When hurricanes and downturns in real estate prices raise risk-management issues for banks, the feedback will come much quicker now with the universal adoption of a new Bank Call Reporting System hailed by federal regulators.Members of the Federal Financial Institutions Examination Council attending a Jan. 18 meeting in San Jose, Calif., gave high marks to the new system, now in use by 100% of the 7,200 regulated financial institutions that make quarterly reports to the Federal Deposit Insurance Corp., the Federal Reserve Board, and the Office of the Comptroller of the Currency. Thanks to eXtensible Business Reporting Language, the FDIC is expecting to enjoy an estimated 70% savings in time spent handling information in quarterly reports from regulated lenders, according to Martin Henning, associate director of the FDIC's statistics branch. Before XBRL, Mr. Henning told MortgageWire, there was often a three-week lag in the time it took reported data to be made available to regulatory analysts. Now there is instant data validation. With XBRL tagging, data used for multiple purposes and analysis in different software formats no longer has to be rekeyed.
-
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
6h ago -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
6h ago -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18