Fannie Mae selling billions of dollars worth of reperforming loans
The mortgages are part of a program that received congressional scrutiny earlier this year.
Servicing
Pennymac, RoundPoint clients exposed to global data breach
The customers were affected by an incident involving a Progress Software program used by Sovos Compliance.
Freddie Mac selling $628 million in nonperforming loans
The government-sponsored enterprises have consistently earmarked some distressed loans for community, nonprofit and minority investors. Certain Democrats want more.
Forbearance numbers fall below 200K
While a majority of current forborne borrowers sought relief for reasons related to COVID-19, servicers are seeing a growing share of cases involving natural disasters or personal financial issues, the Mortgage Bankers Association said.
Foreclosure numbers fall in July as starts decrease
Repossessions registered both monthly and annual increases, though, according to Attom.
UWM returns to profitability in the second quarter
But its operating income missed estimates with servicing income and gain-on-sale margins coming in lower than expected.
Rocket profitable for the first time in three quarters
The turnaround was due to a $42 million positive servicing mark. Even with the operating loss, it beat estimates.
Mr. Cooper completes acquisition of Home Point Capital
The mortgage company was able to move a lot closer to its goal to become a $1 trillion servicer with the expiration of the final tender offer and closing of the deal.
Jump in short-term delinquencies is the largest in at least a year
But mortgage numbers remain historically very low and fall short of pre-pandemic levels, according to VantageScore's latest monthly report.
Capital proposal may drive banks further away from mortgages
Consumer advocates are protesting specific risk-weighting changes affecting borrowers with lower down payments. Also, a broader increase in requirements may discourage depository holdings of servicing.
PennyMac profitable in 2Q despite servicing rights hit
All of the company's fair value gains in its portfolio during the quarter were wiped out by a larger loss from hedging activities.
Foreclosure filings up 13% in first half of 2023
But the volume of activity for distressed properties is still lower than the historic norms, Attom Data Solutions said.
How will the student loan decision impact the mortgage industry?
After a Supreme Court ruling, forgiveness for education debt looks unlikely but some of those exiting forbearance for it get a year-long break on credit and fees that could be helpful.
FHA foreclosure prevention fix for higher rates draws mixed reviews
The payment supplement partial claim the Federal Housing Administration proposed could be effective but not as is, according to the Mortgage Bankers Association and two other groups.
CFPB fines ACI Worldwide $25 million for mortgage servicing error
The watchdog claims that during internal testing, the company illegally processed $2.3 billion in mortgage payments.
Fannie Mae, Freddie Mac foreclosures rise, delinquencies dip
Over one-third of the struggling borrowers who received recast loan terms in the first quarter cut their monthly obligation by 20% or more.
CFPB commits to streamlining servicing rules
The Consumer Financial Protection Bureau decided to move forward with its proposal based on feedback to an earlier request for input.
PACE loans may qualify for Homeowner Assistance Fund money
The Treasury has added Property Assessed Clean Energy financing for solar panels and the like to the list of approved expenses that states could authorize.
Prepayment speeds were up 22% in May on seasonality
But activity is still very low, as just 1% of the market is in the position to refinance thanks to high interest rates, Keefe, Bruyette & Woods said.
Commercial mortgage delinquencies rise in 1Q
But when compared past periods of upheaval, those rates remain relatively low, the Mortgage Bankers Association report showed.
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