Mortgage-related complaints to the CFPB are falling through the floor on just about every key metric, according to the latest analysis of bureau data by Inside the CFPB, fueled mostly by a plunging in gripes about loan modifications. The data reflect the depressed levels of mortgage originations in recent years as well as a continued rebound in home price appreciation. The plunge is most notable when comparing first-quarter 2015 numbers with the same period last year. For instance, total consumer gripes about their home loans fell 33.5 percent in 1Q15 versus 1Q14. The fall in belly-aching about loan mods was even more dramatic, down 38.6 percent, the data show.Consumer criticisms about mortgage servicing also declined markedly but not quite ...
The trend reflects the surge in VA home loan originations over the past few years at a time when the FHA has lost market share to private mortgage insurers.
In the jumbo MBS sector, mortgage firms issued $4.60 billion of bonds in 1Q, a hefty 20.3 percent increase from 4Q and more than triple the volume posed during the first three months of 2014.
Laurie Goodman, director of the Urban Institute’s Housing Finance Policy Center, is among those who support Treasury’s push to include a deal agent in the benchmark non-agency MBS.
The outstanding supply of VA home loans in Ginnie Mae pools continued to grow during the first quarter of 2015, climbing 2.9 percent from the end of last year, according to a new Inside FHA/VA Lending analysis of loan-level mortgage-backed securities disclosures. Meanwhile, the supply of FHA loans in Ginnie pools fell 0.5 percent during the first quarter. Similarly, FHA loans in Ginnie MBS declined by 2.2 percent from the first quarter of 2014 while VA loans ... [Includes three data charts]
The reverse mortgage lending industry is asking the Consumer Financial Protection Bureau to clarify that reverse mortgages are excluded from proposed changes to mortgage servicing rules relating to “successors in interest.” In a comment letter, the National Reverse Mortgage Lenders Association warned that requiring lenders to determine which parties meet a new regulatory definition of “successor in interest” could expose lenders to numerous, costly risks. The requirement would ...
Low interest rates have pushed FHA prepayments to 34 percent above actual predictions while claim payments are 24 percent below predicted levels in 2014, according to the agency’s most recent quarterly report to Congress. Actual loss rates of 47.43 percent remained below the actuarially projected 54.65 percent, the report showed. Meanwhile, the Mutual Mortgage Insurance Fund account balances totaled $46.2 billion in the fourth quarter, no change from the previous quarter ...
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