Home-loan delinquency of at least 90 days, including foreclosures, fell 12 basis points in July, Lender Processing Services Inc. reported.
Excluding foreclosures in process, the delinquency rate was 22 BPS
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Home-loan delinquency of at least 90 days, including foreclosures, fell 12 basis points in July, Lender Processing Services Inc. reported.
Excluding foreclosures in process, the delinquency rate was 22 BPS
Risk on retail and commercial loans increased for the third consecutive year, according to the 16th annual Survey of Credit Underwriting Practices released Thursday from the Office of the Comptroller of the Currency.
The increase came despite tightened underwriting standards.
But competition is driving some easing of standards, and credit market liquidity has shown a slight improvement.
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Loan Risk to Continue Increasing
Low inflationary pressures allowed mortgage rates to fall to new lows again this week, according to today’s weekly rate survey from Freddie Mac.
Read More at MortgageLoan.com
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Subdued Inflation Sends Mortgage Rates to New Lows
The acquisition of HomeEq Servicing by Ocwen Financial Services has completed.
Ocwen said that it plans to close a facility in Raleigh, N.C., and eliminate 242 jobs.
Around 900 California employees are being laid off later this year as the company’s facility in that state closes.<
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Over 1,000 Layoffs as Servicer Offices Close
On overall bank loan assets, delinquency of at least 90 days fell 4.8 percent, according to the Quarterly Banking Profile from the Federal Deposit Insurance Corp.
It was the first quarterly decline since the beginning of 2006.
Quarterly earnings for the sector were $21.6 billion.
Banks lost $4.4 billion in the same period last year.
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Bank Performance Improves
Roughly two-thirds of the more than 1 million homeowners who have obtained permanent mortgage loan modifications this year did so outside of the government’s Home Affordable Modification Program (HAMP), according to a new report.
Through the end of July, nearly 760,000 homeowners have obtained private mortgage loan modifications through their lenders so far this year, according to figures from the Hope Now Alliance. Another 368,000 were approved for permanent loan modifications under HAMP.
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Private Loans Modifications Continue Briskly
A Federal Deposit Insurance Corp. official testified before the Financial Crisis Inquiry Commission about how the FDIC
Mortgage applications for home purchases declined in August, despite falling interest rates that continued to set record lows and suggesting that home sales remain weak following July’s sharp declines.
The four-week moving average for home purchase mortgage applications is down 0.2 percent, the Mortgage Bankers Association reported this morning, despite a 1.8 percent gain last week. Compared to the same week one year ago, purchase applications are down 37 percent.
Read More at MortgageLoan.com
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Low Rates Fail to Spur Home Purchases
Ocwen Loan Servicing has closed on its acquistion of HomEq.
Inside accounts from employees at HomEq raised the possibility of several hundred layoffs in coming days and weeks.
But Ocwen didn’t respond today to repeated requests for comment.
U.S. home prices posted significant gains in June, but other recent signs are pointing to what could be a bumpy road ahead for the housing market.
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Home Prices Up, But Show Signs of Slowing