CFPB Reports on Illegal Fees Levied by Mortgage Servicers

The Consumer Financial Protection Bureau (CFPB) has released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in the mortgage servicing space, student loans, payday lending, and in financial institutions via deposit accounts. As described in the

Overall Mortgage Delinquencies Up 36K in February

According to Black Knight’s “First Look” at February 2023 data, the national delinquency rate inched up seven basis points during the month to 3.45% but remains down 12.5% year-over-year. Prepayments, however, broke a streak of four-month lows rising 0.35%—a trend which is

Foreclosure auctions to rise 24% this year

The number of foreclosure auctions conducted is expected to increase 24% in 2023 from the previous year, representing a gradual rise as pandemic-related moratoriums expire, Auction.com said. The online marketplace predicted 104,000 completed property sales this year, compared with an

January Foreclosure Filings Up 36% YoY

Foreclosure volume continues in America, with year-end totals reaching 31,557, which includes default notices, scheduled auctions, or bank repossessions, a 36% increase compared to the previous year. The numbers reported in January 2022 represent a 2% increase compared to December

Strong Jobs Market Forces Down Delinquencies and Foreclosures in 2022

According to CoreLogic’s monthly Loan Performance Insights Report covering December 2022, just 3% of all mortgages in the country were in some stage of delinquency. This represents a 0.4 percentage point decrease year-over-year and less than a 0.1 percentage point increase compared with November

Connecticut Supreme Court Addresses Standing in Foreclosures

This piece originally appeared in the February 2023 edition of DS News magazine, online now. Servicers and their counsel have a definitive ruling from the Connecticut Supreme Court that the mere possession of an original note, which is not endorsed to the foreclosing

Seriously Underwater Mortgages Below 3%

As final bits of year-end data covering 2022 flow in, ATTOM Data’s fourth quarter Home Equity & Underwater Report revealed that 48% of residential mortgaged properties were considered equity rich, a slight decline from the third quarter of 2022 when that same number stood

New York Foreclosure Bill Becomes Law

Governor signs legislation that creates hard cap on statute of limitations. After a seven-month wait, New York Gov. Kathy Hochul has signed a controversial mortgage foreclosure protection act into law — surprisingly to some — without amendments that had been

Mortgage Foreclosures Have Likely Peaked for 2022

Mortgage foreclosures are up 57% nationwide, and completions of foreclosure went up 98% in November compared to November 2021, when filings were just starting to increase in the aftermath of COVID-related moratoriums, according to ATTOM, curators of real estate data.

Mortgage Delinquencies Top 3%, Foreclosure Starts Up 19% Month-Over-Month

Black Knight’s “first look” at November 2022 mortgage delinquencies and performance statistics revealed that prepayment activity dropped 15.6% to a rate of 0.4%, the lowest rate recorded in the history of the report. Overall, the national delinquency rate rose 3.5%