The federal banking agencies are close to finalizing a new policy statement on allowances for loan losses that is expected to be issued by early December.The new statement replaces a 1993 ALL statement and eliminates the use of "benchmarks" that some institutions improperly adopted, according to Zane Blackburn, chief accountant of the Office of the Comptroller of the Currency. "We included a new section on estimating credit losses," Mr. Blackburn told a banking conference sponsored by the American Institute of Certified Public Accountants. "It discusses how the allowance is measured, including significant judgments made in the process. .... We supplemented this whole statement with interpretive answers to frequently asked questions." The answers cover 16 questions, he said.
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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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