Rising interest rates and high inflation are putting a strain on mortgage holders. The 2023 J.D. Power U.S. Mortgage Servicer Satisfaction Study found a significant decline in customer satisfaction compared to the previous year. J.D. Power attributes this decline to a combination of weaker financial health, an increased rate of mortgage transfers and a rise in issues resolving account problems.
Category: News and Trends
MBA’s RIHA Commemorates 10-Year Anniversary of RIHA’s Special Report on the History of Mortgage Banking
The Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) is re-releasing Mortgage Banking in the United States, 1870-1940, to commemorate the 10-year anniversary of the renowned white paper.
Home Affordability Continues to Challenge Americans, ATTOM Says
The ATTOM third-quarter 2023 U.S. Home Affordability Report revealed median-priced single-family homes and condos are less affordable compared with historical averages in 99% of counties where the firm had enough data to analyze.
CoreLogic: Mortgage Delinquencies Remain Near Record Low in July
CoreLogic, Irvine, Calif., released its Loan Performance Insights through July, revealing strong performance–overall delinquencies were 2.7%, still near a record low.
Servicing Quote Tuesday, Oct. 3, 2023
“Prospective homebuyers’ budgets continue to be impacted by the combination of high home prices and mortgage rates that remain higher than 7 percent.”
–Edward Seiler, MBA Associate Vice President of Housing Economics and Executive Director of the Research Institute for Housing America.
BSI Financial Services’ Allen Price: How Digital-First Subservicers Are Revolutionizing Servicing
While mortgage origination has experienced massive improvements through digital technology, the same has not always been true for the servicing side of the business.
FHFA: GSEs Completed 47,370 Foreclosure Prevention Actions During Second Quarter
Fannie Mae and Freddie Mac completed 47,370 foreclosure prevention actions during the second quarter, raising the total number of homeowners helped to 6.8 million since the conservatorships started in 2008, the Federal Housing Finance Agency reported.
Black Knight: First Look August Delinquency Numbers Positive
Black Knight, Jacksonville, Fla., released its First Look at its August Mortgage Monitor, finding that the delinquency rate improved yet again, but gains are slowing. That, Black Knight said, might suggest delinquency rates are reaching cycle lows.
ACES: Critical Defect Rate Down for Q1 2023
ACES Quality Management, Denver, reported the overall critical defect rate for the first quarter of 2023 was 1.78%. That’s down 3.26% from the previous quarter, and the second straight quarter of declines.
BSI Financial Services’ Allen Price: How Digital-First Subservicers Are Revolutionizing Servicing
While mortgage origination has experienced massive improvements through digital technology, the same has not always been true for the servicing side of the business. On the whole, mortgage servicers are not typically known for being particularly innovative or technology driven.