The Federal Housing Finance Agency released its second quarter Foreclosure Prevention and Refinance Report, showing Fannie Mae and Freddie Mac completed 96,945 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,591,002 since start of conservatorships in September 2008.
Category: News and Trends
Staying Put: 85% of Homeowners with Mortgages Have Rate Far Below Current Level
With mortgage interest rates pushing well above 6 percent—the Mortgage Bankers Association on Wednesday reported 30-year rates up by 24 basis points to 6.25%–a growing number of homeowners are reluctant to sell because they have a lower rate locked in, said Redfin, Seattle.
Trepp: Interest Rates Hit 2Q Life Insurance Mortgage Returns
Trepp LLC, New York, said life insurance company commercial mortgage investments fell again in the second quarter, largely due to increasing interest rates.
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“The good news is that people who already own homes have locked in relatively low mortgage payments. The bad news is that homeownership is moving further out of reach for other folks as rising rates, elevated home prices and the persisting housing shortage make buying a house more expensive.”
–Redfin Deputy Chief Economist Taylor Marr.
MBA: August Share of Mortgage Loans in Forbearance Falls to 0.72%
The Mortgage Bankers Association’s monthly Loan Monitoring Survey reported loans now in forbearance decreased by 2 basis points from 0.74% of servicers’ portfolio volume in the prior month to 0.72% as of August 31. MBA estimates 360,000 homeowners are in forbearance plans.
MBA: August Share of Mortgage Loans in Forbearance Falls to 0.72%
The Mortgage Bankers Association’s monthly Loan Monitoring Survey reported loans now in forbearance decreased by 2 basis points from 0.74% of servicers’ portfolio volume in the prior month to 0.72% as of August 31. MBA estimates 360,000 homeowners are in forbearance plans.
MBA: 2Q Commercial/Multifamily Mortgage Debt Outstanding Up by $99.5B
Commercial/multifamily mortgage debt outstanding increased by $99.5 billion (2.3 percent) in the second quarter, the Mortgage Bankers Association said in its quarterly Commercial/Multifamily Mortgage Debt Outstanding report.
Nearly 1/3 of Homes Bought All-Cash as Buyers Gain Upper Hand
Redfin, Seattle, reported nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, near the eight-year high reached in February and up from 27.5% a year earlier. In a separate report, Redfin said higher interest rates have given home buyers the upper hand after several years of a “sellers’ market.”
#MBARMQA22: Risk Management Executive Perspectives
Mortgage executives here at the MBA Risk Management, QA and Fraud Prevention Forum offered insights on leading their organizations through today’s lending environment, maintaining quality operations, managing credit risk and governing organizations in unpredictable times.
#MBARMQA22: When Good Fraud Investigations Go Bad
NASHVILLE, TENN.—Kip Mendrygal, Partner with Locke Lord LLP, Dallas, says he’s seen a lot of weird stuff in his 20-plus years of investigating mortgage fraud.