Fannie Mae serious delinquencies fall to just above 1%
While the government-sponsored enterprise’s single-family mortgages are still not performing as well as they did before the pandemic, the most recent vintages are getting there.
Servicing
Mr. Cooper lays off 250, predicts two tough quarters ahead
While the lender-servicer reported robust Q1 earnings, it is anticipating lower future revenue due to the tight originations environment.
Delinquencies ride economic tailwinds to record lows in March
Strong general unemployment gains, student loan deferrals and borrowers enjoying low interest rates secured in the refinance boom contributed to the positive gains.
Fannie Mae completes fourth credit insurance risk transfer of 2022
The government-sponsored enterprise has already done twice as many of these deals as it did during all of 2021.
Wells Fargo reports drop in home loans, new minority borrower aid
Servicing gains failed to offset steep origination declines at the bank, which continues to battle allegations of racial discrimination.
JPMorgan’s retail focus led to better than expected mortgage results
The gain on sale from first quarter originations increased as the bank shifted more volume share to the higher-margin channel.
Per-loan profits for mortgage bankers shrank in 2021
But it was the second-most successful year ever for IMB originations since the Mortgage Bankers Association began collecting this data in 2008.
Ocwen-CFPB case sent back to lower court
The Eleventh Circuit Court of Appeal split hairs and said each allegation must be examined to see whether it was not covered by the National Mortgage Settlement.
CFPB files amicus brief in Wells Fargo servicing lawsuit
The Consumer Financial Protection Bureau argues borrowers in the case had a right to answers even if the inquiries were origination related and foreclosure litigation was pending.
ICE to offer mortgage hedges based on rate locks
The new futures contracts can be used to mitigate risk on both the origination pipeline and the mortgage servicing portfolio.
Many distressed loans that never got forbearance predate 2009
More than half of the seriously delinquent mortgages that did not have this type of payment relief were originated prior to ability-to-repay requirements enacted following the Great Recession, the latest Federal Reserve Bank of Philadelphia study found.
Mortgage loan modifications rose 40% in 4Q: OCC
While smaller in number, initiated foreclosures had a similar consecutive-quarter gain as the market transitioned away from pandemic-related relief that has artificially constrained workout activity.
Fannie Mae doubles down on credit-risk insurance transfers
The two latest transactions follow in the wake of the government-sponsored enterprise’s first deal of the year and the release of a finalized capital rule aimed at facilitating broader risk-sharing.
Forbearances up in latest week, but down from last month
Private-market loans nudged the total number up during a processing lull, according to Black Knight.
Figure sells eNote mortgages as NFTs in blockchain marketplace
The company claims its digital registry system is a faster, safer alternative to MERS databases
Originations hit a record $4.4 trillion in 2021
The $1.7 trillion in purchase lending for the year is the most ever recorded according to Black Knight’s January Mortgage Monitor Report.
Federal mortgage relief programs approved for Texas, Florida
The two states' combined plans amount to over $1.5 billion of the Homeowner Assistance Fund included within the American Rescue Plan Act , which was passed a year ago.
Many delinquent borrowers in loss mitigation aren’t paying
Meanwhile, 707,104 mortgages remain in forbearance, accounting for a combined $136 billion in unpaid balances.
‘Zombie’ homes decline but foreclosures are rising
The number of properties in limbo is up 10.3% from the same time last year, according to Attom Data Solutions.
Servicer may pay over $200,000 to settle class-action suit
The New Jersey-specific case could be a sign of how the combined effect of federal debt-collection rules and state regulations may further complicate a compliance-sensitive environment for the industry.
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