Although PHH Corp. refuses to answer questions regarding a key private-label services contract to originate mortgage loans for Merrill Lynch, most analysts that follow the company believe the Wall Street giant will renew the agreement. To date, PHH will not say either way, but observers of the situation believe it’s more a technical matter than anything else. The general consensus is that Merrill has verbally agreed to renew, but hasn’t signed on the dotted line. On its recent earnings call, PHH management said...
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]
About three years ago, some investors – private equity firms and hedge funds in particular – started purchasing NPLs as a cheaper alternative to buying foreclosed homes.
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