Another Motto Mortgage office has opened in Wheeling, WV, the company announced in a press release. Motto Mortgage Valor will now serve markets through West Virginia and Ohio, owned and operated by Michael Hough and Travis Broadwater. They bring a combined twenty years of experience to the office. Razmine Rouse will serve as operations manager and an originator at the new location. Hough will also originate loans. “Motto Mortgage Valor offers an advantageous alternative to the traditional mortgage bankers currently operating in the Ohio Valley,” Hough said. “We provide the scope, scale, and support of a large retail lender while offering the flexibility, autonomy, and exceptional service of a local mortgage broker that knows how to navigate the intricacies of…
By KIMBERLEY HAAS Eligible homeowners in New Jersey can receive up to $35,000 to help protect themselves against foreclosures. Officials at the New Jersey Housing and Mortgage Finance Agency have opened an application portal for the Emergency Rescue Mortgage Assistance program. The money, which comes in the form of a three-year forgivable loan with no interest or payments due, can be used for the following: -Mortgage reinstatement -Escrow shortages -Delinquent property taxes -Municipal or property tax liens -Mortgage payments, including principal, interest, taxes, and homeowner’s insurance To qualify for assistance, a homeowner must: -Own and occupy an eligible one- to four-unit primary residence -Have been current on mortgage and property taxes as of January 2020 -Have experienced a COVID-19 related…
A new study from United Van Lines found Americans moved to lower-density areas to be closer to their families in 2021. The study, which uses data from the migration patterns of United Van Lines customers, found Vermont and South Dakota had the highest inbound migration, at 74% and 69%, respectively. South Carolina (63%), West Virginia (63%), and Florida (62%) also had high inbound migration rates. New Jersey had the highest number of people moving out of the state, at 71%, for the fourth year in a row. Illinois (67%), New York (63%), Connecticut (60%), and California (59%) also saw high outbound migration. Kentucky and Wyoming were among several “balanced” states that saw similar numbers of people moving in and out.…
The total number of loans in forbearance fell from 2.06% of servicers’ portfolio volume to 1.67% in November, according to the Mortgage Bankers Association’s (MBA) Loan Monitoring Survey. MBA estimates 835,000 homeowners are currently in forbearance plans. Independent mortgage banks saw a 0.34% decline from 2.28% to 1.94%, while depositories saw a 0.5% drop from 2.02% to 1.52%. The share of forborne Fannie and Freddie loans fell to 0.76%, down by 16 basis points, while Ginnie Mae loans fell to 2.10%, down 42 basis points. PLS and portfolio loans in forbearance dropped by 106 basis points to 3.94%. “The share of loans in forbearance in November declined – albeit at a slower pace than October – as borrowers continued to…
The national delinquency rate continued to improve at a slow but steady pace last month, with especially impactful declines for loans overdue by 30 days or more, according to Black Knight’s October 2021 “first look” report. Delinquencies dropped another 4.25% at the end of October to 3.74%. The decline was pushed by significant changes in longer delinquencies. Loans 30 or more days past due dropped by 82,000, bringing their total below 2 million for the first time since the beginning of the pandemic. Serious delinquencies also saw huge drops, declining by 10%, or 127,000 loans. Black Knight attributes that dip to the first wave of homeowners in forbearance beginning to make payments again. The report predicts more improvement in this…
