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Tag Archives: Mortgage Defaults

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.

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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.

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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.

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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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