Twenty-one classes from six Bombardier Capital Mortgage Securitization Corp. manufactured housing deals issued from 1998 to 2001 have been downgraded by Fitch Ratings.In addition, the ratings on 11 other classes were affirmed. Fitch noted that Bombardier provided retail financing for manufactured homes before exiting the business in September 2001, and continues to service the loans from a servicing center in Jacksonville, Fla. "When estimating future collateral losses, Fitch assumed a modest decline in default rates based on improving delinquency pipeline trends (i.e., the rate at which repo property being liquidated is outpacing the rate at which borrowers are becoming delinquent)," the rating agency said. Fitch said it expects each pool to incur losses between 30% and 40% of the remaining pool balance.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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