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Distressed

Warren probes whether banks sold forgiven ‘zombie’ seconds

Debt collection, Distressed, Foreclosures, Industry News, Law and legal issues, Politics and policy, Servicing /

A key Senate leader is requesting records surrounding the cancellation of second mortgages following the Great Financial Crisis and asking whether the loans were sold to collections agencies in violation of a major legal settlement.  Processing Content In a request sent to the independent monitor responsible for oversight of the 2012 National Mortgage Settlement, Sen. […]

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Foreclosures starts, re-defaults inch up at banks: OCC

Distressed, Foreclosures, Servicing /

Newly initiated foreclosure actions at banks have risen on a consecutive-quarter basis but the overall performance of financial institutions’ home loans has remained resilient from a credit perspective. Processing Content Foreclosure starts jumped to 7,903 from 7,163 the previous quarter and 7,450 a year earlier, according to the Office of the Comptroller of the Currency’s

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Ginnie Mae aligns liquidation reporting with GSEs

Ginnie Mae aligns liquidation reporting with GSEs

Distressed, Ginnie Mae, Politics and policy, Secondary markets, Servicing /

Ginnie Mae announced its plans to change liquidation reporting requirements in a move that aligns its policies more closely with the government-sponsored enterprises and mortgage-market participants.  Processing Content The change serves to enhance operations and improve accuracy and timeliness of liquidation event data, which are used to help determine payments tied to Ginnie Mae’s mortgage-backed

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Planet’s Home Lending outpaces mortgage industry in 3Q

Distressed, Marketing, MARKETING TO BORROWERS, Mortgage Rates, Originations, Underwriting /

Planet Financial Group grew its production volume by 64% and its mortgage servicing portfolio by 28% year-over-year in the third quarter, as its portfolio retention unit reported record lock volumes in September, a strong month for refinances in the industry. The privately held company did not disclose any profit or loss data. As a group,

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October’s prepay speeds at highest in over three years

Distressed, Foreclosures, Mortgage Rates, Servicing /

Low mortgage rates that continued in October brought prepayment speeds to their highest share in approximately three-and-a-half years, the ICE Mortgage Technology First Look report said. The monthly prepayment rate of 1.01% was up by 36.84% over September, when it was 74 basis points, and by 19.29% as compared to October 2024’s 85 basis points.

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Mortgage field safety spotlighted after October murder

Distressed, Field services, Foreclosures, Servicing /

Whether they take photos, change locks or serve legal documents, mortgage inspectors and other field personnel need to plan for unexpected and dangerous situations on the job.  The nature of the work means personal security can’t be compromised.  “I’ve been in this game for a while now, and I totally agree that safety is No.

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Mortgage delinquency levels rise on softer FHA performance

Distressed, Foreclosures, Servicing /

Mortgage delinquencies increased by 6 basis points from the second quarter, as the performance of Federal Housing Administration-insurance loans declined, the Mortgage Bankers Association National Delinquency Survey found. Recently, ICE Mortgage Technology executive Andy Walden said FHA loan performance trends were a yellow flag for the mortgage industry. Delinquent mortgages made up 3.99% of all

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Fitch flags cooling housing market through 2027

Distressed, Economy, LOAN PRODUCTS, Mortgage Rates, Originations /

The U.S. residential housing economy growth will have slowed by 1.1% this year, from 2% in 2024, a result of cost pressures derived from higher tariffs on builder supplies like lumber, labor issues and weaker consumer and homebuilder sentiment about the sector, Fitch Ratings said. Over the next two years, it expects restrained growth rates

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Senate-approved budget bill adds VA partial claims extension

Distressed, Housing markets, Politics and policy, Servicing, The VA /

The Senate-approved budget extender has several provisions around the Veterans Affairs partial claims program to help distressed borrowers. In particular, one section of the bill is called in part Improvements to Partial Claim Program. A change extends the period for a second partial claim filing following a natural disaster to 180 days from 120 days.

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How some mortgage servicers have handled shutdown fallout

Distressed, LOAN PRODUCTS, Originations, Politics and policy, Servicing, Underwriting /

By Oct. 1, the first day of the federal government shutdown, mortgage subservicer Loancare was already fielding calls from borrowers asking what it meant for them and whether forbearance or other relief options were available. Consumers may have been more optimistic then. By Nov. 7, the shutdown had entered Day 38, concern was growing. How

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