FHA, VA Loans Saw Delinquencies Rise In November

Delinquencies rose in November but remain historically low despite some worrying data about FHA and VA loans. That’s according to ICE’s First Look at November Mortgage Performance, which clocked delinquencies at 3.39% last month. This is down 10 bps YOY and remains 64 bps below pre-pandemic levels. Serious delinquencies– loans with missed payments more than 90 days late– increased to 459,000 but are 21% lower than the same time last year. But while loans remain strong overall, FHA delinquencies hit a 9-year high (excluding the immediate aftermath of the pandemic). Early-stage delinquencies for VA loans also surged, reaching their highest non-pandemic levels since 2009. Recently originated mortgages are suffering the most thanks to the high interest rates of late 2023.…

Serious Delinquencies Fell To Lowest Point Since 1999

Serious mortgage delinquencies fell to their lowest point since 1999 in August, but financial pressures could force them up in the future. In August, 2.6% of all U.S. mortgages were in some stage of delinquency, down 0.2% YOY and 0.1% from July 2023, according to CoreLogic’s latest Loan Performance Insights Report. Early-stage delinquencies and adverse delinquencies both increased a modest 0.1% from August 2022, but serious delinquencies declined (-0.3%) to their lowest level in nearly 25 years. Overall, mortgage delinquencies remain near historic lows. CoreLogic’s data reflects the stability of homeowners swimming in record-high equity. After slipping through the end of 2022, home prices shot up once again in mid-2023, giving homeowners unprecedented financial security. With competition for well-priced homes…

Lender Toolkit Launches AI-Driven Income Calculator

Lender Toolkit partnered with income analysis provider Blueprint to launch Prism, an AI-driven income calculator. Prism, which integrates with Encompass by ICE Mortgage Technology, shortens cycle times and increases profitability by streamlining the income process, according to company leaders. Blueprint creates advisories that are automatically uploaded to Prism as loan conditions. If income is used that is outside of the recommended calculations, AI Underwriter generates conditions advising the underwriter. All types of income can be analyzed, including income based on bank statements for self-employed borrowers. Prism then automatically syncs the results with the correct income fields in the borrower’s Uniform Residential Loan Application in Encompass. “At Lender Toolkit, we understand the challenges faced by mortgage lenders—particularly in today’s market, where…

Black Knight Origination Technologies Rebranded To Dark Matter

Black Knight Origination Technologies has rebranded to Dark Matter Technologies after being acquired by Perseus Operating Group. Optimal Blue, Black Knight’s secondary market solutions and actionable data services business, was acquired by Perseus, part of Constellation Software Inc., in July. Dark Matter will remain in Florida and keep key executives. “We’re excited to invest in this industry leader and to bring the impressive product roadmap to life. The leadership, the talented teams, the strong customer relationships — Dark Matter Technologies has everything we look for in an acquisition,” said Tom George, co-president of the Romulus portfolio of Perseus, who led the acquisition with Bonnie Wilhelm, COO of Perseus. The sale of the unit follows Constellation’s acquisition of Black Knight’s loan-origination…

Congresswoman Expresses Concerns About ICE-Black Knight Merger

By KIMBERLEY HAAS As officials at the Federal Trade Commission continue to review the proposed acquisition of Black Knight by Intercontinental Exchange, the top Democrat on the House Financial Services Committee is reiterating her concerns about the merger. U.S. Rep. Maxine Waters (D-CA) has said the two companies play a dominant role in the technology and data underlying the country’s mortgage markets and “such a monopoly would harm our nation’s consumers and our housing market.” This week, Waters sent a letter to FTC Chair Lina Khan offering recommendations for a negotiated settlement agreement, saying there are anti-trust, financial stability, and consumer protection safeguard issues to be considered. “In addition to potentially creating a housing finance conglomerate that would dwarf all…

ICE’s Parvesh Sahi Joins Polly As CRO

Parvesh Sahi has joined tech company Polly as Chief Revenue Officer. In his new position, Sahi will be involved in corporate strategy, business development, sales, and account management. “I’m very happy to share that I am rejoining the mortgage industry with Polly as Chief Revenue Officer. I can’t tell you how excited I am about the tech and team that Polly is putting together to solve real industry needs. Looking forward to catching up with everyone,” Sahi wrote in a post. Polly is a data-driven capital markets ecosystem providing a Product and Pricing Engine and Loan Trading Exchange, as well as actionable data and analytics, to banks and lenders across the country. Sahi joined Polly from ICE Mortgage Technology, where…

Wishing For A White Christmas? Home Sales Will Likely Stay Warm This Winter, As Will The Weather

By KIMBERLEY HAAS As people throughout the country wish for a white Christmas this upcoming weekend, it is expected that home sales will stay warm in many parts of the nation throughout the winter. Continued bidding wars, the Great Resignation, and Millennials on the market will all likely contribute to keeping home prices high during a season where sales typically cool off until spring. And above-average temperatures expected in many parts of the United States may also keep buyers on the market at a time when they would typically try to avoid moving due to snow and ice. Bidding Wars Redfin reported on Friday that in November, 59.5% of home offers written by their agents faced competition, which is the…