Lender News

A place where companies and job seekers work together

"The Best is yet to come"
  • Home
  • Business Directory
    • Manage Business Directory Listings
    • Companies – Post a Job Opportunity
  • Resumes
    • Submit Resume
    • Candidate Dashboard
  • Job Dashboard
    • Jobs
  • Resources
  • About
    • RobChrisman.com
    • Privacy Policy
    • Terms
  • Yearly Archives
  • Help
  • Registration
  • Login

Mar. 18: Cap. mkts., LO jobs; banker-to-broker, warehouse products; LO, 1099 comp – brokers, MBA weigh in

March 18, 2019 by Rob Chrisman


I hope that I never get to the point of writing things down on my “to do” list even after I’ve done them, just so I can cross them off the list. Or enjoying combining multiple “to do” lists into a master list, although (maybe) I’m already there. Many people in our industry wish the CFPB, or someone, would add “clear up mortgage loan officer compensation issues” on their list. We don’t want borrowers steered, but is there a loophole being exploited? If a broker has a set comp plan with Wholesaler A at 1.75% and Wholesaler B at .75%, and steers less sophisticated borrowers to Wholesaler A, is that legal? Kosher? Is the CFPB looking at whether or not a broker has standardized comp across all wholesalers? Lots more below.

Employment

“Attention energetic Fintech sales professionals experienced in loan origination or secondary marketing! Compass Analytics is growing and so is our mortgage tech sales team. Our CompassPoint™ and CompassPPE™ solutions are driven by a team of capital markets professionals, and they support mortgage origination and secondary marketing from the initial lead through servicing. If you are ready to join a great team selling great tech solutions, click here to see a detailed job description and submit your resume.”

“Looking for a company offering continuous growth, a full-scale marketing strategy, continued training, career improvement courses? Well according to the 2018 Scotsman Guide Report,

Carrington has continued to move up the ranks as a Top 25 company to work for! We offer a complete suite of products including FHA, VA, FNMA, FHLMC and a robust menu of Non-QM programs which has further fueled our growth. Carrington is currently looking to build out the Northern CA, Pacific Northwest and Mountain region, and if you feel your sales skills and experience would be a fit with Carrington, please email Deborah Mansfield.”

Are you looking for a new kind of opportunity? Where innovation is celebrated and thinking out-of-the-box is at the heart of it all? Then it’s time to look at Motto Franchising, LLC. As the very first national franchised mortgage brokerage model, we offer something completely unique. Own your own business while taking advantage of an out-of-the-box mortgage company solution. We streamline the process of starting your own business by providing a strong wholesale lender mix, franchisee setup support, LOS training, licensing, marketing tools and more. Opportunity awaits. To learn more about this innovative model, contact our team at

mottomortgage.com/franchises (866.668.8649).

There’s a big shake-up going on in the mortgage industry. Wholesale brokers are picking up momentum, gaining market share, and simply dominating the mortgage space. Find out what it takes to make the switch from retail to independent at BeAMortgageBroker.com. We can help you take the next steps toward opening your own mortgage broker shop or help match you with an independent mortgage broker in your area. Call us for a free, confidential consultation and continued support throughout the process at 800.229.6342 or learn more at BeAMortgageBroker.com.

Lender products and services

As we approach home buying season, a steady stream of referrals means the difference between standing out as a top performer and being at the bottom of the pack. Real estate agents still hold the keys to the referral kingdom, but top agents may hesitate to partner with an unfamiliar lender. According to Pipeline ROI, 77% of agents only have one lender they regularly partner with, so there’s room for new relationships…as long as you understand what agents truly want in a lender. Maxwell interviewed real estate agents across the country to get their perspective on what they value in a lender. Their new eBook, “Winning Agent Business,” reveals lucrative insights from agents themselves on how to earn their trust and build a lasting partnership. An exclusive to Rob Chrisman subscribers today (and a must-read for all lending professionals), Download your complimentary copy here.

CoastalStates Bank (CSB) continues to grow its Mortgage Banker Finance Division and is happy to announce the addition of two Relationship Managers. Please welcome Relationship Managers Sue Anderson (860-402-8337) and Susan Galloway (850-768-2244) to the CSB warehouse team. Both will spearhead growth in their respective regions and have the ability to serve clients on a national basis. As a growing depository headquartered in Hilton Head Island, South Carolina, CSB has developed a warehouse offering with sound lending practices while providing mortgage bankers competitive pricing, flexible terms, with excellent customer service. To learn more about CoastalStates Bank stop by our booth at the upcoming Regional Conference of MBA’s, Atlantic City, April 9-10 or Great River MBA Conference, Memphis, April 16-18. Or contact Sue, Susan, or VP of Warehouse Lending Tim Haug (843-341-9969).

Looking for ways to grow your business? Freddie Mac is collaborating with clients to deliver automation and insights that provide a competitive edge. Cut back on documentation and reduce time to close with Loan Product Advisor® automated income and asset assessment capabilities. Save borrowers time and money with ACE appraisal waivers, now available for certain condo unit loans. Grow your condo business with Freddie Mac’s unit-level condo exception tool, Condo Project AdvisorSM. Get greater efficiency with simpler collateral QC and underwriting in Loan Collateral Advisor® Get The Freddie EdgeSM.

Mortgage loan officer compensation

Given the thousands of lenders, and the tens of thousands of MLOs/LOs/brokers out there, a level, transparent comp playing field is critical, as is the need to treat all borrowers fairly and compliantly. It is clear that isn’t happening. Attorney Brian Levy addressed the issue on February 16 in this commentary.

From New Jersey Brian Benjamin writes, “The MLO Compensation Rule is simply put, Anti Small Business Regulation at its height. Where else in American industry is small business income restricted while larger institutions have unrestricted compensation on the same instrument? If the CFPB refutes this theory, have the CFPB and SBA Advocacy publish the SBREFA testimony from the MLO Compensation Rule hearing and a plane language explanation of their analysis.

“The MLO Comp Rule was based upon a fabricated FRB study that was then exacerbated by a few government employees for the benefit of no one but themselves, seeking to develop an issue where none existed. As you may recall, the FRB ignored two SBA Advocacy Letters for failure to comply with the Rule writing requirements.

“Mortgage brokerage companies have been required to disclose their compensation since the early 1990s. In the NAIHP law suit the FRB even went so far as to note that YSP and SRP are the same form of compensation through different channels of the industry. Further, as I recall, the FRB had no basis for the MLO Compensation Rule and had to try to apply the Rule to the regulation on subprime lending that was completely beyond the scope in this matter.

“Originally the FRB did a study. As I recall they interviewed 9 individuals and three decided they didn’t like their experience with Mortgage Brokers. Yet many repeatedly confused the MLO (from any channel of industry) with the Mortgage Broker Company.

“Nowhere else in TILA or RESPA is the Mortgage Brokerage Company not a creditor, except in the MLO Compensation Rule. The MLO Compensation Rule has done nothing to clarify the fees borrowers pay, but more to hide the fees charged by other channels of industry while also causing the flourishing of the net branch sector to explicitly avoid the MLO Compensation Rule. The Mortgage Brokerage Company should not be viewed separately as under SAFE the Mortgage Brokerage Company is designated separately from the mortgage loan originator not as one in the same. Both pay different fees, have different reporting and licensing requirements including often showing net worth or bond requirements.

“The MLO Compensation Rule has created numerous loop holes. Net Branches have flourished to avoid the 3% Rule. Is the consumer any safer?

“Confusion abounds around this Rule. In one of your articles a few years back you quoted the CFPB as noting it was referring to a HUD Rule banning 1099 income. Yet even to this day, many in industry continue to quote that State law allows 1099 compensation and as such it is legal. I saw this argument posted on a social media site this past week. The real irony being the MLO Comp Rule I first printed out had 1099 pages. I fully blame the MLO Compensation Rule writer for the confusion. Even in industry meetings, there were times of confusion trying to explain simple scenarios.

“There is no simple answer to the issue, short of trashing the current Rule and starting fresh. Full disclosure of compensation would be nice, but as someone that has worked in the secondary market you know this is not a practical option. In my 30+ years’ experience, no one has ever asked me how much I’m making, only, ‘What’s the rate, term, and how much is it going to cost close.’ If the rate I quoted was not to their liking, they would leave.

“Frankly, in my experience the MLO Compensation Rule has had the opposite impact on the economic group it was to protect. Smaller loan amount borrowers are forced to higher rate institutions. If the new CFPB Director wants to meet with a member of industry that is actually brokering mortgage loans, I am always available as I was for Ms. Warren and Mr. Cordray.”

(From the CFPB’s perspective, “Loan originator compensation must comply with the requirements in 12 CFR 1026.36(d) and (e). Those constraints govern how compensation may be determined but not how the services of a loan originator on behalf of a creditor may be structured. One can contact HUD directly regarding the current status of the Department’s referenced 2006-30 Mortgagee letter, as the Bureau cannot speak on behalf of HUD. The CFPB is deferring to the HUD Rule regarding compensation for Mortgage Brokers and Mortgage Bankers in determining whether Loan Officers are to be paid via 1099 or W-2. One can always take a look at the FAQ from HUD, page 4, where it discusses compensation.)

Organizations are aware of the issues. Pete Mills, SVP, Residential Policy and Member Engagement at the Mortgage Bankers Association, addressed the questions raised in the first paragraph of today’s commentary. “The first, ‘Is it okay for a mortgage broker company to have different comp plans with different wholesale lenders?’ The answer is probably yes. (Obviously with anything LO Comp related, the final answer depends on the individual facts.) The second, ‘Is it okay for a broker to steer a borrower to a lender with a higher cost comp plan, the answer is most likely ‘no.’

Pete sent along a more detailed explanation from the MBA’s Managing Regulatory Counsel Justin Wiseman. “In addition to its originator compensation requirements, the LO Comp Rule includes a prohibition on steering, a practice defined as directing consumer to a loan that is not in the consumer’s best interest based on the fact that the loan originator will receive greater compensation for that loan than for other loans the originator could have offered, unless the loan is in the consumers interest.

“This is not clearly defined, so the Rule creates two safe-harbors to satisfy the steering prohibition. First, in circumstances where the originator is an employee of the creditor, the anti-steering provision is satisfied if the originator complies with the compensation requirements—i.e. the prohibition on compensation based on loan terms or proxies for loan terms. This safe harbor is not available for originators who are not employees of the creditor. For these originators, typically mortgage brokers, the Rule’s compensation requirements and its anti-steering provision must be independently satisfied.

“Fortunately, the Rule provides an optional safe harbor, which if followed, satisfies the prohibition on steering. To qualify for the anti-steering safe harbor, an originator must present the consumer with loan options from a significant number of creditors with which the originator regularly does business. The originator must have a good faith belief (the Rule includes significant detail on what constitutes a good faith belief) that the options presented are loans for which the consumer likely qualifies. Loan options must be presented for each loan type for which the consumer expresses interest. For purposes of the safe harbor, there are three loan types: a loan with an annual percentage rate that cannot increase after consummation, a loan with an annual percentage rate that may increase after consummation, and a reverse mortgage loan.

“For each loan type requested, the originator must present three specific loan options: the loan with the lowest interest rate, the loan with the lowest interest rate without certain enumerated risky features (such as prepayment penalties, negative amortization, or a balloon payment in the first seven years), and the loan with the lowest total dollar amount of discount points, origination points or origination fees (or, if two or more loans have the same total dollar amount of discount points, origination points or origination fees, the loan with the lowest interest rate that has the lowest total dollar amount of discount points, origination points or origination fees).

“The Rule allows the originator to present less than three options if the options presented satisfy the loan option criteria (e.g. a loan option is the lowest rate and the lowest rate without risky features) and the originator otherwise meets the safe harbor requirements.”

Capital markets

Treasury rates are back down to January levels, and they are helping retail mortgage origination volumes. Rates fell on the back of disappointing economic data, namely the Empire State Manufacturing Survey falling to its lowest level since last May while the Industrial Production report for February showed the second consecutive monthly decline in manufacturing output. In international news, China specified fiscal measures that will prevent the country’s budget deficit from increasing rapidly, the Bank of Japan made no changes to its policy stance, and British Prime Minister Theresa May made the rounds to garner support for her Brexit deal that will be voted on this week in order to avoid a lengthy extension of Article 50. The French President’s office indicated that the EU would agree to a short extension that was approved by British MPs only if the British parliament votes in favor of Prime Minister May’s deal.

Turning to this week, the highlight will be the FOMC meeting tomorrow afternoon through Wednesday midday followed with the Statement and updated dot plot and the post-meeting press conference with Chair Powell. Today kicks off with the NAHB Housing Market Index for March at 9:00am ET, which is expected to increase modestly. Tomorrow brings January Factory Orders, Wednesday we receive the usual Weekly MBA Mortgage Index, Thursday sees Jobless claims, the March Philadelphia Fed Survey and February Leading Indicators. The week closes with February Existing Home Sales. We begin the week with agency MBS worse a tad and the 10-year yielding 2.60% after it closed Friday at 2.59%.

I asked the librarian if she had any books on paranoia.

She leaned over and whispered, “They’re behind you.”

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, “Changes in the role of the LO and Their Compensation.” If you have both the time and 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

  • About
  • Latest Posts
Rob Chrisman
Latest posts by Rob Chrisman (see all)
  • Mar. 30: At $8,600 per loan, now what? Letters on capacity, LO comp, offshoring/outsourcing - March 30, 2019
  • Mar. 29: AE, LO jobs; investor wanted; warehouse, broker products; Banc of Cal exit; coast to coast training & events - March 29, 2019
  • Mar. 28: Corresp. group available, LO, AE jobs; F&F changes, Trump wants to promote competition using housing policy - March 28, 2019

Filed Under: Uncategorized

Featured Opportunities

  • Fintech Investors

    • Anywhere
    • A mature, profitable and well adopted mortgage technology firm
    • Full Time

Subscribe to Commentary by Rob Chrisman

Click Here to Sign Up for Daily Commentary
You should begin receiving the commentary within 24 hours. If not, filtering may be taking place; attempt sending request from an alternative e-mail address. Email Rob at Email Having trouble receiving commentary? Please check our help section.

Recent Jobs

  • Sutherland

    Senior Mortgage Underwriter

    • USA Work At Home
    • Sutherland
    • Full Time
  • The Servion Group

    Closer

    • New Brighton, MN
    • The Servion Group
    • Full Time
  • The Servion Group

    Underwriter – Mortgage

    • New Brighton, MN
    • The Servion Group
    • Full Time
  • The Servion Group

    Mortgage Servicing Manager

    • New Brighton, MN
    • The Servion Group
    • Full Time
  • Gateway Mortgage, a division of Gateway First Bank

    Mortgage Sales Manager

    • Central US
    • Gateway Mortgage, a division of Gateway First Bank
    • Full Time
  • Lenderworks

    Sr VP, Interim Servicing

    • Birmingham, Alabama
    • Lenderworks
    • Full Time
  • Lenderworks

    Lock Desk Specialist

    • Fairfax, Virginia
    • Lenderworks
    • Full Time
  • Republic State Mortgage

    Mortgage Processor

    • Remote
    • Republic State Mortgage
    • Full Time
  • Republic State Mortgage

    Processor III

    • Remote
    • Republic State Mortgage
    • Full Time
  • Annaly Capital Management

    Head of Mortgage Servicing Oversight

    • Anywhere
    • Annaly Capital Management
    • Full Time

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
  • MarketWatch.com - Financial Services Industry News
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
FDIC Selects 11 Companies to Compete in Final Phase of Tech Sprint

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… [...]


Handcrafted with by HSS. Higher Source Sites. Get in Touch.

© 2021 · Lender News · All Rights Reserved