|
Nearly 1-in-4 FL Mortgages Delinquent
Late payments on home loans jumped 20 basis points during January, according to a new report that indicated nearly one-in-four loans were delinquent in the Sunshine State. Loans insured by the Federal Housing Administration have seen more severe deterioration in new delinquency than overall mortgages. The national foreclosure rate, meanwhile, was unchanged.
FHA Delinquency Down, Purchase Apps Up
Endorsements by the Federal Housing Administration fell for the second month in a row. But a recent surge in purchase applications means business will be better this month. FHA delinquency, meanwhile, fell.
Small Cut in LTV Could Have Big Impact on FHA
The head of the Federal Housing Administration warns that lowering the loan-to-value on FHA loans -- even just a little -- would wipe out 40 percent of FHA originations.
FHA Testimony Addresses LTVs, Suspensions
Mortgage bankers cautioned Congress today about suspending Federal Housing Administration mortgagees on a national basis because of regional performance. Lawmakers were also warned about increasing downpayment requirements on FHA loans.
AMCs, BPOs and Appraisal Compliance
Two solutions have emerged as alternatives to unreliable broker price opinions, including a hybrid model that utilizes both technology and experienced people. Appraisal firms claim they are prepared to comply with new FHA appraisal requirements -- though one warns that lenders are not. Meanwhile, a survey conducted for an appraisal management company said that a majority of appraisers indicated prices and turnarounds are impacted little by the use of AMCs.
Lenders Issue SAFE Warning
Mortgage bankers claim the government is going too far by applying the Secure and Fair Enforcement for Mortgage Licensing Act to servicing employees who handle loan modifications. They are also concerned that federally insured institutions, which are not subject to the same requirements as state-licensed entities, will have an unfair advantage in attracting employees.
Exec Changes at HUD, Fed
As a federal housing official was sworn in, a Federal Reserve official announced his intent to resign.
Agency Issuance Weaker
A monthly increase in securitizations at Fannie Mae wasn't enough to overcome a decline at its two government-controlled cousins. All three issuers, however, were down from a year ago.
Net Branch Update
In addition to the stability afforded by bigger organizations -- net branch recruiters are promoting search engine help, government loan programs and high commission rates for prospective branches. Attendees to a recent net branch conference were highly optimistic about originations because of reduced competition.
|
