Consumer credit default rates, including first and second mortgage default rates, increased for the second consecutive month in November. Should the industry be concerned?
Read More »Slight Increases In Mortgage Default Rates Should Not Raise Concerns
October’s increases for the mortgage default rates followed a September which showed declines of eight basis points (down to 0.76 percent) for the first mortgage default rate and 10 basis points (down to 0.47 percent) for the second mortgage default rate.
Read More »HUD Extends Deadline for HECMs in Default
HUD has announced that it is extending the deadline for reverse mortgage lenders to submit payable requests for home equity conversion mortgages (HECMs) that defaulted on or after April 23, 2015, due to unpaid property charges.
Read More »First and Second Mortgage Default Rates Rise for the Second Time in Three Months
The first mortgage default rate for August was 0.84 percent, up four basis points from July. This default rate fell to a historic low of 0.74 percent in May, then jumped by six basis points in June and held steady in July.
Read More »Ask the Economist: Who Are Strategic Defaulters and How do They Affect the Industry?
Ask the Economist is an ongoing series in which DS News talks with an economist about the most pressing issues facing the nation's housing industry and the economy. This installment features Amy Crews Cutts, SVP and Chief Economist with Equifax.
Read More »Mortgage Default Rates Stabilize in July Following June’s Increases
The default rates for both first and second mortgages held steady from June to July while the composite index dropped by one basis point after all three increased from May to June, according to S&P Dow Jones Indices and S&P/Experian Consumer Credit Default Indices for July 2015 released Tuesday.
Read More »Composite Default Index Tumbles, Driven by Decline in Mortgage Default Rates
The composite index, which includes first and second mortgage defaults as well as those on bank cards and auto loans, fell from 1.12 percent in February down to 1.05 percent in March. The first mortgage default rate declined for the second straight month, falling eight basis points down to 0.92 percent.
Read More »New January Data Indicates Default Rate Remained Steady
The nation's first mortgage default index stayed flat in January while the national composite credit default index rose slightly for the sixth straight month, according to the S&P Dow Jones Indices and S&P/Experian Consumer Credit Default Indices for January 2015 released Tuesday. According to the data, the first mortgage default index remained at 1.02 percent from December to January after experiencing its largest increase in 15 months (five basis points) from November to December. January's first mortgage default level is still 14 basis points above its lowest level of 0.88 percent, which was reached in July 2014.
Read More »Castro Responds to Questions About Effects of Defaults
While most Republican lawmakers grilled HUD Secretary Julián Castro on the recent lowering of the FHA mortgage insurance premiums and FHA's MMI Fund Wednesday during his testimony to the House Financial Services Committee, Representative Mia Love (R-Utah) opted to cover a different subject: defaults and their potentially negative effect on their respective neighborhoods.
Read More »Credit Rating Agency Updates RMBS Default Model
New York-based credit rater Kroll Bond Rating Agency (KBRA) has updated its residential mortgage default and loss model, incorporating a new methodology that projects loan-by-loan default, loss, and prepayment on residential loans in order to track non-agency residential mortgage-backed securities (RMBS), KBRA announced. The new methodology uses revisions that reflect additional data analysis and evolving origination trends, and is an update to KBRA's RMBS model methodology originally released three years ago in January 2012.
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