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,
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
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 expected 2022 total of 84,000. However, the increase is still slightly less than half of
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.
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
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.
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 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
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 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