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Dailybriefing FRIDAY3pt AUGUST stroke, 100% 13, 2021 size f VOL.or top 186of newspaper No. 155 = 8.9931 inches AMERICANBANKER.COM Follow us on Twitter @AmerBanker Capital One employees 5 returning to office will have to be vaccinated CRE comeback? The announcement came a day after Demand for commercial real estate loans has stabilized Citigroup said it would mandate vaccines for over2.5pt the stroke last = 6.75year inches, according to a survey that asked many of its workers. Capital One also said it bankers about trends of the three previous months is delaying its office reopening. Page 5 Upgrade valued at $3.3 billion See story on page 2 6 after new funding Upgrade, a lending startup that counts Moderately stronger About the same former LendingClub executive Renaud 2pt stroke = 5.75 inches Laplanche as a co-founder, raised $105 Moderately weaker Substantially weaker million in a funding round that values the 90% company at more than $3.3 billion. Page 6 80% 81.2% 70% CFPB servicing rule aims to 60%1.5pt stroke = 4.6667 inches 7 stave off another foreclosure 50% crisis 40% 42.9% The agency developed measures taking 30% 35.7% effect Aug. 31 that, among other things, will 20% allow lenders to prioritize foreclosures of 18.8% 10%1pt stroke = 3 inches 14.3% the most impaired loans and then focus on 0% 7.1% modifying salvageable ones. Page 6 July 2020 July 2021 Source: Federal Reserve Memphis credit union to nearly 8 double in size with deal for rival bank The combination of Orion Federal Credit dailybriefing Why Citi is connecting some Union and Financial Federal Bank is 3 borrowers with small banks — the seventh credit union-bank merger for free announced this year. Page 8 Banks detect hints of CRE It may seem odd that Citigroup has created 1 recovery an online lending platform that matches Fannie Mae to include rent Small increases in commercial real estate small businesses with minority-run and 9 payments in underwriting loan volumes, particularly at midsize other banks for no financial benefit. Yet The expanded credit access in its automated banks, may be indicators that the sector company executives and observers say it mortgage decisioning goes into effect in mid has weathered the worst of the pandemic. makes sense. Page 3 September. Page 8 Construction loan originations, which tend to fall sharply during a recession, are leading Amazon takes page from Ginnie Mae’s the way. (See chart above.) Page 2 4 Walmart’s playbook to fight 10 misconceptions about credit Visa’s fees unions and mortgages Investment firm sues TD The e-commerce giant is adding a surcharge Despite clear evidence to the contrary, the 2 Bank for ‘ineptitude’ in fraud for Visa credit card payments in Singapore. mortgage insurer continues to insist that response It’s a tactic reminiscent of the time its big- credit unions have the same risk profile as Moore Capital Holdings alleges that TD box rival outright banned the card brand in nonbank lenders. It’s now threatening to showed a “total and systemic failure” to Thunder Bay, Ontario, in a bid to lower its exclude nearly a quarter of credit unions respond to a cyber scam that cost the costs. Page 4 from being qualified issuers of the securities company more than $275,000. Page 3 it backs. Page 9 FRIDAY AUGUST 13, 2021 AMERICANBANKER.COM PAGE 2 by 42% from the first quarter. preliminary second-quarter data. Smaller CRE “While the overall outlook for commercial banks that have historically had relatively real estate continued to improve, we remain large concentrations in the sector have been focused on the areas most impacted by the slower to bounce back, he said. Banks detect pandemic,” Wells Chief Financial Officer “In a certain sense it’s a bullish indicator Mike Santomassimo said during a July 14 call because the mid-to-large-sized banks can get hints of CRE with analysts. more aggressive and have an impact on the Zions Bancorp. in Salt Lake City is market overall, but having said that, when continuing to exercise caution, growing its you total up the thousands of banks under recovery commercial real estate book by just 0.4% $10 billion, it’s a little bit surprising that they from the previous three months and 1% from haven’t picked up yet,” Anderson said. By Jon Prior one year ago. But the bank’s construction A recent survey of bankers by IntraFi August 11, 2021 loan portfolio increased by 5.4% during the Network shed light on smaller banks’ Bankers aren’t yet calling it a comeback, second quarter alone. squeamishness about the broader real estate but the industry is welcoming some positive In an example of how the $87.2 billion- market, which could help explain why they recent signals in commercial real estate asset bank is picking its spots, Zions CEO are exhibiting more caution in commercial lending, which has been hit particularly hard Harris Simmons told analysts last month that real estate lending than their larger peers. by the COVID-19 pandemic. he expects owner-occupied commercial real Commercial real estate loans are used to On Tuesday, the Mortgage Bankers estate “to see some decent growth.” finance the construction of new homes, but Association said that it expects about $578 ServisFirst Bancshares in Birmingham, at banks with less than $1 billion of assets, billion of commercial and multifamily real Alabama, reported a 17.3% quarter-over- about half of the executives surveyed in July estate-backed loans to close in 2021, which quarter increase in construction loans to saw the U.S. housing market as a serious risk. would be a 31% increase from last year, and more than $782 million. That growth was Still, there are signs that construction approaching the $601 billion originated in among the bright spots in the $13.2 billion- lending is leading the way toward a broader 2019. asset bank’s commercial real estate business. rebound in CRE lending, as builders scramble And last month, in a survey conducted “We have a number of projects underway to address a housing shortage, according to by the Federal Reserve, no banks reported where we expect substantial draws, and of Anderson. weaker demand for commercial real estate course, we do expect line utilization just to “That’s interesting especially because loans, while around 18% said that demand improve from inflationary effects of higher in typical cycles, construction lending was moderately stronger over the previous prices for steel, lumber and many other, you really falls hard and then recovers, so this three months. know, raw materials,” ServisFirst CEO Tom time around it didn’t dip a whole lot, it just “Things have rebounded a little quicker, Broughton said during a July 19 call with slowed down and has been picking up again,” even though we are all a little worried about analysts. Anderson said. the delta variant,” said Brian Stoffers, global The bulk of the recent pickup in No analyst or industry expert dared a president of debt and structured finance at commercial real estate lending appears to guess about when the CRE market might the commercial real estate firm CBRE. be happening at banks with between $10 look more normal, especially as the delta Last year, the pandemic-induced recession billion and $100 billion in assets, said Matt variant continues its charge in much of the sparked fears of a steep decline in commercial Anderson, managing director at Trepp, citing country. But for now, many in the industry real estate lending, particularly in the office, retail and hotel sectors. In July 2020, more than half of banks Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 surveyed by the Fed reported that demand Phone 212-803-8200 AmericanBanker.com for commercial real estate loans was either 3pt stroke, 100% size for top of newspaper = 8.9931 inches moderately or substantially weaker than Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 three months earlier. The more upbeat 2.5pt stroke = 6.75 inches findings a year later are a sign that the Managing Editor Dean Anason 770.621.9935 Reporters/Producers situation has stabilized, even if loan demand 2pt stroke = 5.75 inches has not fully recovered to where it was before Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 the pandemic. Miriam Cross 571.403.3834 1.5ptWashington stroke = 4.6667 inches Bureau Chief Joe Adler 571.403.3832 During second-quarter earnings calls, Jim Dobbs 605.310.7780 executives from banks of all sizes offered 1ptExecutive stroke = 3 inches Editor, Technology reasons for at least a bit of optimism. For Penny Crosman 212.803.8673 John Heltman 571.403.3847, Allissa Kline 716.243.2679 instance, JPMorgan Chase reported a small Hannah Lang 571.403.3855 uptick in loans for multifamily building. Community Banking Editor Paul Davis 336.852.9496 John Reosti 571.403.3864, Gary Siegel 212.803.1560 Wells Fargo reported easing pressures on Contributing Editor Daniel Wolfe 212.803.8397 existing credit exposures, with nonaccruing Kevin Wack 626.486.2341 loans tied to the office building sector falling For up to date and complete coverage go to AmericanBanker.com FRIDAY AUGUST 13, 2021 AMERICANBANKER.COM PAGE 3 are accentuating the positive. branch, where an assistant manager was “The momentum is certainly building, and unavailable, and another employee told him SMALL BUSINESS LENDING we’re seeing a strong look into the second that he would immediately report the issue half,” Stoffers said.
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