Having agreed to pay billions of dollars in damages for underwriting allegedly faulty FHA mortgages, the nation’s megabanks could be pondering a better idea: Creating a portfolio product that accomplishes the same task as a low-downpayment, government-backed loan. According to industry officials who claim to have knowledge of the situation, Wells Fargo and at least one other top-five ranked lender are working on such a concept, but it remains to be seen whether they will ever get there, and if they do, whether such a creation can amass any type of volume. When asked whether Wells was working on an FHA-like portfolio loan, a spokesman did not dismiss...
The performance of mortgages originated in recent years remains strong, pushing down delinquency rates across loan types. However, liquidation timelines for certain loans have hit new highs recently as servicers continue to work on foreclosing mortgages that went into default years ago. As of the end of March, the overall delinquency rate on mortgages declined to 4.08 percent, according to Black Knight Financial Services. The delinquency rate declined by 12.4 percent compared with March 2015 and is at its lowest point since March 2007. The foreclosure pre-sale inventory rate was...
While S&P will rate new non-agency MBS without formal guidance from the CFPB, the rating service noted that the market’s handling of TRID issues is fluid...
Blackstone continues to expand its presence in the mortgage industry on several fronts. In late January, it bought Interactive Mortgage Advisors, a Denver-based servicing advisory firm.
On the subject of delayed closings, one agent had this to say: “All of my closings are taking two to four weeks longer to close, and there has been a lot of confusion…”
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