Delinquencies creeped upward to close 2022
Mortgage prepayment rates also fell to a new low for the third consecutive month in December, according to Black Knight.
Servicing
Loan modifications at GSEs dropped, but signs of early distress emerge
Foreclosure prevention actions overall fell for the sixth time in seven months in October, according to the FHFA.
Mortgage forbearance establishes a floor
The share of loans with suspended payments remained steady as 2022 ended, but that could change this year if unemployment increases in line with forecasts, according to the Mortgage Bankers Association.
New York foreclosure law may lead to dismissals of older cases
The measure enacted on Dec. 30, 2022 applies retroactively and could add servicing risks that lending divisions will likely consider in underwriting and pricing on new loans originated in the state.
MBS will ‘bend, not break’ from credit woes and a bank retreat
Other investors could step into the breach as depositories depart, and the strain on nonconforming borrowers might not be that bad, recent forecasts suggest.
Delinquency rates drop for the 19th month in a row
The overall share of distressed mortgages fell in every state, but the effects of Hurricane Ian led to a small uptick in early-stage late payments compared to one year ago, CoreLogic said.
Early-stage defaults push national delinquency rate above 3%
Foreclosure starts also increased by over 19% between October and November but remain below pre-pandemic levels.
Newer delinquencies become more of a focus at the GSEs
Loans with payments late by a year or more were the biggest sub-category within the distressed portfolios a year ago, but now mortgages that've been late for 30-59 days are.
Mortgage delinquency rate will rise by 0.5% in 2023: TransUnion
The uptick in the 60-day-plus metric could reverse the bulk of the decline that occurred between 2019 and 2021.
Celink becomes HUD’s official reverse mortgage subservicer
The Lansing, Michigan-based firm was awarded the contract this spring and takes over from Novad Management Consulting, which had previously serviced government-held HECMs since 2014.
Carrington markets second liens to existing servicing customers
The products are currently limited to a single distribution channel, but the company hasn't ruled out offering them through third-party originators in the future.
2022 originations make up 60% of underwater mortgages: Black Knight
Home prices dropped again on a monthly basis in October, exacerbating the loss in home equity among recent buyers, but the size of the falloff was the smallest since June.
Who will buy MSRs if Ginnie Mae’s new rule prompts exits?
The government mortgage-bond insurer's requirements that restrict investor involvement are likely the greatest challenge to finding more purchasers of MSRs, experts said at a servicing conference Monday.
Two Harbors reported mixed results in 3Q, sold $20B in servicing
The company was profitable on a net basis but took a comprehensive loss linked to market volatility's effect on mortgage bonds.
Mortgage borrowers lost a record amount of equity in 3Q
The $1.3 trillion decline was the largest quarterly drop in dollar volume and the biggest falloff on a percentage basis since 2009, according to Black Knight.
Rocket profited on servicing, but lost its lead in originations
The company's volume fell behind its wholesale-focused chief competitor's in the third quarter but management foresees potential weakness in the broker channel.
Delinquency rate reverses course after earlier uptick
The share of home loans late by more than 30 days or in foreclosure in August inched back down to 2.8% from 3% the previous month, according to CoreLogic.
Prepayment risk fell to nearly a 22-year low in September
That's left mortgage servicing rights investors with fewer concerns about runoff, but buyers have less in the way of recapture opportunities.
Black Knight launching mortgage trading and hedging platform
The automation provider, which could merge with ICE Mortgage next year, is updating secondary market tools sorely needed in a volatile market.
Non QM performance wavered in 3Q
The impairment rate for securitized non-qualified mortgages improved a little in August after increasing slightly the two previous months.
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