The number of loans in forbearance fell 11% in April from 1.05% of servicers’ portfolio volume to 0.94%, according to the Mortgage Bankers Association’s (MBA) Loan Monitoring Survey. MBA now estimates that 470,000 homeowners remain in forbearance plans. Of Fannie and Freddie loans, the number in forbearance dropped 6 basis points to 0.43%. Ginnie Mae loans saw an 11 basis point drop to 1.49%, while PLS and portfolio loans saw a 29 point decline to 2.15%. “With the number of borrowers in forbearance decreasing to less than half a million, the pace of monthly forbearance exits reached its lowest level since MBA started tracking exits in June 2020,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Servicers are…
Ten of the 15 metros with the highest fraud risk saw an increase in risk compared to last quarter, CoreLogic reported in its Quarterly Mortgage Fraud Brief. The report analyzes the metros with the highest mortgage fraud risk in order to get a clear picture of trends found in residential mortgage loan applications processed by LoanSafe Fraud Manager. CoreLogic’s National Mortgage Application Fraud Risk Index was flat in Q1 2022, falling slightly from 138 in Q4 2021 to 137 this quarter. Year-over-year, the trend is up 15% at 119. The Poughkeepsie metro area topped the list for highest fraud risk, with risk up 16% quarter-over-quarter. It’s followed by the Miami, San Jose, Las Vegas, New York, Los Angeles, San Francisco, Stockton,…
Fannie Mae has committed $5 million to its second annual Sustainable Communities Innovation Challenge (IC22), the GSE announced. The challenge seeks to “attract innovative ideas that will help advance racial equity in housing,” according to the press release. Fannie Mae will receive proposals from the public, private, and non-profit sectors, as well as from individuals and teams. Proposals should address supply, funding, and credit barriers. IC22 is part of the GSE’s Sustainable Communities Partnership and Innovation Initiative, which helps to develop collaborative, cross-sector approaches to advancing sustainable communities. “Fannie Mae is proud to launch the next iteration of the Innovation Challenge and support innovative projects that promote racial equity in housing in the United States,” said Maria Evans, Vice President…
BSI Financial Services has hired Sean McGowan as Chief People Officer and Shannon Clay as Senior Vice President of Investor Reporting, the company announced in a press release. McGowan brings 20 years of experience to the role and will develop and execute human resource strategy, especially in the areas of talent management, organization and performance management, training, development, and compensation. “At BSI, I see a fantastic opportunity to combine my background with an experienced, people-oriented leadership team and help drive the next phase of BSI’s growth,” McGowan said. “I look forward to building a great culture and an awesome workplace experience.” Prior to this, McGowan has held leadership roles at Appspace, Accenture, Bank of America, and Mr. Cooper. “Our people…
Good Morning! Today is Friday, May 13. The baby formula shortage is wreaking havoc on parents who don’t know if their child is getting enough to eat. Senator Rand Paul delayed a bipartisan effort to send $40 billion in aid to Ukraine. Cryptocurrency prices collapsed this week. The Mortgage Note Reports Eco-Friendly Homes: Guild Mortgage has partnered with The Home Depot to help buyers bundle the cost of new energy-efficient appliances into their home loan. Editor Kimberley Haas reports. Rates Up: Mortgage rates averaged 5.30% last week, and Freddie’s Sam Khater said they expect monetary policy and inflation to discourage many consumers moving forward. Gordon Confirmed: In a narrow victory decided by a tie-breaking vote, Julia Gordon has been confirmed as Assistant Secretary of HUD and Commissioner of the FHA. And in other…
By KIMBERLEY HAAS Guild Mortgage has partnered with The Home Depot to help buyers save on utility costs and manage multiple payments by bundling the cost of new energy-efficient appliances into their home loan. The GreenSmart Advantage program offers options to finance energy or water-efficient improvements up to 5% of a home’s appraised value by consolidating the costs into a mortgage. Refrigerators, dishwashers, smart thermostats, washing machines, and dryers are examples of what can be included. Primary FHA purchase transactions are eligible. A 3.5% down payment and a credit score above 580 are required to qualify. Mary Ann McGarry is CEO of Guild Mortgage, which is headquartered in San Diego. She said in a statement that the company is always…
In a narrow victory decided by a tie-breaking vote, Julia Gordon has been confirmed by the Senate as Assistant Secretary of the U.S. Department of Housing & Urban Development (HUD) and Commissioner of the Federal Housing Administration (FHA). President Biden nominated Gordon to the position in June. Her nomination to the Senate for a vote didn’t happen in 2021, forcing President Biden to re-nominate her. This time around, Gordon was confirmed by a 51-50 vote in the Senate after a tie was broken by Vice President Kamala Harris. Gordon most recently served as president of the National Community Stabilization Trust, a nonprofit organization that promotes neighborhood revitalization and housing affordability. Gordon previously served as Senior Director of Housing and Consumer…
Mortgage rates inched up to an average 5.30% last week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 5.30%. A year ago at this time, the 30-year FRM averaged 2.96%. “Homebuyers continue to show resilience even though rising mortgage rates are causing monthly payments to increase by about one-third as compared to a year ago,” said Sam Khater, Freddie Mac’s Chief Economist. “Several factors are contributing to this dynamic, including the large wave of first-time homebuyers looking to realize the dream of homeownership. In the months ahead, we expect monetary policy and inflation to discourage many consumers, weakening purchase demand and decelerating home price growth.” Affordability dropped in Q1 2022,…
Commercial and multifamily mortgage loan originations rose 72% YOY in Q1 2022, though they were down 39% from Q4 2021 due to seasonality trends, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. “The strong momentum in commercial and multifamily borrowing and lending at the end of 2021 carried into the first quarter,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “The continued growth in lending activity is the result of the ongoing strong demand for certain property types like industrial and multifamily, as well as renewed interest in other property types that saw more dramatic declines during the early stages of the pandemic, such as hotel and retail.” Demand for hotel…
Just under half of all mortgaged residential properties in the U.S. were considered equity-rich in Q1 2022, up to 44.9% from 41.9% in Q4 2021 and 31.9% in Q1 2021, according to a new report from ATTOM. ATTOM’s U.S. Home Equity and Underwater Report shows that only one in 31 homes (3.2%) were considered seriously underwater in Q1 2022, about the same from last quarter but down significantly from 4.7% the year prior. “Homeowners continue to benefit from rising home prices,” said Rick Sharga, Executive Vice President of Market Intelligence for ATTOM. “Record levels of home equity provide financial security for millions of families, and minimize the chance of another housing market crash like the one we saw in 2008.…
