According to a report in National mortgage news,
After several weeks of application declines, it appears that low interest rates are finally causing an increase in new business.
According to new figures compiled by the Mortgage Bankers Association, loan applications increased on a sequential basis by 6.3% for the week ending Sept. 9. (The figures, which are seasonally adjusted, also take into account the Labor Day holiday.)
Refinance applications continued to dominate, accounting for 77.3% of all new business, compared to 77.1% one week prior.
As expected, consumers continue to favor 30-year and 15-year fixed rate products. MBA found that the average contract rate for a 30-year FRM declined 6 basis points during the week to 4.17%, setting another all time low. Points decreased to 0.94 from 1.04 (including the origination fee) for 80% loan-to-value ratio loans.
MBA tracks activity through its proprietary application index.
Read more - http://www.nationalmortgagenews.com/dailybriefing/2010_431/mortgage-applications-up-1026545-1.html
Sep 15, 2011
Finally, Mortgage Applications Pick Up Steam
Aug 30, 2011
Mortgage rates fall to historic lows.
Fixed mortgage rates have fallen to historic lows. That's good news for the few who can afford to buy a home or are able to refinance. But, at the same time rates have done little to lift the ailing housing market.
Freddie Mac said Thursday that the average rate for the 30-year fixed mortgage fell to 4.32 percent this week from 4.39 percent. The 30-year loan hit a record low of 4.17 percent in mid-November.
Many people can't take advantage of the low mortgage rates. Banks have been insisting on higher credit scores and larger down payments from applicants. Others have too little equity invested in their homes to qualify for loans.
Historically low rates have helped fuel another boom in refinancing. Fast growing contract mortgage processing company, PrivoCorp, expects that refinance volumes will pick up significantly in the short term."We are getting ready to provide services to meet the increased refinancing that are the direct result of low interest rates in 2011" according PrivoCorp CEO. PrivoCorp is a licensed contract processing company providing services across the country to brokers and lenders of various sizes.
Aug 25, 2011
Bank and Nonbank Loan Officers: 459,000 and Counting?
According to a report in Origination news,
Could there really be 459,000 U.S. loan officers plying their trade in residential finance?
The tally comes from the Nationwide Mortgage Licensing System & Registry, whose job it is to count LOs who work at federally insured banks, thrifts and credit unions. Along with nonbank funders, these depositories have registered their LOs on the system.
According to a new head count, banks and their mortgage affiliates employ 350,000 registered LOs. Nonbanks—also known as “state-licensed companies”—have registered 109,000. (Each LO receives a unique identification number with their licensing status available on the NMLS website.) If the totals are correct, that means bank LOs currently outnumber nonbank professionals 3-to-1.
If you think the LO headcount sounds a bit too high, join the club. Figures compiled by the Bureau of Labor Statistics show that the entire residential finance sector employed 239,100 full-time workers as of June 30, but those figures apparently exclude bank LOs. The BLS survey only counts full-time employees on the payrolls of nonbank mortgage firms including companies that both fund and broker loans.
What's more, the BLS numbers include managers, loan officers, back-office staff and even full-time janitors. In other words, it appears that the NMLS tally provides the first true head count of LOs in the entire residential industry.
Still, there are skeptics who believe the 350,000 number is too high for LOs.
These naysayers suspect that banks have registered LOs with little involvement in mortgage lending, particularly since it takes very little effort for bank employees to register.
LOs at state-licensed companies (nonbanks) have to pass competency tests and comply with continuing education requirements. They also have to be licensed in each state where they make loans.
LOs at national or state banks are exempt from those requirements, but must undergo criminal background checks and get fingerprinted like their state-licensed competitors.
Under the 2008 Secure and Fair Enforcement and Mortgage Licensing Act, banks and other depositories are required to register their LOs on the NMLS, which is operated by a subsidiary of the Conference of State Bank Supervisors. (Banks were required to file their registry information with NMLS no later than July 29.)
The registry is now relatively complete, according to Bill Matthews, president of the State Regulatory Registry, the CSBS subsidiary which operates the NMLS on behalf of the American Association of Residential Mortgage Regulators. AARMR is a trade association for the agencies and professionals who oversee the mortgage business within their respective borders. “All the deadlines have passed and now we can start looking at the data and trends,” Matthews told National Mortgage News.
On Aug. 2 regulators “turned on” the consumer portion of the website, which allows homebuyers and other interested parties to check on companies and individual LOs employed in the industry.
The NMLS site was first launched 18 months ago with information on state-licensed (nonbank) companies, branches and individuals, including whether their license status is active. The site even indicates whether a license was denied, withdrawn or revoked. “If someone was denied a license on the state side, the consumer will be able to see that. If they are now working for a depository, they can see that as well,” Matthews said.
In late 2012, the site will start showing disciplinary actions taken against state-licensed individuals. But each state will determine for itself the exact nature of what is displayed. Some jurisdictions may decide to show C&D orders that have been levied against an originator, while others may rule only fully adjudicated enforcements should be disclosed.
Read more visit - http://www.originationnews.com/on_features/bank-nonbank-loan-officers-1026208-1.html?ET=origination:e1670:92746a:&st=email&utm_source=editorial&utm_medium=
Aug 9, 2011
NMLS Update: Bank LOs Outnumber Nonbank LOs Almost 3 to 1
According to a report in National mortgage news,
Federally insured banks, thrifts and credit unions have three times as many loan officers engaged in mortgage lending as state-licensed companies, according to new figures submitted to the Nationwide Mortgage Licensing System and Registry.
The nearly completed system shows depository institutions and their mortgage subsidiaries employ 350,000 LOs, compared to state-licensed firms which have 109,000 LOs, according to the Conference of State Bank Supervisors.
State chartered firms include nonbank mortgage lenders and loan brokerage companies.
Banking institutions were required to file their registry information with CSBS by July 29.
The registry is now relatively complete, according to Bill Matthews, president of State Regulatory Registry, which is a CSBS subsidiary that operates the NMLS for the states. "All the deadlines have passed and now we can start looking at data and trends," Matthews told National Mortgage News.
The NMLS deadline for the last two states, Florida and California, was March 31.
In 2Q state (nonbank) LOs numbered 109,000 compared to 100,100 in the first quarter.
Read more visit - http://www.nationalmortgagenews.com/dailybriefing/2010_406/bank-los-
Aug 1, 2011
LPS Posts Large Decline in 2Q Earnings
According to a report in National Mortgage News,
Mortgage technology and service provider Lender Processing Services earned $21.4 million in the second quarter, a 73% decline from the same period a year earlier, citing restructuring charges and lower revenue.
In a statement LPS said “in light of current market conditions” the firm is evaluating its cost structure and “potentially underperforming assets.”
The Jacksonville, Fla.-based firm booked a pre-tax restructuring charge of $7.9 million during the quarter primarily due to continued personnel reductions. It also recognized a $31.8 million pre-tax asset impairment charge tied to the writedown of investments it is evaluating for sale or wind down.
Although its earnings fell by 73%, revenue declined by just 13% to $517.5 million.
"LPS continues to perform well despite very challenging conditions in the default and origination markets, as well as an ongoing difficult macro-economic environment,” said company CEO Lee A. Kennedy. “LPS, with its strong market presence and unique set of end-to-end solutions for the mortgage and real estate marketplace, remains well-positioned for the years ahead.”
Still, LPS’s second-quarter profit beat market expectations helped by lower cost of revenue. The firm manages more than half of U.S. mortgage foreclosures, but faces various legal and regulatory challenges tied to its alleged role in wrongful foreclosure practices.
Read more visit - http://www.nationalmortgagenews.com/dailybriefinghttp://www.nationalmortgagenews.com/dailybriefing/2010_396/lps-posts-large-decline-2q-earnings-/2010_396/lps-posts-large-decline-2q-earnings-
Jul 25, 2011
Mortgage Rates Stall
According to a report in the wall street journal,
Mortgage rates were mostly flat in the past week amid a series of mixed reports on the health of the U.S. economy, according to Freddie Mac's weekly survey of mortgage rates.
"Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up," said Freddie Mac Chief Economist Frank Nothaft, adding that a consumer sentiment reading fell to the lowest level since March 2009.
The 30-year fixed-rate mortgage inched up to 4.52% in the week ended Thursday, from 4.51% the previous week, though that is down from last year's rate of 4.56%. Rates on 15-year fixed-rate mortgages were 3.66%, compared with 3.65% last week and 4.03% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.27%, down from 3.29% last week and 3.79% a year ago. One-year Treasury-indexed ARM rates were 2.97%, up from 2.95% in the prior week but down from 3.70% in the prior year.
To obtain the rates, fixed-rate mortgages required an average payment of 0.7 point, while adjustable rate mortgages required an average 0.5-point payment. A point is 1% of the mortgage amount, charged as prepaid interest.
Read more visit - http://online.wsj.com/article/SB10001424053111903554904576459902604976450.html?mod=WSJ_RealEstate_LeftTopNews
Jul 9, 2011
Mortgage Jobs Rise Ever So Slightly
According to a report in National mortgage news,
Mortgage-related employment rose every so slightly in May with residential firms adding 2,600 new jobs during the month, according to government figures released Friday morning.
However, the mortgage broker segment continued to suffer job losses with 1,600 workers leaving the business either voluntarily or through a job loss.
Overall, the mortgage sector employed 241,500 full-time workers in May, up 1% from April. Compared to the same month a year ago the sector shed 17,300 jobs. (The mortgage figures trail the national numbers by a month.)
The mortgage broker segment supported 50,200 workers in May compared to 61,000 a year ago. Broker employed peaked in April 2006 at 148,200 workers.
Jay Brinkmann, chief economist for the Mortgage Bankers Association told National Mortgage News that during the second-half lenders will focus on how to “manage and reduce capacity.”
He noted that some smaller firms may increase hiring – with an emphasis on recruiting high performance loan officers – in an attempt to gain market share. “Of course not everyone can increase market share at the same time,” he said.
Although the Bureau of Labor Statistics provides numbers on broker employment it does not segment out servicing related jobs. MBA believes the emphasis on helping delinquent borrowers has increased servicing employment somewhat but with late payments now falling hiring may not be as robust going forward.
The national employment report came in much weaker than expected with nonfarm payrolls rising only 18,000 in June, the weakest reading since September, and well below economists' expectations for an increase of 90,000 positions. The unemployment rate rose 0.1% to 9.2%, the highest level this year.
In a statement Fannie Mae chief economist Doug Duncan said, “June’s nonfarm payroll gain of 18,000 shows that May’s weakness was not an aberration. This raises doubts that the second half of the year will see much improvement in the overall economy from the anemic performance of the first two quarters.”
He added that, “The disappointing news on the labor front will only serve to further damage already depressed consumer confidence and the demand for housing. While home prices have stabilized recently going in to the spring/summer selling season, this report bodes poorly for house price expectations.”
Read more visit - http://www.nationalmortgagenews.com/dailybriefing/2010_384/mortgage-jobs-rise-1025589-1.html?ET=nationalmortgage:e1491:92746a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=NMN_Daily_Briefing_070811
Jun 29, 2011
MBA: Small Co. Profits Down
According to a report in National mortgage news,
WASHINGTON—Small mortgage banking companies got crushed in the first quarter between falling loan volumes and rising expenses.
Profits per loan dropped 66% as the tail end of the fourth-quarter refinancing boom came to an abrupt end in late January and managers rushed to cut payroll and other expenses.
Average per-loan profit was $346 in the first quarter, according to a survey by the Mortgage Bankers Association, down from a $1,082 profit in the fourth quarter and $608 in the 2010 first quarter.
Meanwhile, expenses per loan rose from $4,930 in the fourth quarter to $5,837—which ate into first-quarter profits, according to Marina Walsh, MBA’s associate vice president of industry analysis.
The survey found 63% of the 329 respondent firms posted pretax profits for the first quarter, compared to 84% in the prior quarter.
It is not unusual for profits to take a hit at the end of the refinancing boom.
However, it appears this downturn in profitability was more severe due to regulatory costs associated with loan officer compensation and overtime rules.
Walsh pointed out that the first quarter of 2010 had a lot of similarities to the first quarter of this year. Loan production was nearly the same at $157,800 with refinancing volume was at 50%, compared with 44% in the first quarter of 2010.
Read more just Visit - http://www.originationnews.com/on_features/small-co-profits-down-1025445-1.html
Jun 17, 2011
Rates Hold Steady After Weeks of Declines
According to the National Mortgage News says,
The average rate for a 30-year FRM inched up one basis point to 4.5% after eight weeks of consecutive declines, according to Freddie Mac's closely watched survey.
In general, rates across most product types remained stable for the period ending June 16.
"After two months of fixed mortgage rate declines, and hitting new year-to-date lows along the way, rates held mostly steady this week," a Freddie Mac spokesperson told National Mortgage News.
On average, 15-year FRMs continued to inch downward, ending the week at 3.67%, a decline of one basis point. Treasury-indexed hybrid ARMs were at 3.27%, with one-year Treasury ARMs ending at 2.97%, up two basis points from the previous week.
Freddie chief economist and vice president Frank Nothaft said the mixed rates reflect slight increases in inflation indicators that were close to consensus, specifically a 0.2% increase in the core producer price index and a 0.3% jump in the producer price index. These increases were mostly "shrugged off" by the market, Freddie said.
In general, all rates remained lower than year ago levels.
Read more visit - http://www.nationalmortgagenews.com/dailybriefing/2010_369/freddie-mac-rates-1025263-1.html?ET=nationalmortgage:e1402:92746a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=NMN_Daily_Briefing_061611
Jun 10, 2011
Housing at a 'Tipping Point' just take a look.
Home price expert Robert Shiller says,
The nation should not have been surprised by the recent “double-dip” in home values, but said he’s uncertain whether it is the start of a longer term slide in prices.
Shiller told attendees at a Standard & Poor’s housing conference in New York there has been “too much attention” on the double dip, noting that he had said for several months the market was on the verge of one.
He predicted there could be another dip in the S&P’s Case-Shiller 10-city index going forward, but also suggested that the market could turn up again in the summer months.
In terms of whether there is another definitive downtrend trend coming, Shiller said he considers the market at a “tipping point” and “not quite there yet.” Another month of data will make it clearer as to whether there are more recessionary pressures, he said.
During a question and answer session, when asked about future trends in home prices, he reiterated a past assertion that there could be another 10%-25% decline in real home prices over the next five years.
Read more just visit - http://www.nationalmortgagenews.com/dailybriefing/2010_364/housing-tipping-point-1025142-1.html?ET=nationalmortgage:e1373:92746a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=NMN_Daily_Briefing_060911
May 4, 2011
Customers are happier with their banks...?
According to a report in CNN,For the first time in more than three years, consumers say they are happier with their banks.
No, this isn't a joke.
While you can find stories every day about new fees popping up, and credit card interest rates rising as banks squirm under new regulations, consumers have actually become more satisfied with their banking experiences this year, according to research group J.D. Power and Associates' annual survey.
On a 1,000 point scale, customer satisfaction came in at 752 this year, up four index points from last year and the first uptick in sentiment since 2007.
The 8 least evil banks
What caused customers to warm up to their banks? Better in-person branch interactions, improved access to detailed account information and more product offerings that fit their lifestyles -- including online and mobile tools, the report indicated.
Even perceptions of banks' brand reputations have gotten better -- the first positive change since 2008.
But just because sentiment improved doesn't mean customers don't still have major gripes. What upset them most this year were the changes banks have been making to fee structures. While the number of customers reported being charged fees actually declined from 53% in 2010 to 43% this year, consumers were less satisfied with the way banks were choosing to impose charges.
This year, 18% of customers said their fee structures had changed in the last year, compared with 16% in 2010. J.D. Power said that changes in fee structures typically cause a customer's overall satisfaction rating to decrease by an average of 84 index points.
Read more visit-http://money.cnn.com/2011/04/21/pf/banks_customer_satisfaction/index.htm
Apr 26, 2011
Mortgage denied: Sometimes, for no good reason...
According to a report in CNN, Getting a mortgage just keeps getting tougher, and many homebuyers are getting rejected for loans they could easily afford.
The issue: Tighter standards from Fannie Mae and Freddie Mac, the government entities that back mortgages made by banks.
Banks are reluctant to make loans without the Fannie and Freddie guarantee, and loans backed by them account for just about every mortgage written these days.
In 2009, the agencies lifted the minimum credit score that borrowers must have from 580 to 620. That's probably for the best.
But they've pushed through a host of other requirements as well, and that means real estate deals don't get done, even for some relatively low-risk borrowers.
"You can have one Fannie/Freddie guideline you violate and that gets you rejected," said Alan Rosenbaum of GuardHill Financial.
A quarter of all mortgage loan applicants get denied for loans, according to the Federal Reserve. Many other potential homebuyers never even try to get loans, said Jerry Howard, president of the National Association of Home Builders.
"The pendulum has swung too far in the other direction," Howard said. "This overreaction is retarding the housing market recovery." (Homes: What a million bucks buys)
Here are some of the reasons that banks must turn down borrowers for mortgages:
Too few of the condos in your association have been sold
For Fannie/Freddie lenders to approve a mortgage to finance purchase of a condo, a large majority of the units -- 70% -- have to be already sold or under contract to individuals. Before 2009, the threshold was 51%.
If more than 30% are still owned by the company that built the complex or sponsored its conversion from rental units, the mortgage will be denied, no matter how qualified the buyer is.
read more visit- http://money.cnn.com/2011/04/19/real_estate/low_risk_mortgage_denied/index.htm
Apr 20, 2011
House votes to kill Obama mortgage plan. just take a look..
According to a report in CNN,The House passed a bill Tuesday to kill a signature Obama administration program that helps homeowners stay in their homes but has faced criticism as ineffective.
The House voted 252 to 170 to stop any new funding for the Home Affordable Modification Program (HAMP). Eleven Democrats joined Republicans to defund the program.
The program taps the federal bailout that saved the big banks, providing incentives to mortgage servicers to modify mortgages for borrowers behind on their payments.
"To many struggling Americans seeking permanent mortgage relief, HAMP offered little more than false hope. More homeowners have been kicked out of the program than have received permanent relief," Rep. Darrell Issa, the California Republican who chairs the House Oversight Committee, said in a statement.
Read more just visit-http://money.cnn.com/2011/03/29/news/economy/republicans_kill_hamp/
Mar 30, 2011
Mortgage Tech Vendor Prices IPO, Hits the Road...just take a look.
Mortgage technology vendor Ellie Mae on Tuesday priced its initial public offering, laying out plans to raise between $40 million and $60 million.
The firm also officially launched its investor road show and will try to convince institutional buyers to gobble up its 5 million shares. (The offering range is $9 to $11 per share.)
In total, it will issue 7.5 million shares with the firm's executives retaining 2.5 million units. Its stock symbol will be ELLI with shares trading on the New York Stock Exchange.
The Pleasanton, Calif.-based software firm filed its S-1 registration statement with the Securities and Exchange Commission in May of last year. In 2009 it managed a small profit of $1.7 million on revenues of $38 million. (No figures were available at press time for 2010.)
The 13-year-old firm got its start in mortgage banking by offering website technology aimed primarily at loan brokers. It then expanded out its business footprint by becoming a broker LOS with the acquisition of both Genesis and Contour, and eventually expanded further to cater to midtier mortgage lenders. Its was founded by industry veteran Sig Anderman.
Read more...http://www.nationalmortgagenews.com/dailybriefing/2010_313/vendor-prices-ipo-1024078-1.html
Mar 3, 2011
Mortgage Pricing Hits Wall. Loan Demand Declines ..
According to the mortgage news daily says,The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 25, 2011.
The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a falling mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out lower monthly payments. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (may boost consumer spending. Also allows debtors to pay down personal liabilities faster). A trend of declining purchase applications implies home buyer demand is shrinking.
Excerpts from the Release...
The Market Composite Index, a measure of mortgage loan application volume, decreased 6.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.5 percent compared with the previous week.
The Refinance Index decreased 6.5 percent from the previous week. The four week moving average is down 2.7 percent. The refinance share of mortgage activity decreased to 64.9 percent of total applications from 65.7 percent the previous week.
Read more...http://www.mortgagenewsdaily.com/03022011_mba_applications.asp
Feb 3, 2011
Wells Fargo Is Ready to Roll
Careful mortgage lending practices helped the San Francisco bank avoid the problems plaguing large rivals such as Bank of America and Citigroup
Some of America's premier commercial banks, from Bank of America (BAC) to JPMorgan Chase (JPM), are still digging out from the 2007-2009 financial crisis, facing fat settlements and legal fees to resolve claims related to their mortgage portfolios that could yet cost billions of dollars. Not so Wells Fargo (WFC), the fourth-largest U.S. lender by assets, which is viewed by analysts as one of the commercial banks best positioned to sprint ahead.
Wells reported $12.4 billion in 2010 net income, beating 2009's number and placing it second in profits among the nation's largest commercial banks behind JPMorgan Chase. The San Francisco-based company moved into the top spot in mortgage lending in 2009, and held it last year, originating $386 billion in home loans as its main competitor, Bank of America, devoted more resources to working out troubled mortgages. "Wells is in a uniquely strong position to continue to outperform its peers," says Andrew Marquardt, an analyst at Evercore Partners (EVR) in New York. "They have weathered the storm far better than most."
Prodded by lawmakers, government-controlled mortgage companies Fannie Mae (FNMA) and Freddie Mac (FMCC) have pressed banks to buy back loans that were based on faulty data about homes and borrowers. Bank of America, JPMorgan Chase, and Ally Financial have settled in an effort to limit their liability. Bank of America paid $2.8 billion in December to end some repurchase demands.
Read more-visit http://www.businessweek.com/magazine/content/11_06/b4214043656537.htm
Dec 22, 2010
Raise My Taxes, Please, Say Rich People Upset Over Breaks for Millionaires
While the wealthiest taxpayers will gain financially if Republicans and the president successfully extend the Bush-era tax cuts in Congress, a group of millionaires and business owners said they will be disheartened if they pay less taxes next year. Members of the Patriotic Millionaires for Fiscal Strength, a group of 89 millionaires, petitioned President Obama to allow tax cuts on incomes greater than $1 million to expire at the end of the year, as scheduled.
Morris Pearl, a managing director with BlackRock and a petition signatory, said he was "sad" rather than angry at President Obama for agreeing to the proposed tax cuts.
"I don't care if the rate is this or that," said Pearl, who added he was not speaking on behalf of his employer. "But I feel that just by changing his mind, it gives people the feeling that he'll change his mind about anything."
Pearl also expressed concern over the possibility that Social Security premiums eventually may be affected, because the president's debt commission proposed reducing Social Security benefits and raising the retirement age to 68 by 2050.
Other members of the Patriotic Millionaires have expressed a wide range of emotions, according to Erica Payne, who helps coordinate the organization.
"There is a lot of general frustration that the White House couldn't get a better deal and didn't lay the groundwork for a better deal," said Payne, a founder of the political strategy group, the Agenda Project. "A few people are resigned. Several of them are pretty mad."
"I think it's a terrible deal for Democrats," said Guy Saperstein, founding member of the Patriotic Millionaires and a former civil rights attorney. "It's terrible on many levels but the most important one is the tax cuts for the rich."
The above article appeared on "abcnews.go.com"... read more to visit, -http://abcnews.go.com/Business/patriotic-millionaires-business-owners-disappointed-taxes/story?id=12358576
Dec 18, 2010
Is HAMP a failure?
May 17, 2010
WSJ - 72 Banks closed so far
Four months in to 2010, 72 banks have closed, with experts predicting there are many more to come, according to a report in the Wall Street Journal.
On Friday (May 14th 2010), Akron-based FirstMerit Corp. agreed to take over the branches and deposits of Illinois-based Midwest Bank & Trust Co., which had $3.17 billion in assets, but was in deep financial trouble, according to the Journal. Elsewhere, regulators in Georgia, Illinois and Michigan closed three one-branch banks.
For more information check out the WSJ (paid subscription required)
Sep 7, 2009
5 more banks shut down, 89 in '09
According to the USAToday, 5 more banks were shuttered by regulators on Friday, 4th September, ahead of the Labor Day weekend.
| Bank | Location | Assets | Deposits |
| First Bank | Kansas City, MO | $16 million | $15 million |
| Vantus Bank | Sioux City, IA | $458 million | $368 million |
| InBank | Oak Forest, IL | $212 million | $199 million |
| Platinum Community Bank | Rolling Meadows, IL | $346 million | $305 million |
| First State Bank | Flagstaff, AZ | $105 million | $95 million |