The property insurance portion of the average mortgage payment keeps rising, and is now just shy of 10% of the average monthly expense, ICE Mortgage Technology said in its September Mortgage Monitor Report. Mortgage payments are broken down into two components — principal and interest, and taxes and insurance; the latter normally goes into the […]
Property insurance nears 10% of mortgage costs Read More »
While the mortgage industry has applauded the Trump administration’s push to restore a partial claim option for U.S. Department of Veterans Affairs (VA) loans, many experts warn it may arrive too late to help thousands of struggling borrowers. The program could prevent many defaults and foreclosures, but the implementation timeline is critical, they added. In statement
VA mortgage partial claim restoration faces timing challenges Read More »
Some mortgage delinquency data raised concerns, but Cotality’s Q2 report also showed a positive sign: late loans aren’t progressing to more serious stages. The total delinquency rate rose on a quarter-to-quarter basis for the period ended June 30, trending higher after a drop-off for the period ended March 31, the Loan Performance Indictors report said.
Regional real estate pockets are showing stress in 2Q Read More »
Housing finance firms have been adding staff as falling mortgage rates look more likely, with stronger overall job growth raising the chances of modest business gains for the industry. “This is likely to support some additional decline in rates, which will offer opportunities at the margin for people to buy,” said Doug Duncan, former chief
Mortgage firms add staff as rate cuts look likely Read More »
The Federal Housing Administration, which insures a large number of loans in the U.S. market, will be instituting a new digital file format for distressed mortgages that will add several reporting elements related to taxes and insurance. The new electronic-data interchange file for default reporting also addresses data privacy by removing 24 elements that are
FHA updating default reporting with new tax, insurance data Read More »
The majority of Rocket holders with senior debt that’s part of the tender offer and exchange related to the Mr. Cooper acquisition approved it, and the expiration was extended Tuesday. This suggests the pending deal, which recently received a key conditional approval from the regulator of large government-related mortgage investors, will move toward closing. Rocket
Rocket debt extended as Mr. Cooper deal moves toward closing Read More »
One aspect of a law that takes effect in Connecticut on Oct. 1 was designed to improve the surety bond cancellation process by fully automating it, but making that possible will involve a procedural change that servicers who are also lenders in the state will need to understand. “The bill generally requires surety companies to
What lender-servicers should know about a new state process Read More »
Change Lending is seeking over $1 million in damages from a mortgage banker it says violated a servicing purchase agreement. The plaintiff firm, a large player in a government-sponsored lending program, is suing Village Capital & Investment over transactions involving government-backed loans. Village allegedly owes Change a combined $1.3 million in part for failing to
Change Co. sues servicer over multiple nonpayments Read More »
As serious mortgage delinquency rates continue to rise, rising payment-to-income ratios across other credit products could serve as a canary in the coal mine for future problems in making monthly payments, a Transunion report said. Over two years, serious delinquencies, which Transunion defines as 60 days or more late, while still relatively low, have increased
Payment-to-income trends seen as mortgage risk indicator Read More »
The Federal Housing Finance Agency (FHFA) signed off on Rocket Companies’ acquisition of Mr. Cooper Group but imposed a 20% cap on Fannie Mae and Freddie Mac servicing exposure — leaving analysts split on what comes next. BTIG analysts Eric Hagen and Jake Katsikas estimate Rocket controls $400 billion unpaid principal balance in Fannie and
Analysts split on what happens next with Rocket–Mr. Cooper servicing book Read More »