A Chicago-based specialty mortgage servicer is combining crowdsource funding and loss mitigation to help homeowners facing foreclosure keep their homes while at the same time encouraging investors to be socially responsible. AHP Servicing recently announced a $50 million offering under Regulation A of the federal Jumpstart Our Business Startups Act, to help distressed homeowners avoid foreclosure. Reg A is one of several exemptions under the JOBS Act that excludes firms from ...
The rise in home prices is boosting the payouts mortgage holders will see from loans that included principal forbearance as part of a modification. According to an analysis by Fitch Ratings, the current overall recovery rate for outstanding forbearance amounts on loans in non-agency mortgage-backed securities is estimated at 19.0 percent. Principal forbearance, or principal deferral, has been one of the most common loan modification tactics in the years after the financial crisis. It allows a ...
Mortgage lenders that rely on cutting-edge financial technology – or fintech – may be just as guilty as traditional face-to-face lenders of pricing discrimination, according to a new study by economists at the University of California at Berkeley. The researchers found that both traditional and online lenders charge Latino and African-American borrowers 6 to 9 basis points higher interest rates than their white counterparts for purchase-mortgage loans, and 1 to 3 bps more for refinancing ...
Wells Fargo remained the top producer of correspondent-originated loans with $26.64 billion in third-quarter volume and a 20.2 percent share of the market…
The FHA’s Mutual Mortgage Insurance Fund is generally healthy but for its Home Equity Conversion Mortgage program, according to the latest FHA audit of the MMIF. In its 2018 report to Congress this week, the Department of Housing and Urban Development had good and bad news regarding the financial condition of the insurance fund. The good news is that the economic value of the MMIF, which backs the FHA’s single-family loan programs, increased to $34.7 billion in fiscal 2018 from $26.7 billion a year ago. Total capital resources rose to $49.2 billion from $40.9 billion during the same period. For the fourth consecutive year, the fund exceeded its statutory capital reserve ratio of 2.00 percent. The ratio rose to 2.76 percent in 2018 from 2.18 percent last year. Premium reductions, had they been in effect, would have reduced the fund’s economic net worth and dropped its capital ratio, industry ...
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