The slow erosion in first-quarter home equity from a year ago equates to a four-figure decline in house value, according to Cotality’s latest numbers. The new Cotality study, which follows an earlier report of home equity declines by Attom, shows the trend drove a typical house’s value down by $4,200 at the beginning of 2025 […]
Why home equity is high but the typical house’s value fell Read More »
Freddie Mac is instituting higher limits for amounts it will reimburse for attorney costs associated with uncontested distressed mortgage resolutions, including mediation, and certain bankruptcy services. Specific amounts include $650 for preparing and recording a loan released after a deed-in-lieu of foreclosure gets completed, according to a bulletin. The limit for a premediation conference is
Freddie Mac raises some reimbursement limits for some fees Read More »
Chimera Investment Corp., a New York-based real estate investment trust, announced plans to buy non-QM lender HomeXpress Mortgage in a cash-and-stock deal worth over $120 million Thursday. The deal, expected to close in the fourth quarter of 2025, includes a $120 million cash payment for the Santa Ana, California-based company, plus more than 2 million
REIT buys HomeXpress in cash-and-stock deal worth over $120M Read More »
Following a steady rise in filings in the first few months of the year on the heels of federal policy changes, total foreclosure numbers eased in May, even as a key metric continued trending upward. A foreclosure filing appeared in one out of every 4,009 U.S. properties last month, representing a total of 35,498 units
Foreclosures in May decrease after early-year surge Read More »
By acquiring Title365, Covius Services, whose product offerings including title and settlement services primarily on defaults, will be expanding its presence on the origination side, a company executive said. It complements Covius’ existing expertise in providing title services for defaults, Pete Pannes, chief business officer, said. “Second, there were significant technical integrations that we’ve been
Title365 buy allows Covius to expand origination loan focus Read More »
Nonqualified mortgage performance over the past decade has varied broadly by segment while generating relatively few credit losses on average, a new Kroll Bond Rating Agency study shows Weighted averages show losses from a 3.8% cumulative default rate have been just 0.03%, but the CDR is far higher for a market segment like borrowers with
Low credit scores in non-QM verge on 10% default rate Read More »
The Federal Housing Administration has revised updates planned for rules around contacting and offering options to distressed borrowers. The FHA has removed required outreach at particular times from a planned transition to permanent loss mitigation options from temporary pandemic contingencies, and also is tweaking modernization of what were originally “face-to-face” meeting requirements. Overall, the new
FHA tweaks updates to loss mit options, ‘face-to-face’ rule Read More »
Closed-end home equity loan annual growth outpaced its line of credit cousin in the fourth quarter, increasing 13% above its high point from a year ago, the TransUnion first quarter Home Equity Trends Report found. Total home equity origination, in which TransUnion counts first mortgage refinance activity as well (although it does not distinguish between
Closed-end seconds lead overall home equity loan growth Read More »
Loandepot announced a new source of funding collateralized by certain cashflows from mortgage servicing rights that will allow it to redeem other similar financing due this October. The private offering of term notes secured by MSRs has an aggregate principal balance of $200 million and is somewhat similar to other financing vehicles other large nonbanks
How Loandepot managed some MSR financing maturing this year Read More »
Newrez wants to dismiss a trio of “zombie” second mortgage lawsuits, suggesting its servicing arm didn’t violate, nor is subject to, the lending laws consumers cite. Borrowers accuse Newrez’s Shellpoint of inflating the balances of their long-dormant second mortgages, and for long periods failing to send them monthly statement notices. The prospective class action complaints
Newrez fires back in trio of “zombie” mortgage lawsuits Read More »