NY Hard Money Lenders Under Investigation
Financial services firms making hard money loans are being investigated by a New York regulator for potential predatory lending practices.
Serious Delinquency Deteriorates on 1st Mortgages
The rate of serious delinquency on first mortgages moved modestly higher last month, while the rate on second mortgages slipped to a record low.
BofA CEO Visits HEL Hub
The chief executive officer of Bank of America Corp. recently stopped in to pay a visit to a fast-growing office that handles home-equity lending.
Younger Borrowers Have Lowest Mortgage Delinquency
Quarterly mortgage delinquency continued to improve, with loans to the youngest segment of the population performing the best.
Serious Mortgage Delinquency Declines
The serious delinquency rate on first mortgages and junior liens moved lower last month and was also improved from a year earlier. Consumer delinquency plunged in Los Angeles.
HELOC Default Threat Heightened in California
A wave of defaults forecasted in the next few years on home-equity lines of credit are expected to hit California especially hard.
Jumbo, Nontraditional Lending Take Biggest QM Hit
Some banks have seen lower approval rates for conforming borrowers as a result of Qualified Mortgage and Ability-to-Repay requirements. Jumbo and nontraditional borrowers fared far worse.
Wholesale Lender Offering Alt-QM Program
A new program accommodates higher debt-to-income ratios, self-employed borrowers and jumbo investor loans -- among other things.
BofA Hit With Huge Penalty Over Countrywide Program
A federal judge has ruled that units of Bank of America Corp. will have to pay a penalty of more than $1 billion for utilizing a program that sacrificed loan quality for loan quantity.
1st Mortgage Lates Down, No Improvement on 2nds
Although the rate of serious delinquency on first mortgages continued to recede, there was no improvement on second-mortgage performance.