Freddie Mac Executes Its Third Sale in 2015 of Seriously Delinquent Loans From Its Investment Portfolio

(Source: Freddie Mac) MCLEAN, VA - Freddie Mac (OTCQB: FMCC) today announced that on May 21st it sold via auction 1,052 deeply delinquent Ocwen serviced non-performing loans (NPLs) from its mortgage investment portfolio as part of its Standard Pool Offerings (SPO). The loans have an aggregate unpaid principal balance (UPB) of $201 million. The transaction is expected to settle in July 2015. This is the third SPO offering 2015 year-to-date. (more…)

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TransUnion: Auto Loan Delinquencies Remain Steady as Access to Loans Keeps Increasing

(Source: Transunion) CHICAGO, IL - More than 71 million consumers had an auto loan in Q1 2015, an increase of 1.2 million from Q1 2014 and the largest growth since the Great Recession, according to TransUnion's latest auto report. Consumers under age 30 experienced the largest increase, with 8.5% year-over-year growth. (more…)

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TransUnion: Credit Card Debt and Delinquency Rate Remain Steady as 15 Million More Accounts Opened in Last Year

(Source: Transunion) CHICAGO, IL- The latest TransUnion Industry Insights Report found that the credit card delinquency rate (the ratio of borrowers 90 days or more delinquent on their general purpose credit cards) remained steady at 1.37% in Q1 2015, unchanged year over year. Average credit card balance per borrower declined from $5,168 in Q1 2014 to $5,142 in Q1 2015. (more…)

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VA busts four home loan myths that hurt Veteran homebuyers

VA busts four home loan myths that hurt Veteran homebuyers

(Source: VA) The VA Home Loan is the most powerful home buying tool on the market. It—and the GI Bill—literally reshaped post-War America, and it’s a big reason why the historic VA Loan Guaranty Program has surged since the housing crash. (more…)

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Ellie Mae’s Encompass Provides Mortgage Lenders as much as $970 of Potential Savings and Value Per Loan

(Source: Ellie Mae) PLEASANTON, CA  – Ellie Mae® (NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced that an independent ROI Benchmark study conducted by MarketWise Advisors, LLC showed that Ellie Mae’sEncompass all-in-one mortgage management solution provided as much as $970 of potential savings and value per loan. Conducted during the fourth quarter of 2014, the study measured results from actual Ellie Mae clients and found the savings came from a number of areas, including reduced origination costs, improved operational efficiencies, and increased loan quality and compliance. (more…)

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Senate Bill Would Eliminate Critical Post-Crisis Lending Rules

Bill attacks safe mortgage standards and exempts the largest banks from complying with key consumer protections

(Source: CRL)- On May 12, Senator Richard Shelby unveiled a discussion draft of a bill that would, among other things, undermine key banking and mortgage reforms established by the landmark Wall Street Reform and Consumer Protection law. (more…)

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NY Governor Cuomo Announces 11 Banks Agree to Combat Zombie Foreclosures

Industry Best Practices Will Help NYDFS Work with Local Officials to Curb Blight, Reduce Taxpayer Costs, and Shore up Property Values

Wells Fargo, Bank of America, Citigroup, and Other Companies Representing Nearly 70 Percent of the NY Market to Adopt Zombie Property Best Practices

(Source: NY AG) - Governor Andrew M. Cuomo announced today that 11 banks, mortgage companies, and credit unions representing nearly 70 percent of the New York market will adopt a set of best practices to help combat the neighborhood blight and economic damage caused by vacant and abandoned "zombie properties" in New York State. Under these best practices, the banks and mortgage companies will regularly inspect properties that fall into delinquency to determine if they are vacant and abandoned, and make sure that those properties are safe and properly maintained, among other measures. (more…)

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MBA: Mortgage Applications Drop Last Week

According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey, mortgage applications fell last week by 3.5 percent from one week earlier.

The MBA said refinances were off 6 percent with the refi share of total mortgage activity fell to 51% of applications. This is the lowest it has been since May 2014 when it was 52%. As you can see, these are not huge drops in refinance activity. (more…)

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Judge Rules Nomura Holdings and Royal Bank of Scotland Misled Investors With Bad Mortgage Bonds

The U.S. subprime mortgage crisis resulted in a nationwide banking emergency that coincided with the U.S. recession of December 2007 – June 2009, and led to the billion dollar bailout of the banks.

It is alleged that the subprime mortgage woes could not be blamed on, no single entity or individual to point the finger at. Instead, this mess was the result of the collective creation of the world's subprime mortgage bond securities and derivatives that were packaged and sold by investment firms to investors worldwide. (more…)

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HUD Announces Changes to its Distressed Asset Stabilization Program (DASP)

The U.S. Housing and Urban Development (HUD) announced significant changes and new homeowner safeguards to its Distressed Asset Stabilization Program (DASP).

The biggest move is that mortgage servicers will now be required to stall foreclosure for one year in order to properly evaluate homeowners who are seeking to avoid foreclosure with the Home Affordable Modification Program (HAMP) or a similar loss mitigation program. This is great news for struggling homeowners who are desperately  seeking assistance with their mortgages such as with a loan modification. (more…)

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FICO Announces Credit Scores Will be Available to Consumers Through Financial Counselors

(Source: FICO) - Earlier this week, FICO announced that it had reached an agreement with the three main credit reporting agencies (TransUnion, Equifax, and Experian) that will allow housing and financial counselors to share with their clients their credit scores.  This initiative, entitled the FICO® Score Open Access for Credit & Financial Counseling, will allow qualified and enrolled credit, housing, and financial counselors to provide their clients with their FICO scores along with other educational material about credit.  FICO also announced that Experian has agreed to allow these qualified counselors to share Experian credit reports with their clients. (more…)

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