Foreclosures | Mortgages | Financing
Late payments on securitized commercial real estate loans were significantly higher last month, and balloon-payment defaults were behind the deterioration.
The 30-day delinquency rate on loans that are included in commercial mortgage-backed securities worked out to 4.60 percent during the month of June.
Delinquency deteriorated from a month earlier, when the rate was 4.35 percent. The rate has risen each month since February, when it was 4.15 percent.
From:: Financing
Banks continued to make headway on home-loan performance, with the non-current rate falling. As delinquent loans are being cleared out, repossessions edged higher.
In the first quarter of this year, 76 percent of residential first liens serviced by banks were considered prime. Borrowers in this category had credit scores of at least 660.
Prime share of the banks’ mortgage servicing portfolios was no different than in the final quarter of last year and was also unchanged from the first quarter of last year.
From:: Financing
The board of directors at Nationstar Mortgage Holdings Inc. has elected the company’s chief executive officer as its new chairman.
Private-equity investor and billionaire Wesley R. Edens has been serving as chairman of the parent of Nationstar Mortgage LLC.
But Edens — who is co-chairman of Fortress Investment Group and co-owner of the NBA team the Milwaukee Bucks — is retiring. in Accounting from Auburn University.
From:: Financing
An agreement has been negotiated by the Federal Home Loan Mortgage Corp. to sell more than $40 million in non-performing mortgages.
Freddie Mac said that the sale involves 189 deeply deeply delinquent residential loans with an aggregate principal balance of $43.7 million.
Properties securing the mortgages are concentrated in Florida. Based on broker price opinions, the loan-to-value ratio is around 93 percent.
From:: Financing
The issuance of mortgage-backed securities by the government-controlled agencies last month ascended to the highest level in nearly a year.
There were 5 percent more in fixed-rate MBS issued on behalf of Fannie Mae, Freddie Mac and Ginnie Mae in June than in the prior month.
Based on historical issuance data, the three organizations’ collective securitizations were greater than during any single month since July 2015.
From:: Financing
In the first week following the historic Brexit vote, new mortgage refinance activity soared to the highest level in more than four months as rates plunged.
A 19 percent rise from one week prior left the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended July 1 at 187.
The index, which is determined based on average per-user rate locks by clients of OpenClose, soared 26 percent compared to the same week last year.
From:: Financing
Interest rates on home loans sank on uncertainty created by the British vote to exit the European Union and are likely to remain low in the next report.
During May, fixed interest rates on conventional 30-year mortgages that had loan amounts of $417,000 or less landed at an average of 3.89 percent.
The Federal Housing Finance agency, which reported the data, said conforming rates improved from a month previous, when they averaged 3.94 percent.
From:: Financing
Investors of distressed Federal Housing Administration loans are facing tougher requirements that will benefit borrowers and avoid neighborhood blight.
The Distressed Asset Stabilization Program was launched by the Department of Housing and Urban Development in 2010 and enhanced in June 2012.
It was intended to reduce the shadow inventory of distressed mortgages while also providing struggling borrowers with an opportunity to save their homes.
From:: Financing
A new report provides insight into the sale of non-performing loans by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.
Fannie Mae and Freddie Mac have sold more than 41,600 non-performing mortgages with an aggregate unpaid principal balance of $8.5 billion through May 31.
Average delinquency on the residential loans that were included in the sales was 3.4 years, while the average current loan-to-value ratio came to 98 percent.
From:: Financing
Updates to the Federal National Mortgage Association’s guidelines impact HomeReady loans, self-employed income and insurance requirements.
Prospective borrowers whose qualifying income is as much as 100 percent of the area median income will now be eligible for HomeReady loans.
In addition, no income limit will apply on HomeReady mortgages when the property securing the mortgage is located in a low-income census tract.
From:: Financing