Mortgage Information

PNC Real Estate / Midland Loan Services ranked as the second-biggest servicer of commercial mortgages.

But the company had the largest portfolio of multifamily mortgages owned or managed by Fannie Mae and Freddie Mac.

It was also the biggest servicer of commercial mortgages insured by the Federal Housing Administration or included in Ginnie Mae pools.

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PNC is Biggest Servicer of Agency CRE Loans

A ruling by an Ohio judge could have an onslaught of foreclosure filings hitting the state.

Late last year, action by a New Jersey chief justice against four major lenders helped slow foreclosure filings by 80 percent this year.

But a decision by a superior court judge has uncontested foreclosures on again, and one group predicts a rush of filings.

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Rush of NJ Foreclosures Expected

Republicans are calling for a virtually privatized mortgage system in which the government’s role would be significantly reduced.

In this scenario, only the Federal Housing Administration would be allowed to guarantee a small group of mortgages for low- and moderate-income borrowers who meet creditworthiness criteria.

Democrats backed a broader guarantee approach, where the government would offer reinsurance for securities of a targeted range of mortgages.

More here:
Senate Debates GSEs

The rate of 90-day delinquency on U.S. first mortgages dropped 39 basis points between January and February, according to the S&P/Experian Consumer Credit Default Indices.

On second mortgages, the rate fell 5 BPS.

The composite credit default index improved 35 BPS.

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Across-the-Board Delinquency Improvement

Mortgage Market Index for the week ended March 4 was 206, marginally higher than 203 in last week’s report.

The index from Mortech Inc. and MortgageDaily.com was 245 during the same week last year.

Behind the weekly improvement was a 4 percent increase in purchase activity, while refinance transactions slipped 1 percent.

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Mortgage Market Improves

The Mortgage Market Index from Mortech Inc. and Mortgage Daily fell for the second week in a row to 298 for the week ended Wednesday from 325 a week prior.

A drop in refinances was responsible as refinance share fell to 60 percent from 62 percent.

As interest rates crept up, the jumbo-conventional spread was unchanged.

Source:
Mortgage Market Weakens

The parent of Residential Capital LLC reported a $230 million profit for its mortgage operations.

Earnings were up by nearly half from the first quarter.

U.S. residential originations, meanwhile, edged up 2 percent during the same period.

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ResCap Earnings, Originations Improve

Reverse mortgage originations during March tumbled 17 percent from February, according to Reverse Market Insight.

Compared to March 2009, activity was down 48 percent.

The number of active reverse mortgage lenders, meanwhile, was 24 percent lower than in 2009.

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Reverse Volume, Active Lenders Decline

The average 30-year fixed-rate mortgage rose to its highest level in 12 weeks, according to Freddie Mac’s latest weekly survey of 125 mortgage lenders.

At the same time, the one-year adjustable-rate mortgage fell 15 basis points.

The resulting 103-basis-point spread is the widest spread since October 2008.

Original post:
1-Year Spread Widest Since 2008

Deutsche Bank National Trust filed a lawsuit on Jan. 14 in state Superior Court seeking relief from a Providence law that requires a good faith attempt at mediation before a foreclosure can be completed, according to published reports.

After being foreclosed on because she relied on a bank teller to properly execute a forebearance agreement, a Lousiana borrower sued Chase.

A foreclosure by Wells Fargo was stopped by a Florida judge over allegations of mortgage fraud.

Continued here:
Borrowers Fight Foreclosures, Servicer Sues City