Nonqualified mortgage performance over the past decade has varied broadly by segment while generating relatively few credit losses on average, a new Kroll Bond Rating Agency study shows Weighted averages show losses from a 3.8% cumulative default rate have been just 0.03%, but the CDR is far higher for a market segment like borrowers with […]
Low credit scores in non-QM verge on 10% default rate Read More »
The Federal Housing Administration has revised updates planned for rules around contacting and offering options to distressed borrowers. The FHA has removed required outreach at particular times from a planned transition to permanent loss mitigation options from temporary pandemic contingencies, and also is tweaking modernization of what were originally “face-to-face” meeting requirements. Overall, the new
FHA tweaks updates to loss mit options, ‘face-to-face’ rule Read More »
Newrez wants to dismiss a trio of “zombie” second mortgage lawsuits, suggesting its servicing arm didn’t violate, nor is subject to, the lending laws consumers cite. Borrowers accuse Newrez’s Shellpoint of inflating the balances of their long-dormant second mortgages, and for long periods failing to send them monthly statement notices. The prospective class action complaints
Newrez fires back in trio of “zombie” mortgage lawsuits Read More »
Loan performance hinges on more than credit scores and interest rates. Environmental infrastructure—especially pond liners—can quietly jeopardize property value, borrower stability, and servicing costs. Lenders who overlook these risks expose their portfolios to long-term damage they cannot track through standard underwriting alone. The importance of pond liners Pond liners are necessary as a foundational element
Why lenders should care about liner failures Read More »
New “zombie” property numbers from Attom show that to date they haven’t changed much despite a spike in foreclosure filings. Foreclosure filings jumped 14% in April compared to the same month the previous year, but property vacancies remained stable, according to Attom’s second quarter report. ICE Mortgage Technology’s recent report also noted a marked increase
Foreclosure filings up 14%, vacant property blight still low Read More »
Foreclosures and distressed mortgage volume came in higher from a year ago after recent servicing policy changes, while prepayments also accelerated last month despite ongoing volatility. Although still low historically, foreclosure filings, including starts, inventory and sales, all ended up higher on an annual basis for the second month in a row in April, according
VA-backed loans drive foreclosure spike Read More »
A consortium of consumer advocacy groups and legislators called for the re-establishment of an expired Department of Veterans Affairs program that kept thousands of service members out of foreclosure. The National Consumer Law Center criticized the VA for allowing the Veterans Affairs Servicing Purchase program to lapse without a sufficient replacement. The program, which previously
Calls for VASP reintroduction come from housing advocates Read More »
The Consumer Financial Protection Bureau published a proposed rule in the Federal Register on Friday that could scale back some procedures added for mortgaged homeowners with hardships due to COVID-19. The temporary requirements added during the pandemic have largely sunset, and one aspect that has not is on track to be addressed by a planned
CFPB proposes end to pandemic servicing requirement Read More »
Fannie Mae has announced plans to discontinue use of a platform used to handle certain distressed mortgage processes and is directing mortgage professionals using it to take certain steps in response. Servicers must leave the HomeSaver Solutions Network, which is utilized for loan workout reporting functions, and transition to a broader platform Fannie provides to
Servicers: Fannie Mae replatforming some workout functions Read More »
The expiration of the Department of Veterans Affairs loss-mitigation program drove an overall rise in foreclosures to start 2025, with the jump among VA loans the highest in decades, according to the Mortgage Bankers Association. The share of mortgages in foreclosure relative to total volume increased to 0.49% in the first quarter, up 4 basis
VA foreclosures surge to 5-year high Read More »
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