Servicing

After months of steady ups and downs, the delinquency rate for commercial mortgage-backed security loans has finally hit a wall.

The average 30-year rate is down one basis point from last week at 3.34% and the rate for 15-year borrowers also is one basis point lower at 2.64%.

Delinquency rates on second mortgages and home equity lines of credit have been rising this year.

Although mortgage servicers hire field service companies to preserve these properties, the property will deteriorate without a tenant or occupant no matter how much maintenance work is completed.

Walter Investment Management Corp., the parent of Reverse Mortgage Solutions, has agreed to purchase Security One Lending.

November is the fifth consecutive month where the members of the Mortgage Insurance Cos. of America did over $10 billion of new insurance written.

According to a National Foundation for Credit Counseling poll, 63% of the respondents admitted responsibility for their financial woes.

For the sixth straight month the number of completed foreclosures in Massachusetts declined by nearly 60% in November marking the beginning of a brighter future for this market.

A landmark deal was recently completed to preserve more than 3,300 acres of the Sierra Nevada terrain that is home to one of the largest cross country ski resorts throughout the country.

The October residential shadow inventory level was 2.3 million units, representing a supply of seven months.