The 60-day-plus delinquency rate on subprime auto ABS hit a record in December. Performance is expected to decline this year and non-investment-grade ratings could face downgrades.
SFA and others have asked the SEC to extend the comment period on a proposed rule regarding conflicts of interest in the securitization market; SFA revises TRID grid; Fitch reviews RPL MBS; new ABS with Small Business Act Section 7(a) loans.
The delinquency rate was pushed up during the fourth quarter by a weakening economy and inflation. The unemployment rate is projected to increase this year, which will likely drive delinquencies higher. (Includes data chart.)
Commercial banks and savings institutions increased the amount of mortgage servicing they handle for other entities in the fourth quarter of 2022, although valuations for the asset declined. (Includes data chart.)
The seven nonbank mortgage companies tracked by Fitch Ratings don’t have any unsecured debt set to mature this year, and only Freedom Mortgage has a relatively small amount of unsecured debt that will mature in 2024.
Researchers with the Federal Reserve Bank of Philadelphia found a much higher share of mortgages for investment properties than would otherwise be indicated from the occupancy status stated on loan applications.
Applications stumbled in early February; rate locks increased in January; consulting firm opposes ICE’s planned acquisition of Black Knight; FHA ditches paper filing; Black Knight adds eNote and eVault tech.