Browse articles from all of our Newsletters related to Foreclosures.

February 24, 2017 - Inside Mortgage Trends

Housing Crisis Boxed in Some Job Seekers

Distress in the housing market has an impact on the location and types of jobs individuals are willing to take, according to research by the National Bureau of Economic Research. During the most recent recession, distressed borrowers tended to apply for fewer jobs that required relocation and looked for lower-level positions, according to an NBER working paper by Jennifer Brown of the Sauder School of Business at the University of British Columbia and David Matsa of ...

February 24, 2017 - Inside MBS & ABS

Lenders Record Partial Win over RFC; NY Court Rules on Statute of Limitations; SIFMA Files Brief

A Minnesota state court has rendered a judgment that could substantially limit the amount of damages Residential Funding Co. and its successor-in-interest, the ResCap Liquidating Trust, could recover if it were ever to prevail on its claims in any given lawsuit against correspondent lenders, according to industry attorneys. On Feb. 1, the District Court of Hennepin County held that RFC and ResCap would not be able to pursue loan-by-loan damages associated with a repurchase claim and, thus, could not use a repurchase price “formula” to establish damages, said Philip Stein, a partner with Bilzin Sumberg Baena Price & Axelrod, in an analysis. The decision favored...

February 16, 2017 - Inside Mortgage Finance

Delinquencies Increase on a Quarterly Basis At the End of 2016, Foreclosures Decline

Mortgage delinquencies in the fourth quarter of 2016 hit their highest level of the year, erasing declines from the previous quarter, according to the Inside Mortgage Finance Large Servicer Delinquency Index. The foreclosure rate continued to decline, hitting levels last seen in 2007. Among the servicers tracked by the index, the total mortgage delinquency rate was 5.05 percent as of the end of the fourth quarter. The rate was at 5.54 percent at the end of 2015 and declined each quarter until the most recent period. Each delinquency bucket increased...[Includes one data table]

February 9, 2017 - Inside Mortgage Finance

Many Metro Markets Witnessed Record Home Price Highs in 2016, Distressed Sales Down

Home prices in 2016 soared as a number of metropolitan areas reached record new home price highs, according to ATTOM Data Solutions’ yearend report on home sales. Among 201 metropolitan statistical areas with populations of at least 200,000, 44 percent hit new all-time home price peaks last year. Those areas include Dallas-Fort Worth ($230,571), Houston ($214,795), Atlanta ($181,000), Boston ($390,000) and San Francisco ($720,000). Three Ohio markets, Cincinnati, Columbus and Dayton, also reached...

February 3, 2017 - Inside MBS & ABS

New Residential to Issue $400 Million ABS Backed by Servicer-Advances on Loans Serviced by Ocwen

An affiliate of New Residential Investment is preparing to issue a $400.0 million ABS backed by servicer-advance receivables, according to S&P Global Ratings. The ABS relates to mortgages serviced by Ocwen Financial. NRZ Advance Receivables Trust 2015-ON1 Series 2017-T1 received preliminary AAA ratings from S&P. In addition to citing strengths in the structure of the ABS to support a AAA rating, S&P noted that it upgraded its servicer ratings for Ocwen from “below average” to “average” in September. Series 2017-T1 is...

January 30, 2017 - Inside the CFPB

OIG Audits CFPB Use of Vendors to Analyze Fair Lending Compliance

The CFPB Office of Inspector General recently initiated an evaluation of the bureau’s use of vendors to support its analysis of fair lending compliance, the OIG indicated in its latest work plan. The OIG begins by noting, among other responsibilities, the CFPB is charged with providing oversight and enforcement of federal laws intended to ensure the fair, equitable and nondiscriminatory access to credit. But what may surprise many in the industry is to learn that the agency relies on external vendors to help fulfill this responsibility. “Our objective is to assess whether the CFPB effectively mitigates the risk associated with the use of vendors to support fair lending analysis, particularly with respect to potential conflicts of interest,” said the OIG ...

January 27, 2017 - Inside Mortgage Trends

Most Borrowers Seeking Help Are Minorities

Some 53 percent of the distressed homeowners seeking housing counseling in the past year were minorities, according to an analysis by the Homeownership Preservation Foundation. The nonprofit HPF operates the Hope Hotline, which offers free foreclosure-prevention counseling. The hotline gained prominence in 2007 as delinquencies and foreclosures started to pile up. While the number of distressed borrowers has declined significantly in recent years, delinquencies on ...

January 16, 2017 - Inside the CFPB

HSBC Slammed With $33 Million Fine Over Flawed Foreclosures

The Office of the Comptroller of the Currency recently fined HSBC $32.5 million for failure to correct faulty foreclosure practices in a timely manner as per a consent order originally issued back in 2011 to correct practices that harmed borrowers in the wake of the housing market’s collapse. The OCC also said the institution failed to file payment change notices (PCN) that complied with bankruptcy rules, which resulted in roughly $3.5 million in borrower remediation for approximately 1,700 mortgage loan accounts. “The bank’s untimely and missed PCN filing practices did not comply with bankruptcy rules, required the bank to undertake operational enhancements to achieve compliance, and were unsafe and unsound practices,” according to the consent order. The bank neither admitted ...

January 13, 2017 - Inside MBS & ABS

Judge OKs BofA Settlement; SEC to Resubmit Payout Plan; Court Affirms Dismissal of Repurchase Claims

Judge William Pauley of the U.S. District Court for the Southern District of New York has approved a $335 million settlement by Bank of America with three pension funds and other investors to resolve a securities class-action against the bank. The settlement is one of the largest class-action settlements of securities-purchase claims arising from the financial crisis, according to the Pennsylvania Public School Employees’ Retirement System (PSERS), the court appointed lead plaintiff in the six-year old case. Other investors include...


With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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