Incenter puts $12.5 billion in ‘pristine’ servicing up for bid
The portfolio is one of several particularly large, recent deals related to the cash-flows from mortgage payments, but it has an unusual composition.
Servicing
Forbearance count reverses course and resumes downward slide
An uptick in pandemic-related payment suspensions reflecting new or restarted plan activity previously occurred as the omicron variant spread, but activity has since subsided.
Trade groups call for expansion of draft FHA servicing defect taxonomy
Three housing finance organizations asked for an interactive process similar to that used previously for originations and said they preferred less reliance on life-of-loan indemnification as a remedy.
Ginnie Mae removes a step for servicers on some FHA loan modifications
The change aims to streamline the processing of certain pandemic-related loan options that accommodate lower monthly payment amounts for borrowers with long-term economic hardships.
FHA taking state AG concerns about servicers ‘very seriously’
The Federal Housing Administration has released a statement indicating it’s reviewing allegations by a group of 21 attorneys general that some mortgage companies failed to offer a modification option as required.
Fannie Mae’s serious delinquency rate for recent loans drops
Mortgage performance in November was improving, coming close to crossing a key threshold for pandemic-era recovery, but Omicron raises questions about whether that trend will continue.
Foreclosure starts, mods on Fannie Mae, Freddie Mac loans rose in 3Q
However, the serious delinquency rate dropped to a point significantly below the market-wide average, and much of the foreclosure activity allowed to proceed did so with new consumer protections in place.
California obtains federal approval for its mortgage relief program
With resources provided through the Homeowner Assistance Fund, the $1 billion plan will help cover homeowners’ past-due payments and comes after New York unveiled a similar assistance package earlier this month.
3Q’s seriously delinquent mortgage rate much improved from 2020: OCC
However, the seven institutions in the Office of the Comptroller of the Currency study service 13% fewer loans compared with the third quarter of last year.
Active forbearances fall under 900K, but new starts keep rising
While over 112,000 loans exited plans in the past week, there is only a modest opportunity for continued improvement in the near term, Black Knight said.
Startup aims to help lenders manage private loan default risk
Axylyum, which recently released information about its first named client, offers an alternative to other forms of risk sharing for private companies originating income-producing mortgages.
Forbearances inch up as private loan activity increases
Like the stock market rout around news of the Omicron variant, the recent increase in payment suspensions suggests financial troubles associated with the pandemic may not be over.
Mortgage payment amount increases outpaced rent hikes in October
However, the median monthly expense associated with financing is still lower than that for a lease.
Serious delinquencies drop as borrowers find post-forbearance options
The decline in late payments recorded in a trade group survey raise hope that many servicers will bear up under a wave of tighter enforcement coming from regulators.
Mortgage bankers to end weekly forbearance survey as numbers drop
The number of plans is less than one-fourth of what it was at its pandemic peak, and many are expiring, so the group will replace the weekly measure with a monthly one.
New Jersey, Illinois dominate markets most vulnerable to foreclosure
Counties in the West faced the least risk from pandemic distress in the third quarter, according to Attom Data Solutions.
Forbearance rate improves at fastest pace since pandemic began
The drop over the 30-day period was in line with a large number of plan expiration dates, and occurred despite the extension of an initial filing deadline for government loans.
Foreclosure starts surged in September
Following the federal moratorium’s end, the number jumped, marking the highest quarterly growth on record, according to Attom Data Solutions.
Fannie Mae sells NPLs to Credit Suisse, Barclays and Pretium
Two Wall Street firms and a single-family rental investor have purchased portions of the government-sponsored enterprise's latest nonperforming loan package.
Credit scores rose for consumers who dealt with COVID hardships
Those leaving forbearance or other relief plans generally had higher credit utilization rates, were more likely to have mortgages, and experienced lower levels of bank card delinquencies, according to TransUnion.
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