The Office of Thrift Supervision Director John Reich has decided to bring the agency's Community Reinvestment Act requirements back in line with those of the other federal banking regulators, and the OTS will start a rulemaking process soon.Under former Director James Gilleran, the OTS expanded the small-bank CRA exemption to $1 billion and relaxed the community investment and services tests for larger institutions. The other banking regulators responded by creating a community development test to reduce the CRA burden on institutions with $250 million to $1 billion in assets. But they did not weaken the investment and services tests for larger banks. "Since joining OTS, I have come to appreciate that, in addition to effective community lending, thrifts continue to make investments and services that promote community development in all markets, particularly low- and moderate-income areas," Mr. Reich said. "Regardless of the rules, thrifts will continue to be leaders in key CRA activities."
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
April 23