Thursday, October 21, 2021

Week of Oct. 4

In This Issue…

OCC reports improvement in mortgage performances

The Office of the Comptroller of the Currency reported last week the performance of first-lien mortgages in the federal banking system improved during the second quarter of 2021.

The OCC Mortgage Metrics Report, Second Quarter 2021 showed 95 percent of mortgages included in the report were current and performing at the end of the second quarter of 2021, compared to 91.1 percent at the end of the second quarter of 2020. The second quarter of 2020 was the first full quarter of the COVID-19 pandemic.

The percentage of seriously delinquent mortgages – mortgages 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due – was 3.8 percent in the second quarter of 2021, compared to 4.6 percent in the prior quarter and 6.8 percent a year ago.

Servicers initiated 592 new foreclosures during the second quarter of 2021, a 28.9 percent decrease from the previous quarter and a 137.8 percent increase from a year ago. Events associated with the COVID-19 pandemic, including foreclosure moratoriums, have significantly affected these metrics.

Servicers completed 39,599 mortgage modifications in the second quarter of 2021, a decrease of 17.1 percent from the previous quarter. Of the 39,599 mortgage modifications, 53.3 percent reduced borrowers’ monthly payments and 97.2 percent were “combination modifications” – modifications that included multiple actions affecting affordability and sustainability of the loan, such as an interest rate reduction and a term extension.

The first-lien mortgages included in the OCC’s quarterly report comprise 23 percent of all residential mortgage debt outstanding in the United States or approximately 12.8 million loans totaling $2.59 trillion in principal balances. This report provides information on mortgage performance through June 30, 2021, and it can be downloaded from the OCC’s website by clicking here.

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OBA president/CEO interviews on pair of Tulsa TV stations about IRS reporting proposal

OBA President and CEO Adrian Beverage appeared on two Tulsa TV stations last week to discuss the IRS reporting proposal and its possible negative ramifications.

You can watch both video, as well as read the accompanying news stories by clicking the links below:

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Bankers’ Night Out fall series continues this month

The dates for the OBA Bankers’ Night Out programs have been finalized, with the Tulsa date coming soon. Mark your calendar for the date of the program that’s in your area of the state and plan to attend.

Bring your coworkers with you so that everyone can be up to speed on the most recent developments affecting their job. In addition to state and federal legislative updates, the program will include a discussion on the recent developments in your industry.

As in the past, the schedule for each of these meetings is:

5:30 p.m. – Drinks
6:15 p.m. – Program
7 p.m. – Dinner

PRE-REGISTRATION IS REQUIRED. The cost is $50 per person. Locations and dates for this year’s events are:

  • Tulsa, Oct. 12.
  • Oklahoma City, Oct. 26.
  • Woodward, Nov. 2.
  • Lawton, Nov. 4.

Click here for a registration form or visit the OBA events calendar to register online for the program in your area.

Please note: We will monitor the state’s COVID climate and send any necessary updates before each event.

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OBA education corner …

It’s October, which means football, pumpkin beers and cool weather! OK, so we’re still waiting on the cool weather, but no need to miss out on the football and pumpkin beers! In the meantime, check out all the upcoming OBA education offerings, though! Take note of the following:

NOTE: Effective March 16, 2020, and until further notice, TTS (our webinar provider) has extended the OnDemand access period for all ‘Live Plus Five (Days)’ registrants to 60 days (versus five business days). Also, they are waiving the $75 per location fee for additional locations.

  • Writing Teller Training and Procedures, Oct. 13, webinar — This webinar is designed for training, human resources, head tellers, supervisors, branch administration and tellers will be involved in writing and setting company procedures.
  • Marketing & Advertising Compliance — Two Part Series, Oct. 13, webinar — This webinar is an in-depth discussion of UDAP/UDAAP requirements – attention to unfair, deceptive, and abusive acts and practices (UDAAP). Plus – what may be considered abusive? How can you stay clear of trouble? Don’t miss the forest for the trees.
  • Loan Participants: What You Should Know, Oct. 14, webinar — This program is designed for loan officers, senior credit officers, senior loan officers, loan administrators, loan review officers, compliance officers, branch managers and credit analysts.
  • Strategic Planning for Financial Institutions – It’s All About Your Strategy!, Oct. 14, webinar — This informative session is designed for the Board of Directors, Leadership Team, Supervisors with planning responsibilities, Chief Risk Officers, and everyone involved in Strategic Planning process.
  • All About Flood Insurance Compliance Requirements, Oct. 19, webinar — When it comes to flood insurance compliance there is a lot to remember and even more ways to mess it up.
  • Advanced Commercial Loan Documentation, Oct. 20, webinar — This fast-paced seminar will focus on the purpose, use and content of the six core commercial loan documents: the promissory note, the loan agreement, the security agreement, the guaranty, the letter of credit and the subordination/intercreditor agreement.
  • Ability to Repay/Qualified Mortgages Review and Update, Oct. 20, webinar — The Ability to Repay/Qualified Mortgage rules have always provided several options for compliance. Now one option is expiring, another option is undergoing major revisions, and a new option is being created.
  • Legal Liabilities When Check Fraud Occurs, Oct. 21, webinar — This session will focus on the best practices that can be employed by banks rather than looking at any particular state’s laws.
  • Wire Transfer Compliance, Oct. 21, webinar — In this session we will cover the regulatory requirements for both domestic and international wires, provide sample audit procedures and discuss how to identify and react to possible wire fraud attempts.
  • Treasury Management: A Powerful Tool to Increase Deposits and Fee Income, Oct. 21, webinar — During this basic course, we will review the primary Treasury Management products and services that are available in the market.
  • 2021 HMDA/Fair Lending Seminars, Oct. 26-Tulsa (HMDA/Fair Lending); Oct. 27-Oklahoma City (HMDA/Fair Lending) — These are separate seminars each day, with HMDA taking place in the mornings and Fair Lending in the afternoon: You can register for one separately, or for both.
  • 2021 IRA Basics and Update Seminars, Nov. 3-Tulsa; Nov. 4-Oklahoma CityWhether you are looking to gain basic knowledge of IRAs, raise your comfort level or sharpen your skills with the most up-to-date rules and regulations, this two-day format will cover everything!

Finally, mark your 2022 calendars for all the upcoming schools offered by the OBA!

  • Intermediate Banking — Feb. 7-11; June 6-10.
  • Commercial Lending — March 6-11.
  • Compliance — Aug. 22-26.
  • Basic Banking — Sept. 12-15.
  • Consumer Lending — Oct. 3-7.
  • Operations — November 14-18.

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