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Tag Archives: OCC

Banks May Get More Time on Basel III Requirements

The implementation of the Basel III capital rules may be postponed beyond the start of 2013, according to a joint statement released by the Office of the Comptroller of the Currency, the FDIC, and the Federal Reserve. The announcement follows a comment period during which many trade organizations and institutions expressed apprehension about the new requirements.

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Ratings Agency Forecasts a Stronger Year for Short Sales in 2013

Even though the number of foreclosure filings has risen dramatically in recent months in some parts of the country--specifically in judicial states--the ratings agency DBRS expects the total number of foreclosure filings to show evidence of a steady decline in 2013 when compared to 2012. This is due to ""the record number of servicers that are using short sales as their primary loss mitigation tool to prevent delinquent loans from entering foreclosure,"" the agency's analysts said in a research note issued Monday.

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Curry Addresses Concerns of Minority-Owned Banks in Speech

In a written speech addressing Minority Depository Institutions, Thomas J. Curry, Comptroller of the Currency, spoke on the important role of minority-owned banks while addressing concerns regarding new laws and regulations. Curry discussed the new Basel capital requirements, which are expected to pose challenges for community banks due to the higher capital requirements.

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OCC Reports Q2 Findings on Loan Performance and Mods

Mortgage performance for loans serviced by large national and federal savings banks weakened in the second quarter of 2012, the Office of the Comptroller of the Currency (OCC) reported Thursday. The percentage of current and performing mortgages stood at 88.7 percent at the end of Q2, a slight drop from Q1, when 88.9 percent of loans were current and performing. However, the share of seriously delinquent mortgages fell 0.8 percent from Q1 to 4.4 percent, the lowest level in three years.

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Report: Credit Risk in Shared National Portfolio Declined in 2012

Credit quality of large loan commitments owned by domestic and foreign banks and nonbanks is on the rise for the third consecutive year, according to this year's Shared National Credits (SNC) Review. The review revealed that the volume of criticized loans (rated special mention, substandard, doubtful, or loss), while still historically high, fell to $295 billion, an 8.1 percent drop from 2011.

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Agencies Propose New Appraisal Rules for Higher-Risk Loans

Higher-risk mortgage loans may have a new set of rules to go by when it comes to appraisals. A proposed rule from six federal agencies would set out new requirements when conducting appriasals for higher risk mortgages. For example, the rule would require creditors to use a licensed or certified appraiser when preparing reports based on the physical inspection of a property.

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OCC Chief Counsel to Retire

The Office of the Comptroller of the Currency (OCC) announced that chief counsel Julie Williams will step down September 30 and plans to retire from federal service at the end of the year.

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Deadline to Request Independent Foreclosure Review Extended Again

The deadline to request an Independent Foreclosure Review got its second extension in less than two months. In late June, the deadline was pushed back from July 31 to September 30, 2012. Now, borrowers have until until December 31, 2012 to request a foreclosure review, the Office of the Comptroller of the Currency (OCC) and the Fed announced Thursday.

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