Citing deterioration in the housing and mortgage markets, Franklin Bank Corp., Houston, has announced a decision to increase its allowance for credit losses by approximately $20 million.Franklin said it expects credit costs for its commercial loan portfolio to range from $5.0 million to $7.5 million next year. The company said its total allowance for credit losses will grow from 0.42% to 0.91%, while the reserve for the builder finance portfolio will increase from 0.52% to 1.72% and the overall commercial loan reserve will rise from 0.61% to 1.33%. "Franklin's management believes that this effort to anticipate issues, rather than wait for them, should remove the perceived risk to our institution from both the builder finance and mortgage portfolios," the company said. Franklin Bank can be found on the Web at http://www.bankfranklin.com.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
44m ago -
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.
March 28 -
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 -
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.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28