A Supreme Court decision last year in a “home equity theft” case involving limits on government recoveries from tax liens holds potential short-term complications for mortgage servicers in some areas, but it could be beneficial in the long run. The case involved Hennepin County, which took $25,000 in excess funds from the foreclosure sale of
A federal judge has partially granted Cenlar’s motion to dismiss allegations of Real Estate Settlement Procedures Act violations in a loan modification case that highlights what courts may view as priorities in formal borrower communications. Judge Edmund Sargus Jr. in the Southern District of Ohio’s Eastern Division allowed the portion of the claims that center
KBRA assigned a rating to a new series of servicing-related term notes from a master trust issuer at Freedom Mortgage this week in line in a Ginnie Mae market that’s drawing more focus. The series 2024-SAT1 notes from FMC GMSR issuer trust are backed by certificates that represent participation interests in Ginnie Mae mortgage servicing
The bad times got worse in the fourth quarter as lenders reported the most money lost per loan originated since the Mortgage Bankers Association started keeping records. Independent mortgage bankers and bank mortgage subsidiaries lost $2,109 per loan produced in the period ended Dec. 31, driven by an increase in related expenses. It makes seven
Forbearance had primarily been a remedy for borrowers affected by the pandemic since the inception of the CARES Act, but now the latest Mortgage Bankers Association numbers show most utilize it for other reasons. Just 26.8% of the 115,000 consumers who have temporarily suspended payments are struggling due to issues linked to COVID-19, 12% have
Ginnie Mae on Monday announced that it has addressed a technical issue that had affected a portion of the single-family issuer operational performance profile. The prepayment field, which had been displaying outdated information, is something mortgage companies that issue the mortgage-backed securities that Ginnie guarantees can expect to see updated information on it in the
The latest round of loan performance numbers adds to evidence there’s relative strength in mortgages compared to other consumer finance sectors, but there are still reasons to worry about performance. Serious mortgage delinquencies have been lower than they’ve been since 1999 and still below “normal” levels before the pandemic, CoreLogic said in a new analysis