Category: News and Trends

Delinquency rates for commercial and multifamily mortgage loans were relatively flat in the second quarter, according to the Mortgage Bankers Association’s latest Commercial/Multifamily Delinquency Report.

Fitch Ratings, New York, said U.S. non-bank mortgage lenders could face further margin pressure as interest rates continue to rise, owing to higher funding costs relative to banks with lower-cost, stable depository funding.

The commercial mortgage-backed securities delinquency rate declined for the third consecutive month due to steady new issuance and few new delinquencies, reported Fitch Ratings, New York.

Mortgage bank performance improved in the second quarter from a dismal first quarter, but fell from a year ago, the Mortgage Bankers Association reported yesterday.

Genworth Mortgage Insurance, Richmond, Va., said despite slowing home sales, first-time homebuyer purchase grew in the second quarter, with conventional mortgages using private mortgage insurance becoming the largest source of credit to first-timers.

S&P Dow Jones Indices and Experian, New York, reported credit default rates for first mortgages and other forms of consumer credit were relatively unchanged in July.

Black Knight, Jacksonville, Fla., said continued hurricane-related cure activity pushed delinquencies to their lowest level in more than 12 years, although foreclosures rose to a three-month high.

The Mortgage Bankers Association offered recommendations to the Rural Housing Service as it mulls changes to its Single-Family Housing Guaranteed Loan Program/Single Close Combination Construction to Permanent Loans program.

The persistent lack of adequate housing inventory in the U.S. has its roots in the 2007-2008 financial crisis, said Zillow Inc., Seattle.

Economists have found many ways to quantify the economic effects of the 2007-2008 financial crisis, but one number in particular stands out: $70,000.