The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Mortgage

Black Knight: Mortgage delinquency rate drops to 7-year low

Loans in foreclosure also dropped to 6-year low

The mortgage delinquency rate declined in October to a seven-year low, according to Black Knight Financial Services’ “First Look” at the October mortgage data.

Per Black Knight’s data, the total loan delinquency rate dropped to 5.44% in October, down 4.14% from September and down 13.43% from the same time period last year.

Black Knight derives this data from reviewing its loan-level database, which represents approximately two-thirds of the overall market.

Additionally, foreclosure inventory fell more than 33% from last year’s total to the lowest level since February 2008. Foreclosure starts in October were also down by more than 10% from September’s figures, falling to 81,400, which was also down 31.48% from last year.

Black Knight also reported that the inventory of non-current loans dropped more than 800,000 in October from last year.

October also saw a rise in prepayments for the first time since July, which Black Knight said is “historically a good indicator of refinance activity.”

The latest Origination Insight Report from Ellie Mae shows just that. According to that report, refinances made up 40% of the total mortgage originations for the month of October, which marked a six-month high.

That’s up from 36% in September. The share of refinances was as low as 32% in July.

October’s jump in refinances reverses a trend that saw the share of refinances fall throughout 2014. In January, for example, the share of refinances was 47%.

Per Black Knight’s data, the number of properties that are 30 or more days past due, but not in foreclosure, fell by 119,000 in October to 2,759,000. That also represents a drop of 393,000 from last year.

According to Black Knight’s data, the top five states with non-current mortgages are:

Mississippi – 13.83%

New Jersey – 11.78%

Louisiana – 10.74%

New York – 10.33%

Florida – 10.17%

On the other hand, the five states with the lowest percentage of non-current mortgages are:

Montana – 3.72%

Colorado – 3.53%

South Dakota – 3.45%

Alaska – 3.2%

North Dakota – 2.3%

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