Modest Improvement in Serious Mortgage Delinquency
Serious delinquency on first mortgages dipped last month. While a more significant improvement was made on second mortgages, the category has seen deterioration from a year ago.
Wholesalers Expand Programs, Improve Process
Wholesale lenders have recently added subprime and conventional programs. One wholesaler launched an income verification tool, while another added a broker platform.
Bank HEL Delinquency Down, HELOC Lates Up
Although there was a quarterly improvement in the performance of home-equity loans, the rate of late payments deteriorated on home-secured credit lines.
Serious Mortgage Delinquency Rises
The rate of past-due payments on first mortgages increased and was up even more on second mortgages. But both categories saw a year-over-year drop.
Upgrades on $6 Billion RMBS from BofA Settlement
Dozens of tranches from over $6 billion in Alt-A and option-ARM residential mortgage-backed securities have been upgraded thanks to Bank of America Corp.'s massive settlement.
PNC Chief Acknowledges HEL Process Too Slow
The chief executive officer of The PNC Financial Service Group Inc. told investors that turnaround on home-equity loans is too slow and needs to improve.
PNC Agrees to Settle 2nd Mortgage Class Action
The PNC Financial Services Group Inc. has agreed to settle a class-action lawsuit alleging excessive fees and illegal kickbacks on second mortgages.
Non-QM Securitization Closes
A securitization of primarily non-agency residential loans that don't meet the requirements of the Qualified Mortgage rule has been completed.
1st Mortgage Delinquency Up As 2nd Mtg Rate Down
Although there was month-over-month improvement in second-mortgage loan performance, serious delinquency on first mortgages saw deterioration.
Decade-Low for Mortgage Delinquency
The last time that the rate of past-due payments on residential loans was this low, the U.S. real estate market was near its peak.