Home Loan Performance Better 7 Straight Months
Not only did the rate of mortgage delinquency decline in April, it has retreated for seven consecutive months. The latest reading reflected a drop in both new delinquencies and foreclosures.
Serious Delinquency Improves 4 Straight Months
It's been five months since serious delinquency has increased on first mortgages, while the second mortgage rate hasn't worsened in three months.
Servicer Settlement Yields Over $80k in Relief Per Borrower
Report cards issued on two separate settlements with residential loan servicers indicate that borrowers have received more than $50 billion in relief. The bigger of the two settlements has yielded an average of more than $80,000 in benefits per borrower.
Special Servicers Recruiting Originators
At least two fast-growing special servicers are adding employees, and both are targeting mortgage loan originators -- though for different reasons.
Company Ordered to Stop Servicing
Regulators in the Commonwealth of Massachusetts have ordered a mortgage company to stop servicing loans in the state as a result of mishandled escrow accounts.
Cost of Compliance
A recent survey of credit unions found that complying with the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 means that interest rates on loans will be higher, hiring will be reduced and third-party servicing will increase. Some financial institutions even intend to scale back mortgage originations.
Videos Created for New Mortgage Rules
Several of the mortgage rules that were finalized in January are discussed in a set of new videos from the Consumer Financial Protection Bureau.
Ohio Supreme Court Decision Bodes Well for Servicers
Ohio's supreme court has ruled that mortgage servicers are exempt from the Ohio Consumer Sales Practices Act -- a decision that bodes well for residential servicers.
Settlement Relieves Ally of Mortgage Liabilities
A settlement reached with creditors of its former mortgage subsidiary will free Ally Financial Inc. from most of its mortgage liability to third parties.
