Continued Drop in Mortgage Lates, Foreclosures

Further improvement has been made in the performance of home loans, while the foreclosure rate and pace of repossessions moved lower.

Residential loans that were at least 90 days past due accounted for 2.5 percent of all U.S. mortgages that were outstanding as of Oct. 31.

The rate of serious mortgage delinquency turned out to be the lowest that it has been since August 2007 based on historical performance data.

Source: Mortgage Daily

GSEs Announce Annual Foreclosure Moratorium

In what has become an annual tradition, the government-sponsored enterprises are suspending foreclosure evictions during the holiday season.

The Federal National Mortgage Association issued a statement Monday indicating it will suspend evictions from Dec. 19 through Jan. 2, 2017.

According to Fannie Mae, the moratorium applies to foreclosures on loans that are secured by single-family and two-to-four-unit properties.

Source: Mortgage Daily

Mobile Mortgage Experience Enhanced

Mortgage bankers and their service providers continue to make headway improving the mobile experience for prospective borrowers and lenders alike. Bankers have some tips about mobile security.

Consumers can take steps to protect their mobile devices from hackers, according to the American Bankers Association. Among 12 precautions outlined was utilizing the pass code lock on a phone.

Other tips from ABA include logging out of banking applications, installing security software and downloading updates. Avoid storing sensitive data like passwords or social security numbers on phones.

Source: Mortgage Daily

Marketplace Lender Securitizes Jumbo Loans

A marketplace home lender that is operating out of Northern California has pulled off its first securitization of jumbo residential mortgages.

The transaction involved residential mortgage-backed securities issued on 270 jumbo loans with an aggregate principal balance of $169 million.

All of the loans are fixed rate. More than 78 percent of the mortgages have 30-year terms, and the remaining 22 percent have 15-year terms.

Source: Mortgage Daily

Monthly Ginnie Mae MBS Issuance Dips

Monthly securitizations on behalf of the Government National Mortgage Association eased, though the firm’s book of business grew.

Monthly operational data indicate that there were $1.7506 trillion in outstanding Ginnie Mae mortgage-backed securities as of Nov. 30.

The Washington-based organization’s book of business grew from the end of the previous month, when the total was $1.7393 trillion.

Source: Mortgage Daily

Ally Bank Reveals New Mortgage Program

Just one year after telling investors that it planned to wade back into the mortgage waters, Ally Financial Inc. has taken a big step into submerging itself into real estate finance.
br>After allowing former subsidiar Residential Capital LLC to fall into bankruptcy in 2012, the New York-based firm in 2013 walked away from the mortgage business entirely.

But at the Goldman Sachs U.S. Financial Services Conference in New York in December 2015, Ally revealed plans to introduce limited direct mortgage originations this year.

Source: Mortgage Daily

Weekly Mortgage Activity Up Again

New mortgage activity increased for the second consecutive week likely due to anticipation of a rate hike next week by the Federal Reserve.

In the seven-day period that concluded on Dec. 9, the U.S. Mortgage Market Index from Mortgage Daily and OpenClose came in at 157.

The index, an indication of upcoming originations based on average per-user rate locks by OpenClose clients, climbed 22 percent from a week prior.

Source: Mortgage Daily

Solid Mortgage Growth at Finance of America

As quarterly home lending took a giant leap at Finance of America Holdings LLC, the mortgage servicing portfolio expanded and staffing increased.

As of Sept. 30, The Horsham, Pennsylvania-based company serviced 13,821 residential loans with an aggregate principal balance of $2.852 billion.

Finance of America revealed the data and other operational metrics as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.

Source: Mortgage Daily

Appraisal Regulations, Compliance and Updates

As appraisers urge the nation’s lawmakers to reduce the amount of regulations appraisers are subject to, service providers are helping lenders maintain their own compliance.

In testimony last month before a subcommittee of the House Financial Services Committee, the Appraisal Institute called on Congress to modernize appraisal regulation.

The trade group said the appraisal regulatory structure should be aligned with the real estate and mortgage industries and use a model like the National Mortgage Licensing System.

Source: Mortgage Daily

Mortgage Risk Falls on New Originations

A new index that measures the risk of default on new home-loan originations indicates that mortgage investors have seen risk fall.

On the $447.2 billion in mortgage originations during the second quarter of this year, the Default Risk Index came in at 85.3.

That put the probability of default on the residential loans that were originated during the three-month period at 0.99 percent.

Source: Mortgage Daily