Home - Grapevine - Ask the Experts - BrokerWire - Buyer's Guide - Classified Ads - Conference Calendar - Database - Free Newsletter - Making the Sale - Market Conditions - Marketing Tips - Mortgage University - The Paper Warehouse - Quality Time - Special Reports - SubPrime Lending - Technology News - This Week from Broker Magazine - What We're Hearing - WeirdLoans







Special Reports

Nonprime Lending

Restatement At Opteum

Sub did not use GAAP.

Opteum, a real estate investment trust based here that operates an integrated mortgage securities investment portfolio alongside a mortgage origination platform, said it would delay filing its third-quarter financial report and that it will restate financial statements for the first two quarters of this year due to an accounting error.

The company said its subsidiary, Opteum Financial Services, did not properly apply certain generally accepted accounting principles.

The company said the review is ongoing, but that it expects the restated results will reduce earnings by less than $1 million for the first six months of this year.

The company expects an offsetting increase in consolidated results once the third-quarter results are released.

Opteum said the accounting policy in question relates to the way changes in the fair value of interest rate lock commitments were treated under Statement of Financial Accounting Standards No. 133, which covers accounting for derivative instruments and hedging activities.

Proper application of the accounting policy would not have changed the company's dividend payments, Opteum said.

Click here for advertising information.
For technical support, e-mail webmaster@brokeruniverse.com
For reprints, call Charlton Sanabria at 212-803-8377.
Privacy Policy
© 2008 Broker magazine and SourceMedia, Inc. All rights reserved.
Use, duplication, or sale of this service, or data contained herein, is strictly prohibited.