NFR Newsroom

CFPB Reports on Illegal Fees Levied by Mortgage Servicers

illegal fees levied by mortgage field servicers image

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 Supervisory Highlights, the CFPB continues rooting unlawful fees out of consumer financial markets. “For years,

Overall Mortgage Delinquencies Up 36K in February

Overall Mortgage Delinquencies Up 36K in February image

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 expected to endure as the spring homebuying season takes hold.  Delinquencies themselves rose by 36,000

Foreclosure auctions to rise 24% this year

Foreclosure auctions rise image

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, said. The online marketplace predicted 104,000 completed property sales this year, compared with an expected 2022 total of 84,000. However, the increase is still slightly less than half of

January Foreclosure Filings Up 36% YoY

January Foreclosure Filings

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 2021. Nationwide, one in every 4,425 housing units had a foreclosure filing in January 2023.

Strong Jobs Market Forces Down Delinquencies and Foreclosures in 2022

Strong Jobs Market Forces

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 2022.  CoreLogic examined all stages of delinquency in December 2022; high-level findings included: The trend

Connecticut Supreme Court Addresses Standing in Foreclosures

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 plaintiff, does not automatically confer standing in a mortgage foreclosure (Bank of NY Mellon v.

Seriously Underwater Mortgages Below 3%

Foreclosure Notice And House Keys

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 at 48.5% and up from the same period in 2021 at 41.9%. According to ATTOM,

Field Inspection Companies – NFR Leads the Industry

Field inspection companies for bank and lender owned properties

Field inspection companies play a crucial role in the financial industry by providing top-notch inspection services for banks, insurance agencies, and mortgage lenders. Choosing the right mortgage field inspection company is critical to risk management and can be a daunting task if you don’t know what to look for in a valued partner.     We’ve put

New York Foreclosure Bill Becomes Law

new york foreclosure protection act

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 lobbied for by members of the lending industry. A spokesman for the governor’s office confirmed

Mortgage Foreclosures Have Likely Peaked for 2022

foreclosure field inspections, property inspection foreclosures

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. Foreclosure initiations are not as plentiful as they were this time in 2019, before the