Congress recently approved the Consolidated Appropriations Act, 2021 (CAA 2021), which has several temporary modifications to the bankruptcy code embedded in its Title X. These temporary changes and how it affects the lending business for private lenders are briefly discussed. Temporary Modification 1: Late [...]
The ability to repay the Qualified Mortgage rule, with certain exclusions, demands lenders to make a valid, good faith identification of a consumer's capacity to pay a residential mortgage loan and provides specific liability protections for residential mortgage loans that satisfy the rule's conditions [...]
Private lenders will begin to experience new and unprecedented changes with foreclosure processes based on the new regulations of SB 109, which implements the fact that what was once the final sale of foreclosure might not be the completion now. The changes in the [...]
For the week ending February 11, mortgage applications fell 5.4%, showing what the mortgage market looks like when rates hit 4% for the first time since 2019. The seasonally adjusted refi index from the Mortgage Bankers Association decreased 8.9% from the previous week, reducing [...]
For the week ending February 17, the average 30-year fixed-rate mortgage rose 23 basis points to 3.92%, up from 3.91% the previous week. According to the most recent Freddie Mac PMMS Mortgage Survey, this is the highest level of mortgage rate since May 2019, [...]
Non-QM loan originations have been projected to hit between $80 billion and $100 billion in 2022, which means there is a hugely untapped market for private lenders in the non-QM loan sector of the lending industry. In an interview with Mike Fierman, the Managing [...]
According to the latest Freddie Mac PMMS Mortgage Survey, the average 30-year-fixed rate mortgage fell one basis point from the previous week to 3.55% for the week ending January 27th, 2022. However, it is essential to note that the 30-year fixed-rate mortgage averaged 2.77% [...]
As a new fiscal year starts in the lending industry, with the many stakeholders still finding their foot around the post-pandemic events, several mortgage lenders are being cautious of a potential wave of bankruptcy filings on the horizon. However, recent events within the industry, [...]
According to the Mortgage Bankers Association (MBA) poll for the week ending Jan. 14, mortgage applications jumped 2.3% from the previous week, majorly due to a robust purchase market. The seasonally adjusted Purchase Index increased 7.9% from the past week, while the Refinance Index [...]
For the first time in 18 months, servicers' forbearance asset volume fell below 1.5% in December 2021. According to the Mortgage Bankers Association (MBA), the overall number of loans under forbearance declined by 26 basis points in December, to 1.41% from 1.67% in November. [...]
