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Tag Archives: Foreclosure

Delinquency Rates Drop to Lowest Since 2008

The Mortgage Bankers Association (MBA) released its National Delinquency Survey Thursday, reporting the seasonally adjusted rate for delinquent mortgages is 6.39 percent, the lowest level since 2008. The figure represents mortgage loans for 1 to 4 unit residential properties, and takes into account all loans outstanding at the end of the fourth quarter of 2013.

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HOPE NOW Completes 768,000 Modifications

HOPE NOW, a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors, released a press release Thursday outlining its loan modification data from 2013. In total, 768,000 homeowners received loan modifications from HOPE NOW in 2013.

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Foreclosure Rate Down to 2.5% at Year-End

According to year-end data from Black Knight Financial Services, 6.47 percent of the nation’s mortgages last year were delinquent, down from a peak of 10.57 percent in January 2010. Meanwhile, about 2.48 percent of loans were in some state of foreclosure—a rate about 4.6 times the pre-crisis average.

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Foreclosure Inventory Down 31% in 2013, Slow Progress Expected in 2014

National foreclosure inventory fell 31 percent year-over-year in December, with 2.1 percent of all homes with a mortgage in some stage of foreclosure, according to CoreLogic's December National Foreclosure Report. Completed foreclosures also declined year-over-year in December, though at a somewhat lower rate of 14 percent. "Clearly, 2013 was a transitional year for residential property in the United States," said Anand Nallathambi, president and CEO of CoreLogic.

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Delinquencies Down Nearly 10% in 2013

Delinquencies picked up slightly in December, according to early data released by Black Knight Financial Services (BKFS)--but overall trends indicate 2013 was a year of improvement. As of month-end, BKFS puts the total U.S. loan delinquency rate at 6.47 percent, an increase of 0.26 percent from November. The figure includes loans that are 30 or more days overdue but not in foreclosure. On an annual basis, however, delinquency was down 9.85 percent in 2013.

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Decline in Foreclosures Outpaces Decline in Loan Modifications

Mortgage Debt Relief

An estimated 44,000 homeowners received permanent loan modifications from mortgage servicers during the month of November under both proprietary servicer programs and the government’s Home Affordable Modification Program (HAMP), HOPE NOW reports. While that total represents a 12 percent decrease from the 50,000 loan mods completed in October, the most recent data show a steeper 20 percent decline in foreclosure sales and a 17 percent decline in foreclosure starts between October and November.

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SIFMA Expresses Opposition Toward Eminent Domain at Meeting

Oh behalf of the Securities Industry and Financial Markets Association (SIFMA), managing director Tim Cameron prepared remarks for a meeting in San Bernardino County to once again, express opposition towards the area's proposed use of eminent domain. In his remarks, Cameron stated, ""we believe that the use of eminent domain would significantly harm mortgage finance markets, reduce access to credit for borrowers, and negatively impact average investors' portfolios."" San Bernardino County and the cities of Fontana and Ontario created a Joint Powers Authority to explore the use of eminent domain to seize underwater mortgages at fair market value.

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