Lender risk from CFPB underwriting rule tested in Ohio case
The industry has long worried that the ability-to-repay rule gives borrowers an avenue to fight foreclosure, but one plaintiff’s experience may discourage others from trying.
Foreclosures
More consumer debt plus economy issues push up mortgage default risk
Increased consumer debt and the threat of an economic downturn increase the default risk for government-sponsored enterprise mortgages during the first quarter, according to Milliman.
Late mortgages see quite the spike in June: Black Knight
While seasonal factors were attributed to the monthly rise in mortgage delinquencies for June, the jump was still much higher than last year's fairly steady increase, according to Black Knight.
The GSEs’ distressed mortgage volume remains high in five states
Although the performance of the government-sponsored enterprises' single-family loans continues to improve, the deeply delinquent totals remain significant in states with court-processed foreclosures.
Commercial mortgages put into special servicing increased in 2018
Commercial mortgages placed into special servicing grew last year, but default and foreclosure dollar volume fell as legacy loan resolutions outpaced newly distressed loans, according to Fitch Ratings.
Caliber settles Massachusetts loan modification complaint
Caliber Home Loans settled a grievance with the Massachusetts attorney general over allegations of providing distressed borrowers with unaffordable loan modifications.
Opinion CMBS investors should think twice before replacing a special servicer
Controlling classes of investors in commercial mortgage-backed securitizations can replace a special servicer, but before they do, they should make sure the long and potentially expensive process is worth it.
Robert Sullivan
Alston & Bird
House Democrat moves goalposts for GSE reform
Rep. Gregory Meeks of New York signaled which legislative provisions Democratic leaders would accept in a bipartisan housing finance package.
Supreme Court ruling in foreclosure case a (limited) win for lenders
In a unanimous ruling, the court placed new limits on the ability of consumers to sue law firms that handle foreclosures on behalf of mortgage servicers.
Mortgage delinquencies fall, while fintechs’ prospects brighten
Fewer mortgage borrowers are falling behind on their payments, and consumers' broader borrowing habits indicate an increased willingness to turn to nontraditional sources like fintechs for their lending needs, according to TransUnion.
CMBS delinquencies continue descending at start of year: Fitch
Late payments on loans backing commercial mortgage bonds continued falling at the start of the year, due to strong new issuance volume and continued resolutions for precrisis loans by special servicers, according to Fitch Ratings.
Servicers treating government shutdown like a natural disaster
As the government shutdown enters its third week, mortgage servicers are activating the response plans they normally use during hurricanes and wildfires to assist federal workers who may have trouble paying their mortgages.
OCC sees sharp drop in mortgages serviced by large banks
An agency report said servicing portfolios have shrunk by nearly half in 10 years as much of the mortgage market has shifted to nonbanks.
NPL sales at Fannie Mae and Freddie Mac slowing at a more gradual pace
The government-sponsored enterprises sold fewer nonperforming loans in the first half, but the drop-off in the number of sales year-to-year is less severe than it was in 2017 as a whole.
Mortgage delinquencies have largest monthly spike in 10 years
After falling to its lowest level in over 12 years, servicers expected September's surge in delinquencies following the damage of Hurricane Florence, according to Black Knight.
Hurricane Michael could cause $13.4B in property damage
Destruction from Michael's storm surge and flooding has potential to affect 57,000 homes, with a worst-case total of $13.4 billion in reconstruction cost value, according to CoreLogic's latest estimates.
Fannie Mae, Freddie Mac tighten capital rules for PMI companies
Fannie Mae and Freddie Mac issued new capital requirements for private mortgage insurers that will create big swings in carriers' asset reserves.
Nearly 700,000 properties damaged in wake of Hurricane Florence
Florence's flooding and wind destruction affected about 700,000 residential and commercial properties across North Carolina, South Carolina and Virginia, according to CoreLogic's latest estimates.
Growth in new CMBS issuances reduces delinquency rate: Fitch
Commercial mortgage-backed securities delinquency rates are likely to continue to decrease for the rest of the year, as new issuances outpace maturing loans and precrisis loans continued to get resolved by special servicers, Fitch Ratings said.
How the mortgage industry is responding to Hurricane Florence
While the severity of Florence was reduced prior to Friday morning's landfall, mortgage servicers are taking proactive steps in addressing the emergency situation.
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