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Another key feature of migrant remittances is that the flows of money sent are not necessarily related to the level of development in the receiving country. They are rather related to: (a) the market for foreign labour; (b) the receiving country’s regional economic position and their relationship to a more economically salient country; (c) the macroeconomic impact that remittances have on the receiving country; (d) the distributive effect on those remittance recipient households. In this sense, there is no statistical relationship between remittances and income inequal ities. For example, when the. | o I-MB Comptroller of the Currency Administrator of National Banks Mortgage Banking Comptroller s Handbook Narrative - March 1996 Procedures - March 1998 I Other Income Producing Activities Mortgage Banking Table of Contents Introduction 1 Background 1 Risks Associated with Mortgage Banking 2 Statutory and Regulatory Authority 6 Capital Requirements 6 Management and Overall Supervision 6 Internal and External Audit 7 Activities Associated with Mortgage Banking 8 Mortgage Servicing Assets 21 Glossary 30 Examination Procedures 39 Appendix Government-run and Government-sponsored Programs 78 References 79 Comptroller s Handbook i Mortgage Banking Mortgage Banking Introduction Background Depository institutions have traditionally originated residential mortgage loans to hold in their loan portfolios and mortgage banking is a natural extension of this traditional origination process. Although it can include loan origination mortgage banking goes beyond this basic activity. A bank that only originates and holds mortgage loans in its loan portfolio has not engaged in mortgage banking as defined here. Those activities are discussed elsewhere in the Comptroller s Handbook. Mortgage banking generally involves loan originations purchases and sales through the secondary mortgage market. A mortgage bank can retain or sell loans it originates and retain or sell the servicing on those loans. Through mortgage banking national banks can and do participate in any or a combination of these activities. Banks can also participate in mortgage banking activities by purchasing rather than originating loans. The mortgage banking industry is highly competitive and involves many firms and intense competition. Firms engaged in mortgage banking vary in size from very small local firms to exceptionally large nationwide operations. Commercial banks and their subsidiaries and affiliates make up a large and growing proportion of the mortgage banking industry. Mortgage banking activities generate .
