First American Financial Corp., Santa Ana, Calif., said frequency of defects, fraudulence and misrepresentation in information submitted in mortgage loan applications decreased by 2.4 percent in May from a month ago and by 3.6 percent from a year ago.
Category: News and Trends
Fitch: More New Deals, More Risk, for U.S. RMBS
A spike in new private-label residential mortgage-backed securities issuance has surfaced of late along with some credit risk trends that are worth watching in the coming months, said Fitch Ratings, New York.
FHFA: Foreclosure Preventions Top 4.1 Million
The Federal Housing Finance Agency said Fannie Mae and Freddie Mac completed 68,378 foreclosure prevention actions in the first quarter, bringing the total number of foreclosure prevention actions to 4.1 million.
Commercial/Multifamily Mortgage Debt Outstanding Posts Largest Q1 Increase Since Before Great Recession
Commercial/multifamily mortgage debt outstanding increased by $44.3 billion in the first quarter as all four major investor groups increased their holdings, the Mortgage Bankers Association reported this morning.
CMBS Loss Severities Drop, Resolutions Shorten
U.S. commercial mortgage-backed securities loan loss severities dropped last year despite a backlog of maturing loans from the 2007 vintage, reported Fitch Ratings, New York.
MBA Voices Support for False Claims Act Reform Bill
The Mortgage Bankers Association threw its support behind legislation that would clarify how FHA-insured loans are treated under the False Claims Act.
Black Knight: May Foreclosure Starts Lowest in 17 Years
Black Knight, Jacksonville, Fla., reported 44,900 foreclosure starts in May, the second-lowest such measure in more than 17 years.
MBA Urges Clarity to CFPB LO Comp Rule, QM Requirements
The Mortgage Bankers Association, in a letter to the Consumer Financial Protection Bureau, urged the Bureau to make changes to its Loan Officer Compensation Rule for clarity and simplicity and to make adjustments so that more creditworthy borrowers can be eligible for Qualified Mortgage loans.
Harvard Joint Center: Improvement in Housing Market, But Much Has Worsened
In its 30th annual edition, the Harvard Joint Center for Housing Studies State of the Nation’s Housing Report said while the U.S. housing market appears to be on “sound footing,” opportunities for low-income and medium-income households have worsened, with the gap between white and black homeownership widening further.
MBA, Trade Groups Ask CFPB for Multifamily Exemption to HMDA Reporting
The Mortgage Bankers Association and other industry trade groups urged the Consumer Financial Protection Bureau to narrow its definition of financial institutions subject to the Home Mortgage Disclosure Act reporting by exempting transactions secured by multifamily properties.