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Dec. 17: Ops, LO jobs; profitability, organizational, non-QM tools; comp survey; events; co-branding & JVs rampant

December 17, 2019 by Rob Chrisman

Mark Twain famously said, “When I was a boy of 14, my father was so ignorant I could hardly stand to have the old man around. But when I got to be 21, I was astonished at how much the old man had learned in seven years.” Many lenders have learned a lot about partnering and co-branding. Much of this is supported by computers (aka, digital) and creative, aggressive management. Like Quicken Loans and Charles Schwab/TD Ameritrade, or NewRez partnering with Russell Real Estate Services. There’s Wealthfront “eyeing” partnering up with a bank to offer mortgages. (“Wealthfront… Customers will be able to apply for mortgages made by a bank partner of Wealthfront through Wealthfront’s mobile app…”) Certainly lenders are either owned by, or partner with, real estate companies and builders. An easy example is Pulte or Better Mortgage’s affiliated real estate brokerage, Finche, LLC, dba BRE, Better Home Services and Better Real Estate. (“Better is a direct lender dedicated to providing a fast, transparent digital mortgage experience backed by superior customer support… we’re using technology to change the way people finance their homes, for the better.”) And last week we learned that Marcus by Goldman Sachs will provide a financing option to Guaranteed Rate customers.

Opportunities & executive searching

A Mid-Atlantic Mortgage Company is looking for an experienced Closing Manager. Responsibilities include overseeing the department and managing all aspects of the closing process to ensure all closing timelines and terms of sale are met. Collaborate with management team to create, revise and implement policies and procedures. Hire, develop and manage its team. Must have experience using Encompass, at least 5 years of relevant experience, and a knowledge of compliance guidelines. Confidential notes of interest should be sent to Chrisman LLC’s Anjelica Nixt for forwarding; specify listing.

A seasoned mortgage banking executive is seeking opportunity to join dynamic mortgage group leadership team. Candidate has deep experience leading TPO and Retail Sales teams, as well as, direct responsibility and oversight for Product Development, Strategy, Organizational Development, Customer Satisfaction, and Risk Management. Having worked at national and regional independent mortgage banks, national banks and Fannie Mae, Candidate is open to all institution types and geographic locations. Please send inquiries to Anjelica Nixt to pass along to the candidate and specify the listing.

Flagstar Bank’s Home Lending division continues to grow, adding over $1 billion in mortgage origination over last year alone. Here’s why top originators are taking a closer look at this company: they have outstanding industry leaders at the helm, 50-state lending exemption, a wide-range of products – including true portfolio capabilities, all within a mortgage banking + bank hybrid model capturing the best of both worlds. To top it off, Flagstar Bank offers a competitive compensation and benefits package. If you are interested in learning more about this rising national mortgage bank, contact Steve Rennie or a local Flagstar leader.

Lender services & products

Galton Funding’s expansive product set and aggressive pricing continues to lead to record volumes. Galton’s Streamline (SL1) program offers Sellers one of the easiest loan origination processes permitting sellers to underwrite a Non-Agency loan with the ease of an Agency underwrite by utilizing Fannie Mae DU for Income, Reserves, Assets and more. The SL1 program offers many unique features including DU Approved/Eligible or Approved/Ineligible, LTV’s to 95% (including unlimited cash out), DTIs to 45%, 30- and 40-year IO options, and NOO (up to 85% LTV). All with loan amounts up to $3,000,000 available for both fixed and adjustable rate products. Galton also offers Jumbo to Expanded Prime, with Streamline and Alternative Doc options, being a one stop shop for all of your Non-Agency needs. This product set, combined with Galton’s highly competitive pricing, especially on higher LTVs, Purchase transactions, NOO, 2-4-unit properties, and low DTI loans, provides Sellers with all of the tools requisite for growing their Non-Agency business. Please contact one of Galton’s Business Development Mangers to learn more.

2019 was a trial by fire that tested our adaptability and ability to thrive in the face of unpredictability. And while 2020 will undoubtedly present surprises we couldn’t foresee, a year like 2019 teaches us that maybe it’s not as much about guessing what’s around the corner as it is about preparing to roll with the unexpected punches. A new eBook from Maxwell, “2020 Mortgage Lending Resolutions”, is less an attempt to predict the future and more an exercise in setting our intention for the year ahead. It’s about aiming high. It’s about setting goals that push us out of our comfort zone, and preparing to demonstrate our agility for what 2020 will surprise us with. A must-read for all lending professionals and managers, read your complimentary copy here (no form required).

National mortgage lender, PrimeLending, a PlainsCapital Company, has partnered with Total Expert providing its loan officers with a marketing technology solution that strengthens customer relationships and reinforces its brand as a trusted financial partner. The Total Expert Marketing Operating System® (MOS) harnesses data paired with intelligent automation, equipping the loan officers of PrimeLending to deliver the right message to the right person at the right time, and ultimately humanizing the customer experience. Loan officers will have insight into where their prospects and customers are in their financial journey so they can connect on a personal level with timely, relevant communications. “Throughout the industry, PrimeLending’s salesforce is recognized as among the most experienced and talented; We can only imagine how much more effective they will be when powered by Total Expert’s marketing platform,” said Total Expert Founder & CEO Joe Welu. Read more on the PrimeLending and Total Expert partnership.

In 2019 many lenders experienced relief from the profit margin compression of 2018 thanks to falling interest rates and high volumes. The question on many minds is whether this represents a temporary respite or a continuing trend? Regardless of market conditions, lenders with strong profitability will be in the best position no matter what the future holds – and the seasonal lull offers an opportunity to look inward. MCT’s latest whitepaper, 15 Strategies for Lenders to Improve Profitability, outlines actionable tactics you can put to use now in the areas of secondary marketing, business operations, and technology. These strategies amount to over 100 BPS of potential improvement to margins based on the experience of lenders who have put them to use. “Optimization of my investor set improved my margins by 30 BPS on government, which improved my all-in execution by 12-13 BPS.” – Andrew Stringer of First Bank discussing Strategy #2.

The Loan Officer Hub is designed to be an all-inclusive resource for top loan officers. It includes everything a loan officer needs for business success.

Join National Mortgage Professional Magazine and Debra Killian, Cloes.online Director of Education and Mortgage Broker owner, for 7 Deadly Mistakes Owners Make When Setting Up A Mortgage Company. Debra will discuss real fatal mistakes that mortgage company owners have made when starting their independent mortgage companies. In this webinar, you will learn how to avoid their mistakes and grow your business worry-free. Do you have what it takes to move from really great MLO to owner? Do you know who can send you to jail, issue fines, and take away your ability to produce? Do you know labor laws and recruiting that can put you in hot water? Join us Thursday, December 19, 2019, at 2:00 PM ET/ 11:00 AM PT for the answers to these questions and more. Click here to register.

Compensation

I’m positive there are plenty of people in our industry that would work for free. Right? In case none of them work for you…

According to STRATMOR’s 2019 Compensation Connection Study, 77 percent of lenders paid guaranteed compensation to new loan officers hired in 2018. Did you? You can get basic salary compensation information from a host of HR-based providers. What you won’t get from them is why the compensation for mortgage-specific roles is different than other industries. STRATMOR’s Compensation Connection® Study provides compensation information for all roles, including those that are unique to the mortgage industry, from sales to post closing and for both Independent and Bank-owned lenders. And, because there is more to compensation than salary, Compensation Connection® provides details on incentives and benefits paid, like bonuses, educational allowances and time off, giving you the information you need about the market as well as your peers to build a compensation plan to attract and keep the right people. Don’t miss this opportunity to have the most mortgage-specific compensation information available. Sign up today for the spring 2020 Compensation Connection® Study!

Events & training

From February 3-6, 2020, MBA’s Independent Mortgage Bankers Conference will descend on the Big Easy, where IMB leadership and their management teams will hear the latest industry happenings and get new perspectives to position themselves competitively for 2020 and beyond. The conference offers unique opportunities for IMB professionals to learn from each other and share solutions that may impact their company’s bottom line. This event also has a reputation for boasting the largest gathering of IMBs each year. That’s because its targeted content is designed by IMBs for IMBs of all sizes and business models. Oh yeah, early registration discount ends December 18th, this week!

The Americatalyst Conference is scheduled for February 11th-12th in Dallas. The conference will look at the future of mortgage banking, non-bank lending, technology and its influence, government policy and more. Find out more information by viewing the agenda.

Reverse Mortgage Daily will hold its first annual industry conference for reverse mortgage and home equity access professionals on June 18, 2020 in Chicago at the event venue Convene. HEQ is a full-day event dedicated to the future of home equity access in retirement. HEQ will feature panel discussions among industry leaders and professionals as well as tabletop exhibit space, a pre-event evening gathering, and networking opportunities throughout the day.

 

Capital markets

Federal Reserve officials can say “we are not planning to raise interest rates for a long time” to offer stimulus in a low-interest environment, says John Williams, president of the Federal Reserve Bank of New York and vice chairman of the Federal Open Market Committee. However, central bankers must be prepared to change views based on unexpected events and changing data, Williams says.

So what is nudging rates these days? Yesterday, per usual, U.S. China trade tensions and Brexit dominated headlines to open the week. Treasuries pulled back amid hopes that a proposed partial trade deal between America and China will ease a key risk for investors heading into the end of December. Chinese authorities announced that duties on some U.S. goods meant to take effect Sunday would be suspended. That followed the U.S. saying it will not hit China with any new tariffs and will slightly reduce existing ones. The potential deal, even if signed, won’t mean the end to trade hostilities. It would be a temporary respite at best, doing nothing to address a wide range of industrial policies that have driven Beijing and Washington apart.

 

Separately, China released better than expected growth figures for November while the People’s Bank of China injected liquidity, which overshadowed contractionary flash December Manufacturing PMI readings from Australia, Germany, Japan, and the U.K.

 

Regarding Brexit, Prime Minister Johnson addressed 109 new Conservative lawmakers elected last week, in preparation for what he hopes will be the final attempt to get his Brexit bill passed before Christmas. It looks like there may be a lesson U.S. Democrats can learn from British voters. Many pundits are saying Labor leader Jeremy Corbyn’s leftist policies were more to blame than Brexit for his party’s landslide defeat.

 

Today’s economic calendar began with some remarks from Dallas Fed President Kaplan, housing starts & building permits (+3.2% and +1.4%, both topping forecasts) for November. Due out shortly will be Redbook same store sales for the week ending December 14, November industrial production and capacity utilization, and job opening from JOLTS for October. Just before noon ET, the desk will undertake a UMB15 FedTrade operation targeting up to $102 million 2.5 percent and $79 million 3 percent. The day closes with the New York Fed presenting a briefing on economic conditions in the New York region and remarks by Boston Fed President Rosengren. We begin the day with Agency MBS prices better by .125 and the 10-year yielding 1.86 percent after closing yesterday at 1.89 percent.

(Thank you to Stephen S. for this one.)

The speaker at a town hall meeting was genuinely enthusiastic about the virtues of temperance but his face made people doubt him.

Towards the close of his testimony he squared his shoulders, held his head tall, and said, “I have lived in this town all my life. in this town there are fifty-five public houses that sell liquor, and I am proud to say that I have never been in one of them!”

Then came a small voice from the back, “Which one is that?”

Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the STRATMOR Group web site. The current blog is, “Politics do Indeed Impact Interest Rates and Borrowers” If you have the inclination, make a comment on what I have written, or on other comments so that folks can learn what’s going on out there from the other readers.

Rob

(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are hundreds of mortgage professionals looking for operations, secondary and management roles. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2019 Chrisman LLC. All rights reserved. Occasional paid job listings do appear. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Rob Chrisman.)

 

Source: Rob Chrisman

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Rob Chrisman
Latest posts by Rob Chrisman (see all)
  • Jan. 22: MLO jobs; broker, recruiting, HELOC products; Freddie & Fannie compliance reminders; a clever joke - January 22, 2021
  • Jan. 22: MLO jobs; broker, recruiting, HELOC products; Freddie & Fannie compliance reminders; a clever joke - January 22, 2021
  • Jan. 21: Retail, Correspondent jobs; performance, non-QM, sales tools; STRATMOR strategy paper; DACA & FHA - January 21, 2021

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Archives

Real Estate

  • Zillow Porchlight
  • Inman
  • HomeOwners & Investors
3 Keys to Non-Traditional Holiday Decor
3 Keys to Non-Traditional Holiday Decor

Forget the traditional holiday decorating rules and push yourself to find decor that is new, fresh and fits within your current home decor. [...]

8 Tips for Achieving Maximum Coziness

Gray skies don't have to mean a drab indoor life. [...]

A 3-Step Downsizing Plan

When it's time to move to a smaller home, these tips will help you save the memories while minimizing clutter in your new place. [...]

How to Carve the Best Pumpkin on the Block

To ensure your jack-o'-lantern is primed for Halloween, follow these tips. [...]

Regain Your Garage: Simple Tricks for Getting Organized

A thoughtful approach to garage storage makes the most of this valuable space and keeps every necessity at your fingertips. [...]

Capitol rioters could face penalties under this NAR policy
Capitol rioters could face penalties under this NAR policy

Realtors convicted of a "felony or crime involving moral turpitude" may be subject to discipline under membership rule. [...]

How do you serve a client who just won the $731.1M Powerball lottery?
How do you serve a client who just won the $731.1M Powerball lottery?

On Thursday, a lottery ticket sold in a convenience store in Lonaconing, Maryland, became the fourth-highest jackpot in Powerball history. Odds are, the winner's going to need an agent. [...]

December home value growth shatters records: Zillow
December home value growth shatters records: Zillow

Typical U.S. home values rose 8.4 percent year over year to $266,104, the highest annual increase seen since January 2014, according to a new report from Zillow. [...]

It’s official: Home sales in 2020 soared to highest level in ages
It’s official: Home sales in 2020 soared to highest level in ages

Just as the real estate industry suspected, existing-home sales surged in 2020, up 5.9 percent from the year previous and to a level unseen since the Great Recession, according to new data. [...]

Boston home atop Underground Railroad hits the market for $10.7M
Boston home atop Underground Railroad hits the market for $10.7M

The 1827-built property is an impeccably preserved Federal-style home in Boston's Beacon Hill, and it contains a bunker that was once a stop on the Underground Railroad. [...]

Resources for homeowners affected by COVID19.

Here's a list of some high level resources where homeowners can find additional information and possibly help, regarding mortgage forbearance or other questions. If you want to suggest other links that are not blogs or promotional, message me and I'll add them here at the top. List of lenders who may offer relief: https://www.aba.com/about-us/press-room/industry-response-coronavirus https://www.hud.gov/ National relief information and resources https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm if you want to talk to a housing counselor about avoiding foreclosure If you have a Fannie Mae loan: https://www.knowyouroptions.com/covid19assistance If you have a Freddie Mac loan: https://myhome.freddiemac.com/own/getting-help-disaster.html General info on CFPB site: https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/ https://www.sba.gov/ Small Business Loans 800-827-5722.… [...]

New Coronavirus megathread, place for linking good discussions.

Pretty much daily there is a new post about how CV is impacting the market, and there have been some really great discussions. I thought we could try linking the best of them here, so they are easy to find. Feel free to ad others as anyone sees fit. submitted by /u/wamazing [link] [comments] [...]

It's closing day! Wish me luck.

It's been a short , excruciating journey. Nerves are just as bad as they've been at any point in the process, but half of our belongings are packed in the cars so we can start moving immediately after signing. Wish me luck! submitted by /u/poppycockpickle [link] [comments] [...]

Setting yourself up for failure as a first time buyer in a competitive market, an exercise to avoid this

I am a San Francisco realtor and I ever since I implemented this exercise with my first time clients, I have seen a dramatic increase in success rate with buyers. My team calls it the "reality check" and I wanted to share it will all buyers. We have our first time buyer clients identify what they are looking for using four criteria. Home Type (Single Family Home, Condo, TIC) Neighborhood or location restriction (either a very specific location like "Richmond District" or general like "convenient to public transportation to Financial District") Home Features (Bed, bath count, size, amenities etc) Price… [...]

How to tactfully switch realtors?

My husband and I have been house hunting since August 2019. We’ve had 4 offers declined and it’s been tough. Our realtor (while incredibly sweet) has been subpar. She usually takes over a week to schedule a single viewing and has been late to multiple viewings. She’s not very communicative and will go a week without responding to our emails. It’s been frustrating and she isn’t making the hot market any easier on us. I sent her listings we wanted to see 2 weeks ago and she has yet to schedule a single viewing from our list. That was our… [...]

Markets

  • MarketWatch.com - Top Stories
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Market Extra: Chinese bonds attracted record $186.1 billion of inflows in 2020
Market Extra: Chinese bonds attracted  record $186.1 billion of inflows in 2020

Overseas investors plowed billions into Chinese bond markets last year, reflecting the growing attractions of its debt to yield-hungry investors. [...]

Earnings Outlook: Starbucks earnings preview: COVID-19 stalls sales recovery, but spring is looking up
Earnings Outlook: Starbucks earnings preview: COVID-19 stalls sales recovery, but spring is looking up

The return of the Starbucks Happy Hour will give sales a bump, analysts say [...]

Market Extra: Black Americans suffered the most under Trump-era consumer-protection agency, study finds
Market Extra: Black Americans suffered the most under Trump-era consumer-protection agency, study finds

Settlements paid by auto lenders, credit reporting bureaus, mortgage providers and other consumer finance companies to Black and lower-income communities dwindled over the past four years when the Consumer Financial Protection Bureau was asked to intervene, researchers find [...]

: Gap’s Athleta brand adding larger sizes to hundreds of items
: Gap’s Athleta brand adding larger sizes to hundreds of items

Gap Inc.'s Athleta brand has expanded its size range to 1X to 3X, or sizes 18 to 26, across 350 styles in its collection. [...]

: Japan says reports of the Tokyo Olympics being canceled are ‘categorically untrue’
: Japan says reports of the Tokyo Olympics being canceled are ‘categorically untrue’

In recent weeks, Japan has declared a state of emergency and seen rising cases of COVID-19 [...]

The Moneyist: My wife has a degenerative neurological disease. My father-in-law wants to put her in a facility — and take over our finances
The Moneyist: My wife has a degenerative neurological disease. My father-in-law wants to put her in a facility — and take over our finances

‘My father-in-law now seems obsessed with moving my wife out of our home to some sort of group home/facility. The mere thought of this seems abhorrent and barbaric.’ [...]

The Moneyist: ‘This is sheer economic waste. We distributed our $1,200 stimulus to our church:’ Why did we get these checks instead of poor Americans?
The Moneyist: ‘This is sheer economic waste. We distributed our $1,200 stimulus to our church:’ Why did we get these checks instead of poor Americans?

‘We do not light our fireplace with $100 bills, but we are comfortable.’ [...]

The Moneyist: I want to propose to my girlfriend — but how do I divide my estate between her and my daughter from a previous marriage?
The Moneyist: I want to propose to my girlfriend — but how do I divide my estate between her and my daughter from a previous marriage?

This letter writer asks: ‘Is it wrong to leave funds passed down from generation to generation solely for my daughter, and leave other funds to my new wife?’ [...]

Encore: Eliminating Social Security provisions that reduce benefits for some state and local workers is not the way to help retirees
Encore: Eliminating Social Security provisions that reduce benefits for some state and local workers is not the way to help retirees

All state and local workers should be covered by Social Security [...]

Outside the Box: If I inherit a Roth IRA, are the distributions taxed?
Outside the Box: If I inherit a Roth IRA, are the distributions taxed?

Most of the time no, but there are a few things to keep in mind [...]

Guidelines

  • FDIC Financial Institution Letters
  • FDIC Press Releases
Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering (AML) Considerations
Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering (AML) Considerations

Financial Institution Letter January 19, 2021 Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering (AML) Considerations Summary The FDIC, Board of Governors of the Federal Reserve System, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency have issued responses to frequently asked questions (FAQs) regarding suspicious activity reporting and other AML considerations for financial institutions that are required to submit Suspicious Activity Reports (SARs).   Statement of Applicability to Institutions Under $1 Billion in Total Assets This Financial Institution Letter (FIL) applies to all FDIC-supervised institutions.   Distribution FDIC-Supervised Institutions… [...]

FDIC Board of Directors Meeting
FDIC Board of Directors Meeting

Board Materials January 19, 2021 FDIC Board of Directors Meeting Today the Federal Deposit Insurance Corporation’s Board of Directors met in open session. Materials and information relative to the Board actions are available here: Revisions to the FDIC’s Guidelines for Appeals of Material Supervisory Determinations Statement by Chairman Jelena McWilliams Statement by Board Member Martin J. Gruenberg Financial Institution Letter Final Rule Final Rule on Role of Supervisory Guidance Press Release Financial Institution Letter Final Rule   The FDIC Board of Directors also met in closed session to discuss the following: Lifting Moratorium for Insured Depository Institution (IDI) Plans FDIC… [...]

Consolidated Reports of Condition and Income for Fourth Quarter 2020
Consolidated Reports of Condition and Income for Fourth Quarter 2020

Financial Institution Letter January 15, 2021 Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Consolidated Reports of Condition and Income for Fourth Quarter 2020 The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2020, report date. Please plan to complete as early as possible the preparation, editing, and review of your institution’s Call Report data and the submission of these data to the agencies’ Central Data Repository (CDR). Starting your preparation early will help you identify and resolve any edit… [...]

Banker Webinar: Basics of New Paycheck Protection Program (PPP) Loan Programs
Banker Webinar: Basics of New Paycheck Protection Program (PPP) Loan Programs

Financial Institution Letter January 11, 2021 Banker Webinar: Basics of New Paycheck Protection Program (PPP) Loan Programs Summary: The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Conference of State Bank Supervisors will host a webinar for bankers on Monday, January 11, 2021 from 2:00 p.m. to 3:00 p.m., ET, to discuss recent changes to the Paycheck Protection Program (PPP).  During the webinar, officials from the Small Business Administration (SBA) and the U.S. Department of the Treasury (Treasury) will provide… [...]

Information Regarding the FDIC’s Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs)
Information Regarding the FDIC’s Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs)

Financial Institution Letter December 28, 2020 The previous update to FIL-116-2020 has been retracted. The correct FIL is as follows: Information Regarding the FDIC’s Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs) Summary On October 20, 2020, the FDIC Board of Directors voted to issue an Interim Final Rule (IFR) to provide temporary relief from the Part 363 Audit and Reporting requirements for IDIs experiencing asset growth as a result of their participation in pandemic-related government stimulus programs or related effects. The IFR reserves to the FDIC the authority to require an IDI to… [...]

FDIC Board of Directors Meeting
FDIC Board of Directors Meeting

Board Materials January 19, 2021 FDIC Board of Directors Meeting Today the Federal Deposit Insurance Corporation’s Board of Directors met in open session. Materials and information relative to the Board actions are available here: Revisions to the FDIC’s Guidelines for Appeals of Material Supervisory Determinations Statement by Chairman Jelena McWilliams Statement by Board Member Martin J. Gruenberg Financial Institution Letter Final Rule Final Rule on Role of Supervisory Guidance Press Release Financial Institution Letter Final Rule   The FDIC Board of Directors also met in closed session to discuss the following: Lifting Moratorium for Insured Depository Institution (IDI) Plans FDIC… [...]

FDIC Selects 11 Companies to Compete in Final Phase of Tech Sprint
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Press Release January 11, 2021 FDIC Selects 11 Companies to Compete in Final Phase of Tech Sprint WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the selection of 11 companies to compete in the third and final phase of the agency’s Rapid Phased Prototyping Competition, a tech sprint designed to develop an innovative new approach to financial reporting, particularly for community banks.   The FDIC selected the following companies to continue to Phase III of this competition: ACTUS Financial Research Foundation, Inc. BearingPoint DSQuorum, LLC (Data Society) Fed Reporter, Inc. Fidelity Information Services, LLC First Data Government Solutions,… [...]

FDIC Announces Personnel Changes
FDIC Announces Personnel Changes

Press Release January 11, 2021 FDIC Announces Personnel Changes WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) has made several personnel changes in its Division of Risk Management Supervision (RMS) and Division of Depositor and Consumer Protection (DCP).   Atlanta Regional Director   John P. Henrie has been appointed Regional Director, Atlanta Region, directing both RMS and DCP supervision programs for institutions in Florida, Georgia, Alabama, South Carolina, North Carolina, Virginia, and West Virginia.   Mr. Henrie has been with the FDIC for more than 33 years and has held a number of leadership positions within RMS, where he most recently… [...]

FDIC Announces Personnel Change in Its Division of Complex Institution Supervision and Resolution
FDIC Announces Personnel Change in Its Division of Complex Institution Supervision and Resolution

Press Release January 5, 2021 FDIC Announces Personnel Change in Its Division of Complex Institution Supervision and Resolution WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors has appointed John P. Conneely as director of the Division of Complex Institution Supervision and Resolution (CISR).  Mr. Conneely has been with the FDIC for more than 30 years and was instrumental in establishing CISR while serving as its Acting Senior Deputy Director.  He has held numerous senior leadership roles throughout the FDIC in the Division of Risk Management Supervision, the Division of Insurance and Research, and the Office of Complex… [...]

FDIC Issues List of Banks Examined for CRA Compliance
FDIC Issues List of Banks Examined for CRA Compliance

Press Release January 4, 2021 FDIC Issues List of Banks Examined for CRA Compliance The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).  The list covers evaluation ratings that the FDIC assigned to institutions in October 2020.    The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations.  As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated… [...]


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