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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
The U.S. Department of Housing and Urban Development has released the new mortgage insurance premium structure for loans insured by the Federal Housing Administration.
On traditional mortgages, the up-front premium has lowered, HUD
A final rule from the Federal Housing Finance Agency outlines 2010-2011 housing goals for Fannie Mae and Freddie Mac.
On purchase transactions, the minimum goal for low-income loans is 27 percent.
In addition, 8 percent of Fannie’s and Freddie’s acquisitions must be for “very low-income family” homes.
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Fannie, Freddie Goals Released
Freddie Mac reported this week that the average 30-year fixed-rate mortgage fell to 4.32 percent.
It was the lowest level recorded since Freddie began tracking the 30-year nearly four decades ago.
But a 7-basis-point jump in the 10-year Treasury yield suggests mortgage rates will be higher in next week’s reports.
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Record Rates Rising
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.
Read More at MortgageLoan.com
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Private Loans Modifications Continue Briskly
Fixed-rate issuance of mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae during August increased 5 percent from a month earlier, according to data released by eMBS.
A decline in activity at Ginnie was more than offset by increases at Fannie and Freddie.
Issuance volume has increased each month since March.
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Agency Issuance Rises 5th Straight Month
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.
Read More at MortgageLoan.com
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Home Prices Up, But Show Signs of Slowing
The Federal Housing Administration reported that it endorsed 6,397 fewer mortgage last month than in June.
The decline came despite a 1 percent rise in refinance endorsements and an 11 percent increase in home-equity conversion mortgage endorsements.
The reason: a 6 percent drop in endorsements for purchase-money mortgages.
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Purchase Activity Drags Down FHA Volume
Fewer homeowners with mortgage loan modifications are falling back into default, casting doubt on predictions that most of these borrowers will eventually go into foreclosure anyway.
A new report found that homeowners who obtained loan modifications in 2009 were about half as likely to become seriously delinquent within six months as were borrowers whose mortgages were modified the year before. That’s according to the State Foreclosure Prevention Working Group, which released the report Tuesday.
Financially pressed homeowners have a new tool to help them sort through their options for reducing their mortgage payments and avoiding foreclosure.