The trajectory of delinquencies for U.S. timeshare ABS is continuing its downward trend, and issuance is expected to be near or perhaps even exceed last year’s level, with solid prospects for continued stable growth throughout the rest of the year, according to a consensus of industry analysts. U.S. timeshare ABS delinquencies fell again in the second quarter of 2015 to their lowest level in eight years, the latest index results from Fitch Ratings show. Total delinquencies for the second quarter were 2.66 percent, down from 2.79 percent in the first quarter and 2.92 percent a year ago. The ratings service has seen...
Real estate investment trusts that focus on the MBS market saw the value of their holdings slump again during the volatile second quarter of 2015. Top mortgage REITs reported a fair market value of $249.10 billion for their single-family MBS holdings as of the end of June. That was down 5.6 percent from the previous quarter, and it was the group’s lowest MBS portfolio valuation since the fourth quarter of 2011. The decline came...[Includes one data table]
The delinquency rate on mortgages rose in the second quarter of 2015, according to the Inside Mortgage Finance Large Servicer Delinquency Index. Overall, delinquencies remained below levels seen a year ago, though the Mortgage Bankers Association said FHA performance has declined. The delinquency rate on the IMF index was 5.85 percent at the end of the second quarter, up from 5.75 percent the previous quarter and down from 6.74 percent at the midway point in 2014. The share of mortgages severely delinquent as well as those in foreclosure declined compared with the first quarter of 2015, while the share of new delinquencies and loans 90-days past due increased. FHA mortgages accounted...[Includes one data table]
M&T Bank is attempting to reach a settlement with the Department of Justice to resolve an investigation into the bank’s origination of FHA loans and sales of conventional-conforming mortgages to Fannie Mae and Freddie Mac. The bank disclosed the investigation in its quarterly filings with the Securities and Exchange Commission, noting similar ongoing investigations at other financial institutions. A bank spokesman declined to comment beyond what was disclosed in the SEC filing but noted that the government agencies are conducting one investigation. On the FHA side, DOJ and the Department of Housing and Urban Development’s Office of the Inspector General are investigating...
The volume of new mortgage originations for condominiums and co-operatives was up nicely at Fannie Mae, Freddie Mac and FHA during the second quarter, with particular strength among first-time homebuyers and purchase mortgages, a new analysis by Inside Mortgage Finance has found. The two government-sponsored enterprises securitized $20.69 billion of condo loans during the second quarter, a 27.4 percent increase from the first three months of the year. There was a slightly bigger gain in condo purchase-money loans (up 30.9 percent) than condo refi loans (up 24.1 percent). It was...[Includes one data table]
Nonbank mortgage lenders are starting to complain more loudly about the length of time it takes to get their loan officers approved to do business in New York state, quoting approval times that can take anywhere from 90 to 120 days – and that’s for an application with no “red flags.” A mortgage consultant who works closely with nonbanks estimated that some of his LO clients have waited as long as six months, including both new LOs and bank loan officers who are transferring to a nondepository. Requesting anonymity, he said...
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