Tag: finance

A final rule has been issued that requires the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. to support home financing in underserved markets.

The Housing and Economic Recovery Act of 2008 amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 and required lending in underserved markets.

The statute requires Fannie Mae and Freddie Mac to improve the distribution and availability of home financing for manufactured housing, affordable housing preservation, and rural housing.

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From:: Financing

The amount of time it takes to liquidate a securitized defaulted mortgage appears to have peaked, and the timeline is starting to decline.

Earlier this year, the liquidation timeline for home loans included in residential mortgage-backed securities topped out at four years.

Since the peak, timelines have begun to decline as the inventory of severely delinquent loans now stands at its lowest level since 2007.

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From:: Financing

Further improvement has been made in the performance of home loans, while the foreclosure rate and pace of repossessions moved lower.

Residential loans that were at least 90 days past due accounted for 2.5 percent of all U.S. mortgages that were outstanding as of Oct. 31.

The rate of serious mortgage delinquency turned out to be the lowest that it has been since August 2007 based on historical performance data.

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From:: Financing

In what has become an annual tradition, the government-sponsored enterprises are suspending foreclosure evictions during the holiday season.

The Federal National Mortgage Association issued a statement Monday indicating it will suspend evictions from Dec. 19 through Jan. 2, 2017.

According to Fannie Mae, the moratorium applies to foreclosures on loans that are secured by single-family and two-to-four-unit properties.

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From:: Financing

Mortgage bankers and their service providers continue to make headway improving the mobile experience for prospective borrowers and lenders alike. Bankers have some tips about mobile security.

Consumers can take steps to protect their mobile devices from hackers, according to the American Bankers Association. Among 12 precautions outlined was utilizing the pass code lock on a phone.

Other tips from ABA include logging out of banking applications, installing security software and downloading updates. Avoid storing sensitive data like passwords or social security numbers on phones.

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From:: Financing

A pair of offerings have hit the market for mortgage servicing rights on more than $10 billion in government-sponsored enterprise home loans.

The first offering is for MSRs on 18,224 Fannie Mae loans that have an aggregate unpaid principal balance of $5.077 billion as of Nov. 30.

Nearly 41 percent of the properties that secure the residential loans are located in California. No other state has a double-digit concentration.

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From:: Financing

Just one year after telling investors that it planned to wade back into the mortgage waters, Ally Financial Inc. has taken a big step into submerging itself into real estate finance.
br>After allowing former subsidiar Residential Capital LLC to fall into bankruptcy in 2012, the New York-based firm in 2013 walked away from the mortgage business entirely.

But at the Goldman Sachs U.S. Financial Services Conference in New York in December 2015, Ally revealed plans to introduce limited direct mortgage originations this year.

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From:: Financing

New mortgage activity increased for the second consecutive week likely due to anticipation of a rate hike next week by the Federal Reserve.

In the seven-day period that concluded on Dec. 9, the U.S. Mortgage Market Index from Mortgage Daily and OpenClose came in at 157.

The index, an indication of upcoming originations based on average per-user rate locks by OpenClose clients, climbed 22 percent from a week prior.

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From:: Financing

As quarterly home lending took a giant leap at Finance of America Holdings LLC, the mortgage servicing portfolio expanded and staffing increased.

As of Sept. 30, The Horsham, Pennsylvania-based company serviced 13,821 residential loans with an aggregate principal balance of $2.852 billion.

Finance of America revealed the data and other operational metrics as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.

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From:: Financing

As appraisers urge the nation’s lawmakers to reduce the amount of regulations appraisers are subject to, service providers are helping lenders maintain their own compliance.

In testimony last month before a subcommittee of the House Financial Services Committee, the Appraisal Institute called on Congress to modernize appraisal regulation.

The trade group said the appraisal regulatory structure should be aligned with the real estate and mortgage industries and use a model like the National Mortgage Licensing System.

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From:: Financing