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Tag Archives: Mortgage Bankers Association

Early Delinquencies Rise Amid Outlook for Continuing Deterioration

The delinquency rate of first-lien residential mortgages increased to 8.44 percent of all loans outstanding as of the end of the second quarter of 2011, the Mortgage Bankers Association (MBA) reported Monday. Although the rate is down 141 basis points from a year earlier, it rose 12 basis points when compared to the first quarter of 2011. The biggest increase came from loans in the earliest stage of delinquency - just one installment, or 30 days past due. Analysts called this the ""most worrying"" aspect of the report.

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Foreclosure Numbers Continue to Drop in Texas

Residential mortgage foreclosure rates continue to fall in Texas, dropping to 1.89 percent during the first quarter of 2011 - well below the national average of 4.52 percent. The Lone Star State now has the sixth lowest foreclosure rate in the country. Mortgage bankers in the state say the numbers provide further evidence that Texas has one of the best lending landscapes in the country.

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FHA Commissioner David Stevens to Take the Reins at MBA

The Mortgage Bankers Association (MBA) announced Tuesday that John A. Courson, the organization's president and CEO, will be leaving the association, effective June 1, 2011. Courson will be replaced by David H. Stevens, the current commissioner of the Federal Housing Administration (FHA). Stevens announced last week that he would be resigning from his position at FHA. His departure from the federal agency is set for March 31. According to MBA, he will join the trade group in May.

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Home Loans Now Less of a Toxic Threat than Commercial Real Estate

While the housing crisis is what triggered the economic downturn and pushed so many lenders under early on in the receession, it seems the biggest threat has now shifted from residential mortgages to souring commercial real estate (CRE) loans. Commercial real estate proved to be the downfall of the 12 banks that failed last month, according to a report by Trepp, LLC. The company says CRE loans made up 72 percent of the failed banks' nonperforming assets, while residential loans were a distant second, comprising just 20 percent.

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MBA Files Suit Against Labor Dept. Over Reversal of Overtime Ruling

The Mortgage Bankers Association (MBA) on Wednesday filed a lawsuit against the U.S. Department of Labor (DOL) in an attempt to set aside a March ruling by the department that declared loan officers are entitled to overtime pay. In 2006 DOL issued an interpretation to MBA stating that typical loan officers were exempt from overtime pay. But in March of 2010, DOL released an administrative interpretation that rescinded the previous opinion, now mandating that loan officers are entitled to overtime pay.

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MBA Study Says Dodd-Frank May Reduce Consumer Choice

The Mortgage Bankers Association (MBA) has released a report regarding the results of research examining international mortgage products and comparing them with the mortgage products in the United States. The study found that features and products that are restricted in the Dodd-Frank Bill are widespread in other countries and are not necessarily believed to cause high rates of default. The trade group says the new regulations will deeply impact borrower choice.

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Congress Extends Higher Loan Limits for GSEs

The U.S. Senate and House of Representatives voted Thursday to extend increased loan limits on mortgages backed by Fannie Mae and Freddie Mac. The higher loan limits of $729,750, which were scheduled to expire at the end of 2010, have been extended for an additional nine months, and are now set to expire September 30, 2011. The approved bill also appropriates $20 billion for the Federal Housing Administration to continue making loan commitments though the end of 2010 for a special risk fund.

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