Category: News and Trends

MIAMI–The government, it’s been said, moves slowly. But sometimes, the results are worth the wait.

In response to requests by the Mortgage Bankers Association and its members, HUD yesterday issued a waiver of its policy on timeframes for completing inspection of properties in areas of Florida affected by Hurricane Irma.

CoreLogic, Irvine, Calif., said mortgage fraud risk increased in the second quarter by nearly 17 percent year over year.

Altisource Portfolio Solutions SA, Dallas, said 71 percent of mortgage default servicing professionals surveyed predicted FHA/VA loan volumes would increase within their organizations in the next 12 to 24 months.

For once, the question ahead of the Federal Open Market Committee’s regular policy meeting wasn’t about raising the federal funds rate. Instead, it focused on when it would formally begin winding down its purchases of mortgage-backed assets (the answer: October).

S&P Dow Jones Indices and Experian, New York, said major credit default indices rose for the second consecutive month in August, while three of the five major cities surveyed saw default rates rise.

Black Knight, Jacksonville, Fla., said while August mortgage delinquencies remained flat nationally, they spiked by nearly 16 percent in Hurricane Harvey-related FEMA-designated disaster areas.

CoreLogic, Irvine, Calif., said while U.S. homeowners continue to see their equity rise–by nearly $1 trillion since second-quarter 2016–nearly three million residential properties remain “underwater,” in negative equity.

More than $5 billion in commercial mortgage-backed securities loans have exposure to Toys R Us–which filed for bankruptcy Monday–as a tenant, CMBS analysts say.

The Mortgage Bankers Association and other industry trade groups urged the Trump Administration to maintain momentum on reforming Fannie Mae and Freddie Mac, expressing concerns that reform efforts appear to be stalling on Capitol Hill.