Mortgage Lates Surge, Foreclosures at 9-year Low
Even though the foreclosure rate fell to a nine-year low and foreclosure starts sank to a 28-year low, quarterly 30-day mortgage delinquency spiked.
Wholesale Lenders Offer Nonprime, High LTV Jumbo
New programs recently being offered by wholesale mortgage lenders include nonprime programs, high loan-to-value jumbo loans and a product for foreign national borrowers.
Mortgage Standards Sustained at Banks
For most depository institutions, credit standards for a range of residential lending programs haven't changed much over the past three months. Demand was mixed.
Nonprime RMBS Issuance Expected to Accelerate
Mortgage securitizations backed by nonprime loans are expected to see a substantial increase this year as lenders move away from prime refinances.
1st Mtg Delinquency Up, 2nd Mtg Rate Tumbles
Despite a small month-over-month up tick in the rate of serious delinquency on first mortgages, loan performance on junior liens was much improved.
HEL, HELOC Delinquency Improve
The quarterly rate of delinquency on home-equity loans that are owned by banks tumbled. Also dropping was the rate on home-secured credit lines.
Over $300 Million in HELOCs Sold
A whole-loan transaction has been executed on the sale of more than $300 million in seasoned home-equity lines of credit.
Bank Mortgage Delinquency, Foreclosures Fall
Quarterly delinquency on residential loans serviced by banks moved lower, as did the number of foreclosures that were initiated and completed.
2nd Mortgage Delinquency Tumbles
Serious delinquency on second-lien mortgages tumbled 10 basis points on a month-over-month basis, while first-mortgage performance was unchanged.
New Penn Chief Launches HEL Lender
The chief executive officer of New Penn Financial LLC has co-founded a retail lender that will capitalize on home-equity loan products.