that is included in the carrying amount of these loans. The additional reporting requirements would be phased in, and the regulators are seeking comments on the appropriate reporting thresholds. "The banking agencies request comment on the specific dollar amount and percentage of loans that should be used in setting the size threshold," says the joint notice and request for comments.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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