Citing "questionable appraisals" and other factors, FNB Financial Services Corp., Greensboro, N.C., has announced that its banking subsidiary, FNB Southeast, recorded a $13.6 million special provision for credit losses in the fourth quarter."Through an internal investigation and reviews by independent consultants, the bank has identified a significant number of loans in its Harrisonburg, Va., region which are believed to have questionable appraisals and/or collateral value or which were incorrectly graded for credit risk based on the financial strength of the borrower and other factors," FNB Financial said. The company said the bank has also reclassified certain loans outside the Harrisonburg region because of the borrowers' deteriorating financial condition and the bank's discovery of "a significant reduction in the collateral base" of the loans. FNB Financial said it expects the provision for credit losses to reduce its annual earnings by approximately $8.5 million.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
57m ago -
Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17