Improved Mortgage Performance Holds
Serious delinquency on first lien mortgages maintained its post-recession low status, while the rate on junior liens fell to the lowest level in at least nearly a decade.
First mortgages that were past due at least 90 days accounted for 1.31 percent of all first liens outstanding as of the end of May.
The 90-day rate, which is also known as the serious delinquency rate, was unchanged from a month earlier but still stands at a post-recession low.
Hard Money Lender Charged
Criminal charges have been filed in federal court against a Washington man who allegedly used hard money lending practices and mortgage fraud to acquire residential properties.
Lower Delinquency Holds
An early reading on last month's loan performance indicates that after falling for seven months in a row, home-loan performance maintained in May.
Lawsuits Allege Compliance Breaches
Among recent decisions in mortgage compliance actions, a California state appellate court decided in favor of the borrowers in a case involving missing disclosures, yield spread premiums and an inflated appraisal on a subprime mortgage. A federal court on the East Coast recently ruled that another couple failed to exhaust their administrative remedies under what some have termed an obscure federal law now finding use in mortgage compliance lawsuits.
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.
HELOC Originations Up, But Still Lag Pre-Recession Levels
Lines of credit secured by residential properties have seen increased production lately but still lag historical levels. The slower activity has put pressure on student loan originations.
Mortgage Leads Target Reverse, Hard Money Prospects
Recent mortgage lead rankings rate both and mortgage lead providers and the mortgage firms that buy the leads. Several services are focusing on the reverse mortgage sector, while one is targeting hard money loans and another is zeroing in on Home Affordable Refinance Program prospects.
Subprime ARMs, VA Loans Push Mortgage Delinquency Up
Thanks to deteriorating performance on adjustable-rate subprime loans and veteran mortgages, one-month delinquency on home loans, excluding foreclosures, was worse. The foreclosure inventory rate, however, was better -- pulling overall delinquency down.
Obama Nominee Has Ties to Failed Bank
President Obama's choice for commerce secretary might face some resistance in her confirmation process as a result of her role two decades ago as chairman of a bank that subsequently failed under the weight of subprime lending.
Old School Subprime Slowly Returns
A mortgage lender operating from California is providing home loan financing for subprime borrowers. The program is based on the pre-securitization portfolio model.