National Mortgage Professional, Mar. 2, 2018–Phil HallThe delinquency rate has been in a free-fall for eight consecutive months, a 124 bps drop, and Trepp forecasts that “it is now possible that the rate could break the post-crisis low from February 2016 over the next few months.”
Category: Top National News
Why New Jersey’s Soaring Foreclosures Are Good for the Housing Market
Wall Street Journal, Mar. 3, 2018–Melanie Grayce West (subscription)New Jersey’s foreclosure crisis is hitting a peak, and that could be a boon for the state’s housing market.
Mortgage Refinancing Sinks Near a One-Decade Low on Rising Rates
Bloomberg, Mar. 1, 2018–Prashant GopalAn increase in U.S. mortgage interest rates is throwing ice water on the great American refi — and choking off business for lenders. Refinancings as a share of home loan applications fell to 41.8 percent last week. With a couple of exceptions, that’s the lowest level since the financial crisis in 2008, according to data from the Mortgage Bankers Association.
CFPB Should Take Back Seat to Bank Regulators on Supervision: Mulvaney
National Mortgage News, Mar. 1, 2018–Kate Berry (subscription)Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, said Thursday the agency may allow prudential regulators to take the lead on more supervisory matters to cut down on duplication and ease the burden of exams on financial firms.
3 Conditions Before Ocwen and PHH are Clear to Close
National Mortgage News, Mar. 1, 2018–Bonnie Sinnock, Brad Finkelstein (subscription)Ocwen Financial Corp.’s $360 million bid to buy PHH Corp. is intended to alleviate a multitude of regulatory and financial strains that have plagued both companies for years. But the deal also raises a number of questions for investors, borrowers and regulators.
Nationstar Banking on Servicing to Drive Future Profits
National Mortgage News, Mar. 1, 2018–Brad Finkelstein (subscription)The servicing business drove Nationstar Mortgage Holdings’ fourth-quarter profitability and will be a major factor going forward after the company is acquired by WMIH.
24-Month Low for Ginnie MBS Issuance
Mortgage Daily, Mar. 1, 2018Last month’s volume turned out to be the lowest level of monthly agency securitizations since February 2016.
CMBS Delinquency Rates Improve Except for Retail Property Loans
National Mortgage News, Mar. 12, 2018–Brad Finkelstein (subscription)With the exception of the troubled retail sector, delinquency rates across property types supporting commercial mortgage-backed securities were mostly flat to declining in February compared with January, Fitch Ratings said.
Flagstar Closes on Santandar Bank Mortgage Warehouse Portfolio Acquisition
HousingWire, Mar. 12, 2018Flagstar Bank announced Monday it closed on the purchase of the mortgage warehouse loan portfolio from Santander Bank, which included $1.7 billion in mortgage warehouse loan commitments.
Blackstone REIT Triples Industrial Holdings With $1.8 Billion Deal
Bloomberg, Mar. 12, 2018–Noah BuhayarThe Canyon Industrial Portfolio includes 146 warehouses and distribution centers concentrated in and around Chicago, Dallas, Baltimore, Washington, D.C., Los Angeles and South and Central Florida, according to a statement from Blackstone on Monday.