“In recent years, housing inventory constraints and home-price appreciation have resulted in rising average loan balances for single-family homeownership. Yet, financing lower balance loans is an essential way for the mortgage industry to facilitate access to affordable, lower-valued homes.”
–MBA Vice President of Industry Analysis Marina Walsh, CMB.
The emergence of intelligent automation, which is the use of automation technologies–artificial intelligence, business process management and robotic process automation–is transforming how mortgage servicers do business.
Redfin, Seattle, reported that the drop in home purchases by investors outpaced the second-quarter drop in overall home sales. Investor home purchases fell 45% from last year, compared with an overall market drop of 31%.
U.S. mortgage performance remained exceptionally strong in June, with both overall delinquency and foreclosure rates at or near historic lows, reported CoreLogic, Irvine, Calif.
Fitch Ratings, New York, said servicers continue to work with struggling homeowners to avoid loan default, as early delinquencies remain flat and late stage delinquencies show positive movement.
MISMO®, the real estate finance industry’s standards organization, announced the MISMO Servicing Transfer Catalog has reached “Candidate Recommendation” status, which means it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.
“The national mortgage delinquency rate remained at a historic low in June.”
–Molly Boesel, Principal Economist for CoreLogic
According to the July results from MBA’s Monthly Loan Monitoring Survey, the total number of loans now in forbearance decreased by 5 basis points from 0.44% of servicers’ portfolio volume in the prior month to 0.39% as of July 31, 2023.
Earnings at most of the eight U.S. global systemically important banks improved from the same quarter last year, largely because of higher net interest income, reported S&P Global Ratings, New York.
More than nine in 10 default servicing industry leaders expect completed foreclosure auction volume to increase this year compared to 2022, reported Auction.com, Irvine, Calif.
