Mortgage executives are praying that even though eminent domain plans have been talked about and brought to a vote in a handful of cities, that it never gets used.
According to company correspondence provided to Inside Mortgage Finance, Green Tree's target date for exiting the wholesale/broker channel is mid-April.
Total FHA delinquencies rose slightly while the percentage of seriously delinquent loans remained flat in the fourth quarter of 2013, according to an Inside FHA Lending analysis of FHA servicing data. Data showed delinquencies of 90 days or more remained unchanged at 8.1 percent from the previous quarter even as total FHA delinquencies increased a bit to 15.2 percent from 15.1 quarter over quarter. The share of loans that are 30-60 days behind on their payment also increased to 7.1 percent from 6.9 percent over the same period. As of Dec. 31, FHA servicers had a combined ... [1 chart]
“It’s a utility bill refi,” said Kristian Hanelt, a senior vice president of renewable capital markets at Clean Power Finance, which provides financial services to the solar industry.
While the net supply of non-agency mortgage-backed securities continues to run off, holdings by banks and thrifts actually increased in the third quarter of 2013, according to a new ranking and analysis by Inside Nonconforming Markets. The entities held $145.83 billion in non-agency MBS at the end of the third quarter of 2013, up 2.2 percent from the previous quarter. Banks and thrifts held 17.8 percent of non-agency MBS outstanding at the end of the third quarter. JPMorgan Chase is the ... [Includes one data chart]
Spurred by low interest rates and strong house price appreciation, Home Equity Conversion Mortgage loan originations rose 20.3 percent during the first nine months of 2013 compared to the same period the year before, according to Inside FHA Lending’s analysis of FHA snapshot data. HECM lenders reported $11.8 billion in total originations over the nine-month period, with initial principal amount at loan origination totaling $7.8 billion. Purchase reverse mortgage loans comprised 94.5 percent while fixed-rate mortgages accounted for ... [1 chart]
The FHA saw its share of the first-time homebuyer market drop slightly in 2013 because of higher fees and stringent mortgage insurance requirements, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. First-time homebuyers still comprise a solid chunk of FHA’s traditional base, but there has been some erosion in the past year, the survey of real estate agents found. The decline was due to changes implemented by the Department of Housing and Urban Development, which resulted in higher mortgage insurance premiums for FHA loans. The agency also ...
California lenders and realtors will appeal to the Department of Housing and Urban Development to reconsider changes in the FHA 2014 loan limits. Lenders doing business in counties that have been hard hit by the loan-limit changes are reportedly gathering data to support future requests to HUD to recalculate loan limits for a specific local area. An industry source said lenders in the Riverside-San Bernardino-Ontario housing market are gearing up to petition HUD to recalculate the FHA loan limits in those areas. Specifically, the median sales price for a one-unit property in the affected areas fell ...
The Senate this week passed bipartisan legislation that would delay unforeseen, excessive flood-insurance premium hikes for FHA and conventional mortgages nationwide. S. 1926, the Homeowner Flood Insurance Affordability Act, passed by a vote of 67 to 32, as amended. Introduced by Sens. Robert Menendez, D-NJ, and Johnny Isakson, R-GA, the bill would delay rate increases for up to four years by giving the Federal Emergency Management Agency time to study the problem and develop a plan to help homeowners who cannot afford higher premiums. The increases were mandated by the Biggert-Waters Flood Insurance Reform Act, which Congress ...
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