The Federal Housing Finance Agency yesterday announced that Fannie Mae and Freddie Mac will offer principal reduction to certain seriously delinquent, underwater borrowers who are still struggling in the aftermath of the financial crisis to help them avoid foreclosure and stay in their homes.
Category: News and Trends
HOPE NOW: February Loan Mods Unchanged
HOPE NOW reported 97,000 mortgage actions for homeowners in February, while foreclosure actions ticked up slightly.
Fitch: FHFA Principal Reduction Plan Could Raise Costs for Servicers
Fitch Ratings, New York, said the Federal Housing Finance Agency’s recently announced Principal Reduction Modification program could moderately raise expenses for servicers handling delinquent Fannie Mae or Freddie Mac loans, but should not affect rated residential mortgage-backed securities transactions.
CMBS Delinquency Rate Reverses Course
The commercial mortgage-backed securities delinquency rate increased seven basis points in March after sharp drops in January and February, reported Trepp, New York.
Equifax: First Mortgage Origination Balances Increased 42.9% in 2015
Equifax, Atlanta, reported first mortgage originations totaled $1.82 trillion in 2016, a year over year increases of nearly 43 percent, while first mortgage originations totaled 7.71 million, a 31.6 percent increase.
Foreclosure, Delinquency Data Point Toward ‘Normal’
The Federal Housing Finance Agency’s report on fourth quarter Fannie Mae/Freddie Mac foreclosure prevention actions confirms a much-needed piece of good news for the real estate finance industry: the market is starting to look “normal” again.
MBA Releases 4Q Commercial/Multifamily DataBook
The Mortgage Bankers Association released its fourth quarter Commercial/Multifamily DataBook today.
MBA Urges Elimination of Barriers to Appraiser Entry
The Mortgage Bankers Association, in a Mar. 31 letter to The Appraisal Foundation, offered recommendations for attracting new appraisers to the real estate finance business and eliminating barriers to their entry.
What’s the Deal with Default Servicing?
By looking to the issues of the past, facing the issues of the present and accurately assessing the emerging trends, servicers can learn how to work with their providers to effectively scale up, and back down, as needed without disrupting their businesses.
HOPE NOW: Loan Mods Down in January; Foreclosures Up
HOPE NOW yesterday reported loan modifications continued to wind down from housing crisis peaks, noting that foreclosures and foreclosure starts increased.