Safeguard Properties

Black Knight’s First Look: Mortgage Delinquencies; Foreclosure Activity

Posted on by Safeguard

Industry Update
November 22, 2021

Source: Cision PR Newswire

Black Knight, Inc. reports the following “first look” at October 2021 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.74% 
Month-over-month change: -4.25% 
Year-over-year change: -41.90%

Total U.S. foreclosure pre-sale inventory rate: 0.26% 
Month-over-month change: 2.16% 
Year-over-year change: -22.03%

Total U.S. foreclosure starts: 4,000           
Month-over-month change:  2.56% 
Year-over-year change: -14.89%

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

The State Where the Most People are Behind on their Mortgage

Posted on by Safeguard

Industry Update
November 28, 2021

Source: 24/7 Wall St.

The American housing market is in the midst of a period of extraordinary price increases, driven by historically high demand. The carefully followed S&P Corelogic Case-Shiller Index shows that in August home prices rose 19.8% nationwide compared to the same month a year ago. Among the 20 cities the report tracks, the city with the largest jump was Phoenix at 33.3%.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Freddie Mac: Mortgage Serious Delinquency Rate Decreased in October

Posted on by Safeguard

Industry Update
November 23, 2021

Source: Calculated Risk

Freddie Mac reported that the Single-Family serious delinquency rate in October was 1.32%, down from 1.46% in September. Freddie’s rate is down year-over-year from 2.89% in October 2020.

Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble, and peaked at 3.17% in August 2020 during the pandemic.

These are mortgage loans that are “three monthly payments or more past due or in foreclosure”.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae Forecast Sees Fed Rate Increase in 2022; Offers Other Economic Predictions

Posted on by Safeguard

Industry Update
November 22, 2021

Source: cutoday.info

WASHINGTON—Not surprisingly, inflation is a key forecast concern for the economy, according to the November 2021 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group, which predicts the Federal Reserve will likely move to raise rates in 2022.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Mortgage Delinquencies Continued to Drop in October, but Foreclosure Starts Inched Up

Posted on by Safeguard

Industry Update
November 22, 2021

Source: mortgageorb.com

Mortgage delinquencies continued to drop during October, falling to just 3.74% of all loans, according to Black Knight’s First Look report.

That’s a decrease of 4.25% compared with September and down a whopping 42% compared with October 2020. However, serious delinquencies remain elevated and, as pandemic-related forbearance plans expire, it is expected that foreclosures will rise.

In fact, foreclosure starts ticked up slightly in October, rising 2.56% compared with September, according to Black Knight’s data.

Still, foreclosure starts were down 15% compared with October 2020.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

The Federal Government May Guarantee Mortgages of Nearly $1 Million

Posted on by Safeguard

Industry Update
November 16, 2021

Source: The BL

Fannie Mae and Freddie Mac will raise lending ceilings in the next few weeks, making it more straightforward for buyers of more expensive homes to obtain financing.

In low-cost markets, the conforming loan maximum is likely to grow to $650,000 and roughly $1 million in high-cost markets. For single-family homes, the current conforming loan limitations are $548,250 and $822,375, respectively.

The regulator overseeing the two mortgage behemoths is expected to release the exact lending limitations on Nov. 30. The new limits will take effect in January.

The increased loan limits should make it easier and less expensive for purchasers to obtain a mortgage for sums just over Fannie Mae and Freddie Mac’s current restrictions.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Flush with Capital, FHA Resists Call to Cut Insurance Premiums

Posted on by Safeguard

Industry Update
November 15, 2021

Source: userwalls.com

A key indicator of the finances of the Federal Housing Administration reached a new high for the fiscal year ending Sept. 30, thanks to strong home price appreciation in spite of the ongoing COVID-19 pandemic.

But despite a 14-year high of 8.03% for the capital ratio of the agency’s mutual mortgage insurance fund — stoked by the recovery of the reverse mortgage program — the FHA did not signal immediate plans in its annual actuarial report to cut insurance premiums. The FHA is taking a “cautionary approach” to pricing in light of delinquencies and uncertainty about loans in forbearance, officials said.

“The effects of the pandemic on the FHA Single Family insurance portfolio continues to unfold, with over 660,000 loans that remain delinquent,” Marcia Fudge, secretary of the Department of Housing and Urban Development, said in a foreword for the report.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Ginnie Mae Extends Features of Digital Collateral Program to Paper Mortgages

Posted on by Safeguard

Industry Update
November 15, 2021

Source: Ginnie Mae Press Release

Ginnie Mae announced today in All Participants Memorandum that it is expanding the use of certain features found in its digital collateral program to paper mortgages, a move expected to make it more efficient for Issuers to modify paper mortgages.

“Ginnie Mae is committed to providing Issuers with the tools they need to make it possible for qualified homeowners modifying their mortgages to do so with as few obstacles as possible,” said Acting Executive Vice President Michael Drayne. “Tens of thousands of homeowners coming out of the forbearance and other pandemic-related mortgage relief programs may utilize mortgage modifications to improve their financial situation, and we believe this policy change will help make the process proceed more smoothly for homeowners and servicers.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

With Biden’s FHA Nominee in Limbo, Mortgage Market Grows Restless

Posted on by Safeguard

Industry Update
November 12, 2021

Source: National Mortgage News

President Biden’s nominee to head the Federal Housing Administration is stuck in limbo as the Senate battles competing priorities, frustrating many in the mortgage industry who are concerned about a lack of leadership at a critical juncture for the agency.

Julia Gordon — currently president of the National Community Stabilization Trust, a nonprofit that promotes neighborhood revitalization and housing affordability — was nominated in June as FHA commissioner. Her nomination hearing before the Senate Banking Committee was held in August.

Industry representatives and analysts say it is crucial for the FHA to have a Senate-confirmed leader in place with the housing market still shaky due to the COVID-19 pandemic. Delinquency rates for FHA loans are still above pre-pandemic levels, and most government-backed forbearance plans for borrowers affected by the crisis expire by year-end.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Is the Housing Boom Ending?

Posted on by Safeguard

Industry Update
November 16, 2021

Source:  mpamag.com

New data from LegalShield reveals that consumers are shifting their focus away from real estate and home purchases toward accelerating inflation and a looming foreclosure crisis.

For the first time in six months, LegalShield’s Housing Sales Index fell in October as prospective buyers continued to be priced out of the market. While existing home sales increased 7% to an eight-month high, sales were 2% lower than a year ago.

For full report, please click the source link above.