By ISAIAS PACHECO Leaders at the Office of the Comptroller of the Currency have released their annual update to the Bank Accounting Advisory Series. The link can be found here. The Office of the Comptroller of the Currency is an independent bureau of the U.S. Department of the Treasury. The OCC charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks, according to their website. A press release issued last week says this edition of the BAAS reflects updates to clarify the application of accounting standards issued by the Financial Accounting Standards Board on topics including the amortization of premiums on debt securities with a call option over a preset period and…
By ISAIAS PACHECO Leaders at Bank of America announced this week that they have partnered with Liberty Science Center’s SciTech Scity to launch a pilot program that promises to improve the future of high school education. Two New Jersey high schools, James J. Ferris High School in Jersey City and Memorial High School in West New York, have been chosen for the program. It is focused on providing students with the skills and training needed to prepare them for what has been termed the “new collar” jobs in emerging technology fields. In the past two years, a series of massive cyberattacks has exposed the sensitive personal data of millions of Americans. It has cost the federal government, Fortune 500 corporations,…
By ISAIAS PACHECO The Mortgage Bankers Association weekly mortgage application survey has recorded an increase of 0.2% for the week of August 5. On an unadjusted basis, the index decreased 0.3% compared with the previous week. Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said mortgage rates remained volatile last week – after drops in the previous two weeks. Kan said mortgage rates ended up rising four basis points and mortgage applications were relatively flat, with a decline in purchase activity offset by an increase in refinance applications. “The purchase market continues to experience a slowdown, despite the strong job market. Activity has now fallen in five of the last six weeks, as buyers remain on the…
By ISAIAS PACHECO Information about the AEI Housing Market Indicator for the month of July was recapped during a recent meeting. Leaders at the organization went over their new Month-over-Month constant quality home price appreciation graphic, which shows that many of the largest Metros, especially western Metros, have begun experiencing negative M-O-M HPA. The overall goal is to monitor market stability through accurate real-time tracking to help avoid destructive housing booms and busts, they say. Key takeaways from the briefing on August 2: Purchase rate lock volume and home price appreciation both continue to decelerate and confirm a strong trend reversal.April 2022 volume was down 13% from the same month in 2021 but up 8% from 2020.Based on Optimal Blue…
By ISAIAS PACHECO A Boys and Girls Club in New Hampshire has received $15,000 from BankProv to support their transportation services. The club in Manchester has transportation provided throughout the year for after-school pickup, educational field trips, and their newly remodeled summer camp located in Bedford, NH. Senior Vice President and Director of SME Lending John Phelan said in a statement that they are proud to support the club’s efforts to make a difference in the lives of so many children. Email story ideas to Editor Kimberley Haas:
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By ISAIAS PACHECO The home purchase settlement index decreased by two points in July, according to Fannie Mae. This is the lowest level since 2011, and the HSPI has been declining steadily which is making consumers concerned. They are not buying or selling, experts say. Doug Duncan, Senior Vice President and Chief Economist, said in a statement that unfavorable rates have been increasingly cited by consumers as the top reason behind the growing perception that it is a bad time to buy and sell. It is expected that the market will cool and there will be moderate home sales over the coming year. Thousands of people in the industry may be let go as a result. Email story ideas to…
