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Tag Archives: Loan Modification

Gauging Mortgage Performance

Underwriting

Click through to learn what an OCC report on mortgage performance data of some of the largest banks in the U.S. revealed about the state of mortgage loans.

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Report Says Loan Modification Programs Trigger Strategic Default

According to the authors, the implications of modification-induced strategic defaults are different between current and delinquent borrowers.” For loans current before a modification, defaults involve borrowers intentionally stopping payments in order to become eligible for mortgage modification.

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Nearly Two Million Homeowners Offered Mortgage Solutions in 2014

The mortgage industry has completed about 23.2 million non-foreclosure solutions for homebuyers since 2007. Mortgage servicers have completed over 7.3 million total permanent loan modifications in that same time period. Approximately 5.9 million of those modifications were via proprietary programs and over 1.4 million were completed under HAMP.

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Rate Resets to Spell Trouble for Underwater Borrowers

Based on mortgage performance data as of the end of April, Black Knight Financial Services noted there are approximately 2 million modified mortgages are due for mortgage rate resets in the coming years. With the economic recovery still hobbling along, the company estimates more than 40 percent of that group remain underwater.

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New Business Slips to Five-Year Low at Fannie

Fannie Mae reported further contraction in its book of business for February—the second this year and the third in as many months—as new business acquisitions dropped to a five-year low. According to the enterprise’s monthly volume summary for February, business shrank at a compound annual rate of 1.4 percent, bringing the book’s total growth rate for the year to -2.4 percent.

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New Year, New Drop in Business at Fannie

The new year didn’t bring any new trends in Fannie Mae’s Book of Business, which shrank at an annualized rate of 3.5 percent in January. While business was down, delinquency rates, too, kept declining. According to the GSE, the single-family serious delinquency rate dropped 5 basis points to 2.33 percent in January, while the multifamily serious delinquency rate was flat at 0.10 percent.

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