New reports show that the strategies used by three major government-backed mortgage agencies to help delinquent borrowers keep their homes make financial sense for the entities themselves. Fannie Mae, Freddie Mac and the Federal Housing Administration save billions of dollars over time by giving loans a chance to reperform, Housing Risk and Policy Advisors found […]
Home retention saves Fannie, Freddie and FHA billions Read More »
Cenlar is closing its O’Fallon, Missouri office, calling it a difficult decision, a little over seven years after taking over the space from Citigroup. The workforce reduction impacts 93 people. The WARN notification was received by Missouri officials on June 20 and has a layoff date of July 22. The closure was first reported in
Cenlar closing Missouri location acquired from Citi Read More »
Early- and mid-stage mortgage delinquencies saw the biggest yearly increases among all credit products, a development Vantagescore deemed a “surprise”, which “may be demonstrating early signs of borrower financial stress.” The share of mortgages 30-to-59 days behind on payments jumped to 1.03% in May from 0.92% during the same month a year earlier. Among all
Researchers find ‘surprise’ in new mortgage delinquency data Read More »
In the nearly five years since they were first proposed, only 11 states have fully adopted the Conference of State Bank Supervisors’ prudential standards for nonbank mortgage servicers. Yet because of multistate examinations, these rules apply to 99% of nondepository mortgage servicers. The standards first went out for comment in October 2020, with 17 organizations
Nonbank servicing standards apply to 99% of market: CSBS Read More »
A long-term rise in the homeownership rate ended last year, and the latest report from the Harvard Joint Center for Housing Studies examines some reasons why. A widening gap between housing costs and wages contributed to the 30 basis-point drop in the ownership rate year over year to 65.6%, according to Census data. This marks
Homeownership stalls after a decade of gains Read More »
Mortgage modifications surged in the first quarter at the nation’s largest banks, reversing a yearlong decline, while foreclosure activity also saw a marked uptick, according to a new government report. The data suggests rising financial stress is hitting certain borrower segments, even as conditions for the mortgage market overall appear relatively strong, based on numbers
Banking giants see surge in loan modifications Read More »
In the aftermath of the Federal Open Market Committee’s June meeting, certain interest rate spreads should narrow, but the overall impact for mortgages is mixed, a Keefe, Bruyette & Woods report said. Part of that depends on which segment of the industry the company operates in. Mortgage rates remaining elevated, with the 30-year fixed only
Mortgage servicers benefit most from Fed’s inaction: KBW Read More »
A new bill signed into law this month is set to protect some New England homeowners from foreclosure on years-old zombie seconds many likely had forgotten existed. Connecticut Gov. Ned Lamont signed new legislation into law earlier this month that establishes protections for borrowers with secondary piggyback or 80/20 mortgages whose last payments were recorded
Foreclosure protection from zombie seconds signed into law Read More »
The outcome of previously-reported talks between Guild Mortgage and Bayview, a quiet servicing giant and asset manager, is a finalized acquisition valued at $1.3 billion that will transform the lender. In line with previous talks, a Bayview fund will buy outstanding shares of Guild it didn’t already own. The publicly-traded lender plans to go private
Guild, Bayview talks result in deal valued at $1.3 billion Read More »
The American Bankers Association voiced its concerns over a proposed Consumer Financial Protection Bureau final rule to eliminate a pandemic-era policy affecting loss-mitigation procedures that brought flexibility to servicers. While stating its support to the easing of some regulations proposed since the beginning of the second Trump term, the ABA urged the bureau to retain
CFPB servicing rule change raises alarm for bankers Read More »