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Author Archives: Aly J. Yale

Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more.

Non-foreclosure Solutions Remain Strong

New data shows that 30,000 permanent loan modifications and 95,000 non-foreclosure solutions were completed for the month of February. The month saw only about 22,000 foreclosure sales. Around 90 percent of families that had a rate-resetting loan modification for the month avoided foreclosure.

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OCC Releases Results of Wells Fargo Review

According to a new report from the OCC, there were many lessons learned through the agency’s supervision of Wells Fargo during recent controversy. Failure to respond timely to known issues, ineffective communication, and unclear records were just a few of the problems cited. The agency is currently working to address all weaknesses identified.

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Prime Jumbo RMBS Transactions Double in Size

The number of prime jumbo RMBS transactions has doubled year-over-year, according to a new report. Six new transactions were completed in Q1 2017, totaling $2.6 billion. Only 29 out of about 50,000 loans are currently delinquent.

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Ocwen MSR Block May Soon Be Lifted

According to the latest Consent Order from the New York Department of Financial Services, Ocwen may be one its way to once again acquiring mortgage servicing rights. The financial institution has been blocked from doing so for more than three years, since NYDFS began investigating its portfolio in February 2014. Ocwen is one of the country’s largest non-bank lenders.

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GSEs Expand Credit Box, Take More Lending Risk

A new index shows the GSEs are expanding their credit boxes and taking more risk, making it easier for consumers to get a mortgage loan. Government, portfolio, and private-label security channels are not expanding the box, however, and are actually decreasing the amount of risk they take in lending. Though overall mortgage credit availability is largely stable, there is still much room to expand the credit box—particularly in these more stringent markets.

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Fed Banks Predict Slowing GDP Growth

Two federal banks are forecasting a slowdown in GDP growth this quarter, with the Atlanta Fed predicting it to hit its lowest point in three years. The drop is a result of reduced consumer spending, the Fed reported. Predicted GDP growth has decreased significantly since the start of the year.

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Carson: HOME, CDBG May Continue Under New Names

HUD Secretary Ben Carson set many Americans at ease recently, when he said parts of the HOME program, the Community Development Block Grant, and other HUD initiatives may continue—even if President Trump’s latest budget proposal moves through. The proposal opens HUD up to HUD would be on the receiving end of $6.2 billion in budget cuts. At a press conference, Carson offered reassurance that parts of the programs—the ones that “are functioning well” will be preserved in some form.

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2017’s Housing Market the Fastest Since 2010

money on graphs

It looks like 2017 may be the nation’s fasted-paced market in seven years if March is any indication. Homes sold in an average of just 49 days for the month, and in some markets, it took just eight days. March also saw home prices and sales increase, and a large portion of sales came in well above listing price.

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Several Banks Report Declining Mortgage Revenue

PNC, Wells Fargo, and JPMorgan Chase all reported optimistic outlooks in their Q1 reports despite some declining revenue. All three banks found that their mortgage revenue has been declining. due to lower gains on residential mortgage servicing rights and lower mortgage loan revenues overall. Overall earnings for JPMorgan Chase and Wells Fargo were down slightly from the previous quarter.

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Foreclosures Fall Below Pre-recession Levels

New data shows U.S. foreclosure activity has hit its lowest point since 2006. Now below pre-recession levels nationwide, there was an 11-percent drop in foreclosure filings in Q1 2017. Nearly half of all metro markets have also fallen below pre-recession levels.

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