Hanover Capital Mortgage Holdings Inc., Edison, N.J., has announced that it will notify the Securities and Exchange Commission of a late filing of its annual report on Form 10-K.Hanover, a mortgage real estate investment trust, said the reason for the delayed filing is a review of the accounting treatment for certain previously disclosed items relating to an amendment to a Contribution Agreement between the company and four of its executive officers. If the accounting treatment is revised, the company said its forthcoming annual report would contain a change to the earnings announced Feb. 23, and the company's compensation expense for 2003 would increase by approximately $1.26 million, or $0.22 per share. However, Hanover said there would be no effect on historical or future dividends.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry