Roughly 26% of homeowners with a mortgage had substantial equity, or paper profit, in their properties at the end of June in the Los Angeles-Orange County area, according to First American CoreLogic. But the company also found that 35% of mortgagors were underwater, owing more than their homes were worth. And according to The Orange County Register, 39% were within 5% of being underwater. California has one of the highest loan delinquency rates in the nation.
This was the second acquisition Luminate's mortgage arm has made since the start of 2025. The bank bought NJ Lenders Corp. in April of last year.
The Mortgage Bankers Association lowered its refi expectations by 5% this month, as rising mortgage rates are dampening borrowers' positions.
A group of community development financial institutions are asking a federal court in California to compel Treasury to disburse funds from the CDFI Fund before they expire in September.
A proposed seven-year mandatory selloff rule aimed at institutional investors was a factor in halting momentum for new BTR development, NAHB said.
May's 15,855 actions are the least since September 2025, when Fannie Mae and Freddie Mac had 15,550 loans modified, forborne or otherwise dealt with, FHFA said.
The government-sponsored enterprise oversight chief said his agency is focusing on select fees applied to mortgages that lenders sell to Fannie and Freddie.
