A K-shaped split is emerging in mortgage delinquencies
Borrowers in the lowest-income areas have seen their 90 or more day delinquency rates soar since 2021, jumping from 0.5% to nearly 3%, the New York Fed said.
Servicing
Home equity slips to 4-year low as underwater loans rise
Less than 45% of mortgage residential properties in the United States were equity-rich last quarter, a 1.5-percentage-point drop from the third quarter.
States, mortgage regulators call for end to OCC escrow moves
Preemption would hurt affordability for many, the Conference of State Banking Supervisors and the American Association of Residential Mortgage Regulators said.
Ginnie Mae speeds up loan-level MBS overhaul
The government mortgage securitization guarantor flagged the goal back during the first Trump administration, warning then that it would be a long-term project.
Wells Fargo faces amended class action loan-mod complaint
Mortgage borrowers filed a third amended class action complaint against the bank over modification issues from 2010 to 2015.
Delinquencies jump to 4-year high
The national mortgage delinquency rate jumped to 3.85% in November, up 15% month over month and 2.79% year over year, according to ICE Mortgage Technology.
United Wholesale Mortgage acquired Two Harbors for $1.3 billion
The acquisition forms the eighth largest mortgage servicer nationwide, with a combined $400 billion in mortgage servicing rights.
US home equity drops $374B as underwater mortgages rise
After home equity surged in 2023, average gains slowed last year before falling into negative territory over the past 12 months, Cotality said.
Vacancies fuel a rise in commercial loan delinquencies
Delinquency trends split in Q3, with securitized and agency loans showing more strain while banks and life companies saw small improvements amid uneven vacancy and rent conditions.
GSE credit reform: Rent data impact on pricing and LLPAs
What developments around rent reporting and new credit standards portend for mortgage companies. Part 2 of a series on government-sponsored enterprise changes.
October’s prepay speeds at highest in over three years
The prepayment rate grew by 37% over September as mortgage rates fell leading to higher refinancing volume in October, ICE Mortgage Technology said.
SFA hopes to bring back public RMBS from private issuers
The Structured Finance Association is adding its weight to recent support for a Securities and Exchange Commission action that could modernize Reg AB II.
How Basel, GSE changes may upend MSR dynamics
Policy reviews of GSEs and Basel rules could reshape the MSR market, opening opportunities for banks and altering Fannie, Freddie MBS dynamics.
Mortgage delinquency levels rise on softer FHA performance
Delinquencies are at their second highest level in three years, led by deterioration in the performance of FHA loans, the Mortgage Bankers Association said.
Fannie, Freddie eyeing assumable or portable loans: Pulte
Two government-sponsored enterprises are looking into expanding mortgage transfers between borrowers, according to the head of their oversight agency.
Delinquencies rise, signaling borrower pressure
Late-stage mortgage delinquencies hit the highest level since January 2020 in September, a new report from VantageScore found.
FHA foreclosures drag down strong mortgage performance
FHA loans accounted for about half of the annual rise in foreclosure starts and 80% of the rise in active foreclosures in September, according to ICE.
TransUnion study pushes back on single-score concept
Other studies have found fewer credit pulls could be viable, but this shows millions more would be adversely impacted than in a bi-merge.
Supreme Court rejects petition on New York foreclosure law
Retroactive interpretations have bedeviled mortgage servicers and the market for older loans. The industry will be watching other cases in New York closely now.
Mortgage risks tied to federal furloughs flagged by KBRA
Fannie Mae and Freddie Mac's credit risk-transfers and some older private-label mortgage-backed securities have exposures to the Washington DC area.
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