FHA addresses pain point for servicers after court ruling
The Federal Housing Administration's clarification addresses interpretations of an 8th U.S. Circuit Court of Appeals decision that increased industry costs.
Foreclosures
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.
Foreclosure filings up 13% in first half of 2023
But the volume of activity for distressed properties is still lower than the historic norms, Attom Data Solutions said.
Fannie Mae, Freddie Mac foreclosures rise, delinquencies dip
Over one-third of the struggling borrowers who received recast loan terms in the first quarter cut their monthly obligation by 20% or more.
Foreclosure activity in January may set the course for 2023
New starts surged 75% compared to a year ago, but repossessions saw their first decline in one-and-a-half years, according to Attom.
Mortgage delinquency rates drop for the 20th consecutive month in November
But late borrower payments slightly grew in November, with 18 metro areas reporting an increase, up from six metro areas in October, CoreLogic's report found.
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.
Delinquencies inch up as borrowers struggle with payments
Three percent of all mortgages were 30 or more days past due on their scheduled payment or in foreclosure in July.
Foreclosure starts rose in August
The month ended with 54,000 less properties for which the borrower was at least 30 days or more late on their payments, Black Knight said.
Serious mortgage delinquencies down 57% since last year
Still near historic low levels, the share of borrowers entering the early stages of delinquency in June increased 0.1 percentage point.
Foreclosure starts resume rise, inching closer to pre-pandemic levels
Completions in August remained far lower than before COVID-19 arrived in the United States but initial actions rose fast enough to potentially meet expectations that they'll normalize in 2023.
Zombie homes increase for a second quarter as foreclosures rise
At the same time, the share of overall vacancies fell due to limited inventory, according to a new Attom report.
Why mortgage delinquencies remain stable despite more economic stress
Inflation and higher interest rates are hurting distressed borrowers, but low unemployment, remaining forbearance and loss mitigation options are still blunting their impacts, recent loan-performance numbers suggest.
Fannie and Freddie escalate nonperforming loan sales
The government-sponsored enterprises divested themselves of the largest share of these loans since they first began selling them in 2014, a Federal Housing Finance Agency report found.
Foreclosure starts outnumbered completions by nearly tenfold in May
But a slower-than-anticipated rate of repossessions suggest distressed homeowners are finding solutions.
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.
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.
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.
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.
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.
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