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
  • Submit Resume
  • Candidate Dashboard
  • Job Dashboard
    • Jobs
  • Resources
  • About
    • RobChrisman.com
    • Privacy Policy
    • Terms
  • Yearly Archives
  • Help
  • Registration
  • Login

Mar. 30: At $8,600 per loan, now what? Letters on capacity, LO comp, offshoring/outsourcing

March 30, 2019 by Rob Chrisman


It doesn’t help lender’s relationships with their warehouse banks and correspondent investors when independent mortgage banks, and mortgage subsidiaries of chartered banks, reported a net loss of $200 for each loan they originated in the fourth quarter, according to the Quarterly Mortgage Bankers Performance Report released by the Mortgage Bankers Association. The cost to originate increased to $8,611 per loan in the fourth quarter, up from $8,174 per loan in the third quarter, higher than average on the coasts, lower in the mid-section of the U.S., due to loan size and overhead costs.

But rates have come down, and lenders once again find themselves in a tricky position trying to balance operations capacity and production capability. Some are using forecasting tools of companies like Riivos (contact Jeffrey Axelrod for more information) while others are contemplating the usual “staff up, downsize later” cycle and thinking about trying to hire back Ops staff for the hoped-for pick up in biz.

On that topic I received a note from industry vet James Johnson. “Rob, as a capital markets person you have to be very intrigued with this recent drop in rates. Are rates headed even lower and is there some sort of refi opportunity on the horizon? It seems a bit unthinkable, but I am actually in the camp where that is a real possibility. Right now 30-year fixed is close to 4.25% and needs to get to 4.0% or probably something with a 3 handle before we see any real refi activity. I have a few thoughts on what company owners might contemplate doing.

“The real problem right now is that volume and capacity are significantly out of balance and that is creating today’s margin compression. Capacity probably needs to shrink by something like 20%. But that would require a head count reduction of something like 30-40% and it is hard to see that happening. LO’s continue to recycle at a different company rather than leave the business, thus making it a very slow capacity reduction process. If I am right about this, it will be 3-5 years before we rebalance.

“Right now we are looking at a good news-bad news scenario. Every tick down in rates will help volume, but it is hard to predict the magnitude of any pickup. That will be true for purchase business and refi opportunities. But any downward move in rates also will tend to slow down the capacity realignment, making any rebalancing just drag on. With rates at current levels we might be in no man’s land. Rate are low enough to slow down the capacity rebalancing, but not low enough to generate refi activity.

“Owners can wait and see how this plays out, but that is a very risky strategy. What if rates stay about where they are or go higher over the next year or so? And what happens if we still have over capacity and continued margin compression? Will today’s squeeze continue?

“I really think that the owners of these smaller IMB’s should be researching their options. Can they find a partnership deal that will allow them to make more money than they are making today with a lot fewer headaches? Can they find a way to preserve their hard-earned capital and eliminate their risk going forward? Can they get access to better technology, marketing and loan products, and turn their current scale disadvantage into an advantage? The idea of giving up their independence is preventing many owners from even taking a look at their options. But I think they would be really smart to quantify all of this, understand how it could work, and then decide if it is something that would be of interest for them. (You can reach James here.)

MLO compensation

And from Dan Stone, with Mortgage Fee Coach, Inc., came, “Regarding LO compensation, let’s be real, too many loan officers and mortgage companies want to earn as much money as possible with the least amount of work. Given the opportunity to charge a client more points & fees or direct a borrower to a rate or loan program to earn a greater commission, they will charge the borrower a lot more often than you think. Too many LOs took advantage 30 years ago and too many will take advantage today.

“I worked in Secondary Marketing for 23 years at banks and mortgage companies. I experienced first-hand how many LOs would lock a rate with the highest rebate and/or charge the most points possible, so they could get rich at the expense of the borrower. Each borrower trusts the LO to either get them a fair or the best deal. In addition, the realtors don’t compare different lenders rates, fees and loan programs. They refer borrowers to the LO because they’ll get the loan closed at all costs. And, too many realtors want something from the lender for referring the borrower to them, such as free advertising, tickets to a pro game or free boat rides. Based on my experience, 5% of realtors try to help their clients get the best mortgage loan.

“The reason I started my mortgage consulting/coaching business 8 years ago was because I saw too many LOs direct borrowers into FHA or sub-prime loans to earn greater commissions. Too many other borrowers didn’t know how to compare rates, fees and programs, so they asked the realtor or friend for a lender based on trust and experience. Too often I can beat the realtors recommended lender at .25-.50% in rate.

“Why do so many borrowers search for a lender on their own, before and after meeting with a realtor? Because, they don’t trust the realtor to recommend a competitive lender. The LO comp rules are not great. They need to be improved. But they need to be in place to protect the borrowers.”

Outsourcing & offshoring

Who is “Tata?” Tata Group is an Indian multinational conglomerate holding company headquartered in Mumbai, Maharashtra, India. Founded in 1868, the company gained international recognition after purchasing several global companies. One of India’s largest conglomerates, Tata Group is owned by Tata Sons. Besides owning Jaguar Land Rover, it is one way to outsource.

Earlier this month the commentary had a note on how some companies are changing their battle tactics by moving certain jobs. On the topic of outsourcing or offshoring, company owners are drawn to sending non-customer facing jobs overseas, where other countries have more skilled engineers graduate every year from college than the U.S. has college graduates, and where checklist jobs can be done by contractors (versus employees) without benefits. A lender can re-direct funds into marketing, for example, or more aggressive pricing.

Saturday’s commentary prompted the question, “What is the magnitude of actual back office savings that can be realized by off-shoring?”

Jon Gerretsen, President of Trelix, an Altisource business unit, responded with, “At Trelix we see post implementation back office savings range between 25%-45%. This is driven by product makeup, geographic location and the number of components outsourced, with the highest savings being achieved through a complete outsourced end to end fulfillment solution. (Trelix can also provide the LOS technology platform, collateral services, construction loan support and title services, further adding to efficiencies and cost saves.) In order to measure the full magnitude of back office savings achieved through vendor partnerships it’s important to look beyond these initial upfront direct savings. There are additional cost benefits that can be achieved by lenders through vendor partnerships.

“We employ a bifurcated workflow model. Tasks are completed in dovetail fashion on a global basis and we align our offshore resources with onshore teams to maximize productivity. Offshoring creates the ability to provide a 16-hour day, which leads to competitive advantages for lenders vis a vis improved service levels which, along with turn times, are contractually based.

“We have seen that stronger SLAs and guaranteed turn times not only provide competitive market advantages upfront in the process but that they also can lead to higher pipeline pull through. Improvements of 5%-10% in closed loan production are possible with no additional acquisition costs. Contracts can also be structured so that fulfillment fees apply only to closed loans so that origination costs are more directly aligned with actual production.”

And Paul Campbell with Equilibrium Solutions answered with, “The true cost savings per loan varies upon the type of production being originated meaning, product mix, the size of the organization and the functions that are being outsourced. Some companies outsource specific functions like, UW, QC, Setup and Indexing or Post Closing QC, while, others have an end to end solution.

“Our experience at Equilibrium has been if you look at the MBA data for lenders generating $50 MM (135 units) per quarter based on Q3 2018 performance one will see: $1,163.00 (UW, Closing) per loan in only fulfillment, Production Support is $471.00 (processing) per loan, Employee Benefits is $665.00 per loan (all FTE), Occupancy and Equipment is $441.00 per loan.  The numbers come out to $2,740.00 per loan for a full end to end process.  Note: All soft costs such as Management and Corporate Administration Overhead cost reductions are not factored into these numbers. The same cost in an Outsource environment at Equilibrium Solutions will be approximately $895.00 per loan which will save approximately $1,845.00 or appx. 83 basis points per loan which is significant for a $50 MM per quarter Lending Platform.

“The competitive gain in market will allow for infrastructure upgrades, additional sales and loan acquisition spend or more marketing activities. Typically outsourcing improves loan quality as there should be no staffing constraints and a fuller view of aggregator requirements.”

Mitch Tanenbaum cabled, “I was an executive at a very large mortgage outsourcer for years, so I am not anti-outsourcing. One very important thing for lenders to remember is that if the company you outsource to has a security breach, you are going to get sued, so your vendor CYBER risk management (VCRM) is critical. And that VCRM is separate from Vendor COMPLIANCE risk management that lenders have done for years.

“For lenders licensed in New York, you are already familiar with the requirements of VCRM due to the requires placed on you by NY’s DFS 500 rule that is now in effect. If you are not familiar with the requirements, some of the requirements are to make sure everything that you want them to do is documented in writing and legally enforceable. You want to make sure that they have security policies, that they train their employees and their contractors in security

practices and anti-phishing techniques, that they perform annual security risk assessments and several other things.

“If YOU have to be compliant with California’s new CCPA (CA AB 375 and amendments), so do they. You want to make sure that they have CYBER risk insurance in place and you also want to make sure that your own cyber risk insurance will cover your butt if they screw up.

“Finally, if they outsource some of their function to a cloud vendor or their third party (your fourth party) like was the case in the recent 24 million mortgage document breach at Ascension, that your third party has their own VCRM program in place. You get the general idea. We can help you if you don’t have a VCRM program in place already.” Thank you, Mitch!

Last night I was sitting on the sofa watching TV when I heard my wife’s voice from the kitchen.
“What would you like for dinner my Love, chicken, beef, or fish?”
I said, “Thank you, I’ll have chicken.”
She replied “You’re having soup. I was talking to the cat.”

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
Rob Chrisman began his career in mortgage banking – primarily capital markets – 35 years ago in 1985 with First California Mortgage, assisting in Secondary Marketing until 1988, when he joined Tuttle & Co., a leading mortgage pipeline risk management firm. He was an account manager and partner at Tuttle & Co. until 1996, when he moved to Scotland with his family for 9 months. Read more...
Latest posts by Rob Chrisman (see all)
  • Mar. 22: Servicing, fee collection, underwriting, and licensing tools; customer service study; upcoming events & training - March 22, 2022
  • 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

Filed Under: Uncategorized

2 Users Online

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

  • SIRVA Worldwide Relocation & Moving

    Director, Mortgage Operations

    • Remote
    • SIRVA Worldwide Relocation & Moving
    • Full Time
  • Amres Corporation

    Branch Manager

    • Remote
    • Amres Corporation
    • Full Time
  • Amres Corporation

    Regional Producing Sales Manager

    • Remote
    • Amres Corporation
    • Full Time
  • Amres Corporation

    Director of Wholesale Lending

    • Remote
    • Amres Corporation
    • Full Time
  • Amres Corporation

    Director of Capital and Secondary Markets

    • Remote
    • Amres Corporation
    • Full Time
  • Amres Corporation

    VP of Retail Lending

    • Remote
    • Amres Corporation
    • Full Time
  • Nestfuel

    Head of California

    • California - San Francisco/Palo Alto
    • Nestfuel
    • Full Time
  • The Servion Group

    VP

    • Minnesota
    • The Servion Group
    • Full Time
  • C&F Mortgage Corporation

    Encompass Analyst

    • Anywhere
    • C&F Mortgage Corporation
    • Full Time
  • Nestfuel

    Senior Compliance Officer

    • Anywhere
    • Nestfuel
    • Full Time
    • Part Time
    • Temporary

Archives

Real Estate

  • Zillow Porchlight
  • Inman
  • HomeOwners & Investors
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. [...]

How to Plan an Outdoor Movie Night
How to Plan an Outdoor Movie Night

See the stars in your own backyard ... on your DIY big screen, that is. [...]

Realtor.com first to add wildfire risk data to listings, helping consumers
Realtor.com first to add wildfire risk data to listings, helping consumers

Listings on Realtor.com will now include a fire factor rating from the nonprofit research group First Street Foundation and information from the U.S. Department of Agriculture Fire Service. [...]

REX hires lawyer-to-the-stars David Boies to carry on battle with Zillow
REX hires lawyer-to-the-stars David Boies to carry on battle with Zillow

Boies, who has represented Al Gore, Harvey Weinstein and failed medical startup Theranos, told Inman he took the case because it's "important to enhancing competition in housing markets." [...]

Website Wins: How to Turn Your Visitors into Victories
Website Wins: How to Turn Your Visitors into Victories
California mansion on the brink of $10M sale destroyed by wildfire
California mansion on the brink of $10M sale destroyed by wildfire

The palatial abode in Laguna Beach was pulverized as strong winds whipped the brush fire through the ritzy Laguna Niguel neighborhood. [...]

Opendoor’s growth has ‘materially accelerated’: DelPrete
Opendoor’s growth has ‘materially accelerated’: DelPrete

Last year was a record year for Opendoor — and the latest data suggests that 2022 may turn out to be even bigger. Find out more on how the iBuyer is driving growth from data expert Mike DelPrete. [...]

Q2 2022 - State of the Market Mega-Thread - Inflation and Ratepalooza edition

Observations, rants, theories, speculation on future market movement, experiences, offer heartbreak, buyer fatigue, seller drama, mortgage drama, appraisal drama, anecdotes, new construction builder shenanigans, rate predictions, frustration with seller listing price strategy, crystal balls, and so on, that you may not feel warrant their own threads, but you want to get it off your chest. Individual threads of that nature, that are repetitive (the 1000th thread consisting of "omg the market is hot and rates are high!!", for example, doesn't warrant it's own thread if that's all the OP is) may be merged into here, too. I thought the last… [...]

We are real estate and housing economists Danielle Hale and George Ratiu and housing reporter Nicole Friedman, discussing affordability within the U.S. real estate market. Ask Us Anything!

We are Danielle Hale, Chief Economist at Realtor.com, George Ratiu, Senior Economist & Manager of Economic Research at Realtor.com, and Nicole Friedman, housing reporter for The Wall Street Journal. WSJ and Realtor.com recently released the fifth edition of The Wall Street Journal/Realtor.com Emerging Housing Markets Index, highlighting the top emerging housing markets in the U.S., as well as the ebb and flow of the economic recovery, demographic shifts and real estate dynamics reflected in metro-level data. Danielle joined Realtor.com in 2017 and leads the team of the industry’s top analysts and economists with the goal of providing deeper and broader… [...]

“Full House” House

The house featured in “Full House” last sold in October 2020 for a reasonable(ish) $5.3m. It’s back on the market FSBO for - get this - THIRTY SEVEN MILLION. Discuss. https://www.zillow.com/homedetails/1709-Broderick-St-San-Francisco-CA-94115/15083084_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare submitted by /u/CryptographerOdd5659 [link] [comments] [...]

What's your monthly income (after taxes) and how much do you pay in mortgage?

Curious to see what people take in and what they pay towards their mortgage. submitted by /u/frimpter928 [link] [comments] [...]

Bought a house, and the sellers haven't moved their belongings out 2 months later

We closed on a house in Michigan in March. When we moved in, the seller had left ALL of their belongings, including moldy food in the fridge. They told us several times they were planning on picking up their stuff, but never have. I've made multiple efforts to accommodate the sellers picking up their things, including offering to rent a uhual and drive it all to their place. The signed contract states the price of the house includes the fixtures, but not the seller's personal belongings What are my legal rights? Is this my property now? Can I throw it… [...]

Markets

  • MarketWatch.com - Top Stories
  • MarketWatch.com - Financial Services Industry News
The Moneyist: ‘It’s a real source of stress’: My friend, 67, asked a trustworthy nephew to be his executor, but he has not made time for him in 2 years — even to sign papers
The Moneyist: ‘It’s a real source of stress’: My friend, 67, asked a trustworthy nephew to be his executor, but he has not made time for him in 2 years — even to sign papers

‘There are no other living relatives.’ [...]

: Remote work has fueled U.S. house prices during the pandemic — so what happens when people return to the office?
: Remote work has fueled U.S. house prices during the pandemic — so what happens when people return to the office?

'Our results also imply that the future path of housing costs may depend critically on the path of remote work,' two economists wrote in a new paper. [...]

: ‘Boeing management is running around like headless chickens,’ Ryanair CEO says in earnings-call tirade
: ‘Boeing management is running around like headless chickens,’ Ryanair CEO says in earnings-call tirade

Michael O'Leary, chief executive of Ryanair Holdings Inc., tore into Boeing Co. during an earnings call Monday, blasting the plane-maker's "very poor management" and calling for a shakeup at the top. [...]

Earnings Results: Take-Two sales and forecast undershoot Wall Street’s expectations, but the stock is doing fine
Earnings Results: Take-Two sales and forecast undershoot Wall Street’s expectations, but the stock is doing fine

Take-Two Interactive Software Inc. reported and predicted softer sales than analysts expected Monday, but shares still gained as Wall Street awaits the acquisition of Zynga Inc. and acknowledges the videogame publisher's history of conservative forecasts. [...]

: Twitter CEO fires back at Elon Musk, who responds with poop emoji
: Twitter CEO fires back at Elon Musk, who responds with poop emoji

Days after Tesla Inc. Chief Executive Elon Musk tweeted that his $44 billion deal for Twitter Inc. was "temporarily on hold" as he looked into the prevalence of bot accounts on the service, Twitter's current leader sought to address how the company assesses spam activity. [...]

No items

Guidelines

  • FDIC Financial Institution Letters
  • FDIC Press Releases
Flood Insurance: Revised Interagency Questions and Answers
Flood Insurance: Revised Interagency Questions and Answers

Financial Institution Letter  |  May 12, 2022 Flood Insurance: Revised Interagency Questions and Answers Summary: The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the National Credit Union Administration (NCUA), and the Farm Credit Administration (FCA) (collectively, the Agencies) are issuing the revised Interagency Questions and Answers Regarding Flood Insurance (Interagency Questions and Answers).  The Interagency Questions and Answers address frequently asked questions about the flood insurance requirements of the National Flood Insurance Act of 1968, as amended, and its accompanying regulation. These Interagency… [...]

Guidance to Help Financial Institutions and Facilitate Recovery in Areas of New Mexico Affected by Wildfires and Straight-line Winds
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of New Mexico Affected by Wildfires and Straight-line Winds

Financial Institution Letter  |  May 9, 2022 REGULATORY RELIEF: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of New Mexico Affected by Wildfires and Straight-line Winds Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of New Mexico affected by wildfires and straight-line winds.   A copy of the Guidance can be found on the FDIC's website.   Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-supervised institutions.   Distribution: FDIC-Supervised Institutions in New Mexico   Read the FIL The FDIC does not send… [...]

Updated: FDIC to Participate in Interagency Webinar on Community Reinvestment Act Notice of Proposed Rulemaking
Updated: FDIC to Participate in Interagency Webinar on Community Reinvestment Act Notice of Proposed Rulemaking

Webinar Updated to reflect correct registration link   FDIC to Participate in Interagency Webinar on Community Reinvestment Act Notice of Proposed Rulemaking On May 5, 2022, the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly released a Notice of Proposed Rulemaking (NPR) that would reform the Community Reinvestment Act (CRA) regulations. The CRA seeks to address inequities in access to credit for low- and moderate-income, as well as underserved and rural communities. The agencies seek public feedback on the joint proposal, and comments are due on or before August 5, 2022.… [...]

FDIC to Participate in Interagency Webinar on Community Reinvestment Act Notice of Proposed Rulemaking
FDIC to Participate in Interagency Webinar on Community Reinvestment Act Notice of Proposed Rulemaking

Webinar FDIC to Participate in Interagency Webinar on Community Reinvestment Act Notice of Proposed Rulemaking On May 5, 2022, the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly released a Notice of Proposed Rulemaking (NPR) that would reform the Community Reinvestment Act (CRA) regulations. The CRA seeks to address inequities in access to credit for low- and moderate-income, as well as underserved and rural communities. The agencies seek public feedback on the joint proposal, and comments are due on or before August 5, 2022.   On Wednesday, May 11, 2022 3:00… [...]

FDIC Board of Directors Meeting
FDIC Board of Directors Meeting

Board Materials  |  May 5, 2022 FDIC Board of Directors Meeting Today the Federal Deposit Insurance Corporation’s Board of Directors met in open session and approved an interagency proposed rule on the Community Reinvestment Act.  Materials and information relative to the Board actions are available here:   Community Reinvestment Act Press Release Fact Sheet on Proposed CRA Rulemaking Financial Institution Letter Notice of Proposed Rulemaking on Revisions to the Community Reinvestment Act Regulations Statement by Acting Chairman Martin J. Gruenberg Statement by Director Rohit Chopra Statement by Director Michael J. Hsu A recording of the full webcast is available here.  … [...]

Agencies Release Revised Interagency Questions and Answers Regarding Flood Insurance
Agencies Release Revised Interagency Questions and Answers Regarding Flood Insurance

Press Release  |  May 11, 2022 Board of Governors of the Federal Reserve SystemFarm Credit AdministrationFederal Deposit Insurance CorporationNational Credit Union AdministrationOffice of the Comptroller of the Currency   Agencies Release Revised Interagency Questions and Answers Regarding Flood Insurance Five federal regulatory agencies today jointly issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. These Q&As replace those originally published by the agencies in 2009 and 2011 and consolidate Q&As proposed by the agencies in 2020 and 2021. The revised Q&As reflect significant changes to the flood insurance requirements made by federal law… [...]

FDIC Board of Directors Meeting
FDIC Board of Directors Meeting

Board Materials  |  May 5, 2022 FDIC Board of Directors Meeting Today the Federal Deposit Insurance Corporation’s Board of Directors met in open session and approved an interagency proposed rule on the Community Reinvestment Act.  Materials and information relative to the Board actions are available here:   Community Reinvestment Act Press Release Fact Sheet on Proposed CRA Rulemaking Financial Institution Letter Notice of Proposed Rulemaking on Revisions to the Community Reinvestment Act Regulations Statement by Acting Chairman Martin J. Gruenberg Statement by Director Rohit Chopra Statement by Director Michael J. Hsu A recording of the full webcast is available here.  … [...]

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

Press Release  |  May 3, 2022 FDIC Issues List of Banks Examined for CRA Compliance WASHINGTON - 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 February 2022.   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… [...]

FDIC to Launch 2022 Small Business Lending Survey
FDIC to Launch 2022 Small Business Lending Survey

Press Release  |  May 3, 2022 FDIC to Launch 2022 Small Business Lending Survey Approximately 2,000 Banks Asked to Detail their Lending Practices WASHINGTON – Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg and U.S. Census Bureau (Census) Director Robert L. Santos today formally invited approximately 2,000 U.S. banks to participate in a nationally representative online survey about their small business lending practices and volumes.   Sponsored by the FDIC and administered by Census, the 2022 Small Business Lending Survey (SBLS) provides a comprehensive view of small business lending by banks and will significantly expand the FDIC’s and… [...]

FDIC Makes Public March Enforcement Actions; No Administrative Hearings Scheduled for May 2022
FDIC Makes Public March Enforcement Actions; No Administrative Hearings Scheduled for May 2022

Press Release  |  April 29, 2022 FDIC Makes Public March Enforcement Actions;No Administrative Hearings Scheduled for May 2022 WASHINGTON - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in March 2022.  There are no administrative hearings scheduled for May 2022.   The FDIC issued 13 Orders in March 2022.  The administrative enforcement actions in those Orders consisted of six orders terminating consent order, one order to pay civil money penalty, five Section 19 orders, and one order of termination of insurance. To view orders, adjudicated decisions and… [...]


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

© 2022 · Lender News · All Rights Reserved