Calif. AG Backs Out of Foreclosure Settlement Talks

Author:  //  Category: Mortgage

The departure of California from negotiations to settle alleged faulty foreclosure practices by the nation’s biggest mortgage servicers throws a monkey wrench into the Obama administration’s push to resolve the debacle.

California Attorney General Kamala Harris removed herself from the talks because the servicers were not offering her state’s borrowers enough relief.

California now joins other states including New York in their opposition of a settlement that they claim lets servicers off the hook too easily.

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Calif. AG Backs Out of Foreclosure Settlement Talks

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Small Special Servicer Sees Upgrade

Author:  //  Category: Mortgage

Residential Credit Solutions Inc.’s servicer’s rating for subprime product has been upgraded.

Residential’s special servicing was also raised.

Among the reasons cited for the upgrades were effective default capabilities and competitive performance metrics.

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Small Special Servicer Sees Upgrade

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Servicer Rating Raised at Central Mortgage

Author:  //  Category: Mortgage

The primary servicer rating for Alt-A mortgages was upgraded at Central Mortgage Co.

The special servicer rating of the company was also improved.

In addition, the primary servicer rating for prime product was affirmed.

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Servicer Rating Raised at Central Mortgage

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M.I. Firms Maintain Winning Streak

Author:  //  Category: Mortgage

The dollar volume of mortgage insurance policies written during August rose 16 percent from the prior month.

The dollar volume of new business has risen each month since April.

It appears that volume will continue rising based on new M.I. applications.

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M.I. Firms Maintain Winning Streak

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Fannie Turns in Strong Performance

Author:  //  Category: Mortgage

Fannie Mae reported that new business acquisitions during August increased 12 percent from July.

Residential delinquency at the company was down 5 basis points.

Even multifamily delinquency improved 2 BPS from July.

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Fannie Turns in Strong Performance

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Record-Low Rates Evaporate

Author:  //  Category: Mortgage

Today’s weekly mortgage survey indicated that fixed rates averaged less this past week than at any other time on record since the survey launched in 1972.

However, the market has since changed course, with Treasury yields up 27 basis points over the past week.

Fixed rates are likely to be a quarter percent higher in next week’s report.

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Record-Low Rates Evaporate

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Leap in FHA Delinquency Leads Overall Rate Higher

Author:  //  Category: Mortgage

Delinquency on loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs jumped 130 basis points between the first and second quarter on loans serviced by federally regulated financial institutions.

That helped push overall quarterly delinquency 60 BPS higher.

Also hurting the overall rate were subprime loans, which saw serious delinquency rise 60 BPS.

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Leap in FHA Delinquency Leads Overall Rate Higher

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Pending Home Sales Show Weakness

Author:  //  Category: Mortgage

Pending home sales fell for a second straight month in August, declining a seasonally adjusted 1.2 percent, the National Association of Realtors (NAR) announced today.

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Pending Home Sales Show Weakness

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Multifamily Deterioration Continues as Hotel Performance Roars Back

Author:  //  Category: Mortgage

An increase in delinquency on securitized commercial mortgages in July was erased last month.

The rate on hotel loans has fallen each of the past four months by an aggregate of more than 180 basis points.

But securitized apartment loans have become a growing problem.

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Multifamily Deterioration Continues as Hotel Performance Roars Back

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$12 Billion in 2010 Fraudulent Originations

Author:  //  Category: Mortgage

Last year, $12 billion in fraudulent mortgage loans were originated, according to a new report. Compared to 2010, the rate of fraud this year is expected to be mostly flat.

But there has been a shift from identity theft to fraud committed on distressed sales.

Government mortgages have been found to carry more risk than their conventional counterparts.

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$12 Billion in 2010 Fraudulent Originations

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