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

National credit default rates continue to increase in November

However 3 of the 5 key markets saw default rates decrease

Default rates continued to rise in November, according to the S&P/Experian Consumer Credit Default Indices report.

The national composite posted 1.07% in November, up one basis point from October 2014.

For the fourth consecutive month, the first-mortgage default rate rose one basis point, to 0.97% in November.

The second-mortgage default also rose one basis point from its historical low in October to 0.48%.

The bank card rate set a new historical low again this month with a reported rate of 2.59%, down one basis point from the previous month.

“The composite default rate continues to show very little movement, remaining close to 1%. The default rate on autos is up slightly from last summer’s low but below levels of a year earlier. Default rates for bank credit cards are at their lowest levels since the series began in 2004 while first mortgage defaults are up very slightly from summer lows.” says David M. Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices. “Key economic factors favor the consumer: oil and gasoline prices are down, debt services ratios – the proportion of income the average house uses to cover debt payments – are close to record lows, inflation is low and the economy is finally seeing hints of wage growth.”

Chicago, Los Angeles and New York all reported default rate decreases in November.

“Chicago reported a default rate of 1.11%, a new historical low. Los Angeles decreased four basis points to 0.80%, while New York decreased by one basis point to 0.98%, its fourth consecutive decrease,” Blitzer said. “Dallas and Miami both saw their default rates increase in November. Dallas posted a 1.03% rate, while Miami reported a 1.46% default rate, up 20 basis points from October. Despite the recent trend, all five cities – Chicago, Dallas, Los Angeles, Miami and New York – still remain below rates seen a year ago.” 

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