The Federal Housing Administration (FHA) is proposing significant changes to the requirements mortgage servicers must adhere to when servicing FHA-backed mortgages that have gone into default. The FHA says it is streamlining its loss mitigation processes by reducing the number [Read More]
This time around, the program is being extended in order to create a “bridge” to a new high loan-to-value streamlined refinance offering that will essentially replace HARP.
After a seven-year run, the Home Affordable Refinance Program (HARP) is finally winding down. The program, which is set to expire on Dec. 31, has helped more than 3.4 million struggling homeowners retain their homes in the aftermath of the [Read More]
Audrey Clearwater has been promoted to vice president of operations at LRES, a national residential and commercial real estate services company providing valuations, real estate owned asset management, homeowners association and technology solutions. Before assuming her role as vice president [Read More]
Black Knight notes that prepayment activity fell in July despite overall growth in the number of refinance candidates and 30-year interest rates remaining at or below 3.45% for much of the month.
The national default rate on first mortgages was about 0.66% in July – up one basis point compared with 0.65% in June but down 14 basis points compared with 0.80% in July 2015, according to the S&P/Experian Consumer Credit Default [Read More]
Delinquencies on mortgage loans (30 days or more past due but not in foreclosure) on one-to-four-unit residential properties were at a rate of about 4.66% as of the end of the second quarter – a decrease of 11 basis points [Read More]
Fannie Mae is selling off more of its nonperforming loans. The government-sponsored enterprise announced last week that it is auctioning four larger pools of approximately 6,900 loans totaling $1.08 billion in unpaid principal balance (UPB), as well as a Community [Read More]
MountainView Servicing Group is handling the sale of a Ginnie Mae bulk mortgage servicing rights (MSR) portfolio with a little more than $3 billion of unpaid principal balance. The portfolio consists of 13,858 first-lien, fixed-rate mortgages with a weighted average [Read More]
Americans love their cars – that’s for sure. In some cases, they love their cars more than their homes, if that makes any sense. Anyone who worked in default servicing during the 2008-2013 period will likely tell you all kinds [Read More]
There were about 38,000 completed foreclosures nationwide in June – an increase of 5.1% compared with about 36,000 in May but a decrease of 4.9% compared with about 40,000 in June 2015, according to CoreLogic’s National Foreclosure Report. Although higher [Read More]
There were about 17,909 defaults on first mortgages in June – the lowest number since January 2007, according to the Equifax National Consumer Credit Trends Report. Although the write-off rate returned to historic lows, some areas remain elevated. For instance, [Read More]
Al Qureshi has joined Incenter, a Blackstone portfolio company that provides clients with access to capital, secondary markets solutions and fulfillment services, as managing director in charge of the company’s mortgage servicing rights, securities, and whole loan analytics and risk [Read More]
Corona Asset Management XVIII is the winning bidder on a pool of nonperforming loans recently auctioned by Fannie Mae. Fannie Mae’s fourth Community Impact Pool of loans includes 80 loans with an aggregate unpaid principal balance of $18,467,573; an average [Read More]
Jillian M. Murphy has joined Potestivo & Associates PC as an associate attorney in the firm’s south Illinois office. Murphy previously worked as a law clerk at Scott A. Kogen & Associates PC and more recently as an associate attorney [Read More]
As promised, the Consumer Financial Protection Bureau has updated its mortgage servicing rules that took effect in January 2014.
The national mortgage delinquency rate (30 days or more past due) was about 4.31% as of the end of June – an increase of 1.33% compared with May but a decrease of 10.03% compared with June 2015, according to Black [Read More]
A decrease in mortgage interest rates brought on by the recent Brexit vote increased the refinanceable population by an additional 1.2 million borrowers.
Arun Pimpalapure has joined Chronos Solutions, a national real estate financial services provider, as chief information officer. Previously, Pimpalapure worked for Austin, Texas-based Tenura Holdings Inc., where he served as head of its technology division. While at Tenura, he led [Read More]
Overall, non-current rates are 38% higher for mortgage borrowers carrying student loan debt.