Capital rule’s impact on mortgage risk offsets worries industry
A common concern in housing finance reactions has been the lack of accommodation for strategies routinely used to manage credit, rate and liquidity exposures.
Servicing
David Stevens, mortgage icon, dead at 66
The former Obama administration official and MBA head died unexpectedly on Jan. 16.
Why distressed loans are scarce but market activity is up
Interest rate-related developments have reportedly created an environment where more mortgage firms are interested in selling and investors are eager to buy.
United Wholesale Mortgage, Pennymac downgraded by KBW
Both companies saw their stock rating cut because of their current valuation, similar to why Rocket's was previously dropped. They declined comment on the move.
CMBS delinquencies drop but new bankruptcy shows issues persist
The delinquency rate that Kroll Bond Rating Agency tracks improved last month but JER's recent Chapter 11 filing and 2024 forecasts suggest it's still under pressure.
Brookfield Property’s debt cut to junk by S&P
The credit grader lowered Brookfield Property's score by two steps to BB from BBB-, the lowest level of investment grade, and the rating remains on negative outlook.
Delinquencies up near-term but historically low ahead of ’24
FHA-insured and Department of Veterans Affairs-guaranteed mortgages bear watching next year, according to Intercontinental Exchange.
AARP joins reverse-mortgage lawsuit, judge limits discovery
The judge also sealed a document in the lawsuit the AARP Foundation joined but the defendants still must produce fee codes in the proposed class action.
Commercial delinquencies increase has nuances by sector
Income-producing loans secured by real estate are under pressure at banks, the government-sponsored enterprises, insurers, and in CMBS to varying degrees.
Majority of seriously delinquent mortgages have 20% equity
Levels of home equity in seriously delinquent loans have fluctuated but today there's still a sufficient amount to help many access foreclosure alternatives, Intercontinental Exchange said.
FHA finalizes new servicing incentives for reverse mortgages
The incentives are part of a broader set of Federal Housing Administration servicing changes for Home Equity Conversion Mortgages that also offers some new options for procedures.
Commercial delinquencies jump at banks
Stress tests suggest systemically important depositories could weather current risks. Meanwhile, single-family arrears remain low, but that business could be impacted.
Mortgage distress up 90% this year, counseling provider finds
The withdrawal of pandemic housing relief and high home prices have heightened consumer strain, according to nonprofit Money Management International.
Rocket management expects difficult 4Q
But the company was profitable for the second consecutive period under standard accounting principles in the third quarter.
Mortgage rates creep on up
At the same time, the 15-year fixed rate loan rose above 7% for the first time in nearly 23 years, Freddie Mac reported.
Federal court rules against servicers in pay-to-pay lawsuit
The class action case, first brought up in 2020, accused Lakeview Loan Servicing and LoanCare of violating the Texas Debt Collection Act by charging "junk" fees.
Hurricane season to lead to more delinquencies, says CoreLogic
In July, month-to-month missed payments increased but improved on an annual basis because a lower share of borrowers were 90 days or more late.
Problem mortgages growing for life insurers, AM Best says
Since 2019, distressed loans have increased 77%, but it is just a small portion of the $691 billion currently outstanding.
Pennymac REIT may fund asset acquisitions with new notes
The real estate investment trust arm of two affiliate mortgage-related companies could reduce other debt and finance purchases of loans, servicing or securities.
Capital proposal could lead to a credit crunch, critics testify
The impact on things like servicing rights would raise costs even for lenders that aren't banks, according to Mortgage Bankers Association President and CEO Bob Broeksmit. Others disagree.
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