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Home | News | Foreclosure (page 2)

Five Minutes With Patrick Cox

Patrick Cox is SVP of Default Servicing at Ocwen Financial Corporation, where he is responsible for all the foreclosure and bankruptcy activities of the firm. He previously served as SVP of Default Servicing at ServiceLink LoanCare Servicing, VP of Late Stage Default and Foreclosure at HSBC Consumer and Mortgage Lending, and Manager of Operations at Global Service Centre. He holds an MBA from the University of Florida and a bachelor’s in Finance and Marketing from Florida State University.

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Delinquencies, Foreclosures Fall Over Year

According to a new report, 30-day delinquencies, 90-day delinquencies, and foreclosure inventory are down over the year. “Early-stage” delinquencies were slightly up, however, rising from 2.08 percent to 2.14 percent. Louisiana saw the most delinquent mortgages for the month.

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Underwater Mortgages on Decline

The number of seriously underwater properties is on the decline, according to a recent home equity report. Approximately 5.5 million U.S. homes were seriously underwater for the quarter—a drop from last year’s 6.7 million. As a percentage of all mortgages, seriously underwater loans also dropped, accounting for 9.7 percent of all loans versus the 12 percent of Q1 2016.

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Cities May Sue Banks Over Foreclosure, Industry Reacts

According to the Supreme Court, Miami has the standing to sue Bank of America Corp. and Wells Fargo & Co. under the Fair Housing Act, stating that the banks’ discriminatory and predatory lending practices led to a major shortfall in city tax revenues. We hear from industry lawyers on the case to gauge its implications.

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Non-current Loans Lowest in 11 Years

Non-current inventory is at an 11-year low, falling below historical norms for the fourth consecutive month. The states with the highest percentage of non-current loans were largely in the South, including Mississippi, Louisiana, Alabama, New Jersey, and West Virginia. States with the lowest share were in the Midwest and Western U.S., including Idaho, Montana, Minnesota, North Dakota, and Colorado.

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Delinquency Rates, Foreclosures Dip to Historic Lows

According to month-end data from March, the national delinquency rate has fallen to its lowest point in 11 years, hitting 3.62 percent. The number of non-current properties and the total inventory of loans under foreclosure, both fell to historic lows as well. Prepay speeds increased—a typical indicator of increasing refi activity.

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Non-foreclosure Solutions Remain Strong

New data shows that 30,000 permanent loan modifications and 95,000 non-foreclosure solutions were completed for the month of February. The month saw only about 22,000 foreclosure sales. Around 90 percent of families that had a rate-resetting loan modification for the month avoided foreclosure.

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Mortgage Defaults Climb Slightly

mortgage default rates are up one basis point from February to .75 percent, a one-year high. Year-over-year, the mortgage default rate dropped from .77 percent, while the bank card default rate increased year over year. Of the five major cities covered by the S&P/Experian Consumer Credit Default Indices (New York, Chicago, Dallas, Los Angeles, and Miami), New York and Chicago posted month-over-month increases in the Index level, while Dallas, Los Angeles, and Miami posted month-over-month decreases in defaults.

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The Week Ahead: Freddie Mac’s Servicer Success Scorecard

The 2017 Servicer Success scorecard is a part of Freddie Mac’s Servicing Success Program, which offers analysis of servicer performance through defined metrics, benchmarks, requirements, financial incentives, and compensatory fees. The Scorecard offers metrics for both default management and investor reporting, and releases at the end of every month. New reports in the scorecard include a Rank Improvement Report and a 12-Month Rolling Scorecard Summary.

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Servicing Association Announces Leadership Changes

During the recent meeting of the National Mortgage Servicing Association, Ray Barbone was installed as Chairman of the organization. Barbone, EVP of Mortgage Services at BankUnited will be taking the place of J.K. Huey, SVP of Lending Asset Management and Preservation at Wells Fargo.

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