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Tag Archives: Mortgage Debt

Citi Program Reduces Mortgage Balance for Tri-State Customers

Citi introduced a new program that allows its New York tri-state area customers to earn rewards to pay off their mortgage. Under the new program--Citi Offset Mortgage--bank customers can use their Citibank Day-to-Day Savings Account balances to earn rewards that are used to bring down or ""offset"" their mortgage balance.

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Equifax: Home Finance Write-Offs Down to 5-Year Low

Home finance balances written off in the first quarter fell to a five-year low, according to Equifax's National Consumer Credit Trends report for March. The balance for home finance write-offs, which includes loans that completed the foreclosure process, transitioned into REO status, entered bankruptcy, or were charged off by the lender, decreased to $43.1 billion in the first quarter of this year. The balance represents a 22 percent decline from $55.4 billion in Q1 2012.

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CoreLogic: 1.7M Homes Moved into Positive Territory in 2012

In the fourth quarter of 2012, about 200,000 residential properties transitioned out of a state of negative equity, bringing the 2012 yearly total to 1.7 million properties, CoreLogic reported. According to the data provider, there were still 10.4 million homeowners who were underwater as of the end of Q4; the figure represents 21.5 percent of all residential properties with a mortgage. Out of the 10.4 million properties, 1.8 million have a loan-to-value (LTV) ratio between 100 and 105 percent. Thus, these properties need prices to rise by 5 percent to transfer into positive territory.

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Commercial, Multifamily Debt Grows in Q4

In the fourth quarter of 2012, commercial and multifamily mortgage debt continued to grow, reaching the highest level in four years, according to a report from the Mortgage Bankers Association (MBA). Commercial and multifamily mortgage debt was up by $21.8 billion, or 0.9 percent, from the previous quarter and up $29.7 billion, or 1.2 percent, from the fourth quarter of 2011, the MBA reported.

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Consumer Debt Rises in Q4, Mortgage Debt Flattens: Fed

Mortgage debt for U.S. households was roughly unchanged quarter-over-quarter, according to the Federal Reserve Bank of New York's Household Debt and Credit report. Mortgage debt stood at $8.03 trillion in Q4, making up the largest component of household debt. At the same time, overall consumer debt increased by $31 billion to $11.34 trillion, a slight 0.3 percent increase from the third quarter.

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LPS: 2012 Trends for Delinquencies, Foreclosures, and Negative Equity

While the national delinquency rate remains elevated and even increased slightly month-over-month in December, the delinquency rate ended the year 32 percent lower than the January 2010 peak, according to the December Mortgage Monitor report from Lender Processing Services (LPS). Compared to January 2012, when about 15.5 million loans were in negative equity, the number of underwater borrowers has decreased to 9.8 million, which represents a 35 percent decline.

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CoreLogic: 100K Homeowners Rose Above Negative Equity in Q3

As home prices increase, more borrowers are rising out of negative equity. Recent data from CoreLogic revealed about 100,000 borrowers moved out of negative equity during the third quarter of 2012, bringing the total number of homeowners who transitioned from negative to positive territory in 2012 to 1.4 million so far.

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CFPB Releases Long-Awaited Qualified Mortgage Rule

One of the biggest provisions of the QM rule is the newly set Ability-to-Repay rule, which demands that all new mortgages comply with basic requirements to protect consumers from taking on loans they can't repay. The rule does away with so-called ""no doc"" and ""low doc"" mortgages, requiring that all of a borrower's pertinent financial information must be supplied and verified. The Ability-to-Repay rule also stipulates that lenders base their evaluation of a consumer's ability to pay on long-term views, discounting ""teaser"" or ""starter"" rates typically used in the introductory period.

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About 29% of Homeowners Are Mortgage Free, According to Zillow

Out of all U.S. homeowners, 29.3 percent, or 20.6 million, own their home free and clear of a mortgage, according to an analysis from Zillow. Among the 30 largest metro areas, Zillow found Pittsburgh had the highest share of homeowners without mortgage debt--38.6 percent. Zillow chief economist Dr. Stan Humphries explained determining where mortgage-free homeowners are located can also bring insight into potential inventory and demand in certain areas.

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New PSAs Seek to Deliver Message of Hope to At-Risk Borrowers

Treasury, HUD, and the Ad Council are reaching out to struggling homeowners with a message of hope. On Wednesday, the groups announced the launch of the third and final phase of their Foreclosure Prevention Assistance Public Service Advertising (PSA) Campaign. With data showing nearly one in 14 homeowners knows what it means to be behind on a mortgage payment, the campaign aims to identify those struggling homeowners and educate them about the free resources available to help prevent foreclosure.

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