The delinquency rate for residential FHA-insured mortgages fell at the halfway mark of 2014 from the end of the fourth quarter last year, a result of improved overall loan performance, strong credit standards and an improving, albeit slowly, economy, an Inside FHA Lending analysis of agency data suggests. Although the number of FHA lenders included in the analysis has doubled since year-end 2013, delinquency rates in the 30-60 days and 90-day plus buckets appear to be trending downward. As of June 30, FHA delinquencies across the board were down to 13.3 percent from 15.2 percent as of Dec. 30, 2013. The seriously delinquent rate – the percentage of loans that are 90 days or more past due – has dropped to 7.14 percent from 8.08 percent over the same period. The delinquency rate of FHA loans that are at least one payment past due also fell to ... [1 chart]
The Countrywide purchase, completed in the summer of 2008, has cost BofA close to $60 billion in operating losses and legal settlements, depending on how the numbers are counted.
Some 4.1 percent of the mortgages to be included in the MBS missed their July payments, with most of the delinquencies due to transfers to Cenlar, according to the term sheet.
The CEO also noted that the Great Neck, NY-based company has a $7 million warehouse line of credit with Sterling Bank. “That’s an achievement,” he said.
RSS