National Mortgage News (Servicing) RSS

• Home equity dips $78.8B as appreciation weakens

  Borrower equity fell $78.8 billion, or 0.5%, year over year in Q4, according to Cotality's Home Equity Report. That's an average decrease of $8,500.

• Mortgage bankers want VA's partial claim aligned with market

  A group representing this part of the industry and a community lenders' association both called for more time to implement the legislative mandate.

• Some Florida distress grows as broader foreclosures waver

  The number of homes with default notices, scheduled auctions or bank repossessions last month was down from January but up 20% from a year ago.

• Second liens appear on 16% of U.S. mortgages

  Agency MBS investors have had limited information about primary loans coexisting with home equity products, and may want to get more now, according to Experian.

• These housing markets face the greatest risk of decline

  Residents in more than half of U.S. counties need greater than one-third of income to successfully manage major housing costs, according to new Attom research.

• Credit diverges: Jumbo rises, FHA slips

  Nonagency underwriting is expanding but the public sector is a different story due to recent performance issues, according to the Mortgage Bankers Association.

• VA partial claim draft arrives with detail sought on limits

  The industry welcomed the Department of Veterans Affairs' plan for implementing legislatively-created borrower relief but some would like more clarification.

• Planet Financial grows 58% in originations, 21% servicing

  While correspondent is still the bulk of Planet Financial's production, growth of its servicing portfolio helped the company increase retention volume.

• Taxes, insurance eat 21% of mortgage payments

  Many homeowners and first-time buyers are surprised by rising property taxes and insurance, which can sharply increase monthly mortgage costs beyond principal and interest.