Fitch Ratings has upgraded Ameriquest Mortgage Co.'s residential primary servicer rating for subprime product from RPS2 to RPS2-plus and its special servicer rating from RSS2-minus to RSS2-plus.The subprime servicer rating reflects the Orange, Calif-based AMC's "demonstrated effectiveness in managing and resolving subprime, nonperforming, and subperforming residential mortgages during a period of rapid servicing portfolio growth," Fitch said. The rating also reflects AMC's expanded call center capacity, effective loan administration, "seasoned" servicing management team, "robust" training programs, "progressive" technology, and "proficient" default management practices, the rating agency said. The special servicer rating takes into account AMC's "successful record of resolving delinquent loans prior to foreclosure," Fitch said. Fitch rates primary, master, and special servicers of residential mortgages on a scale of 1 to 5, with 1 being the highest rating. The rating agency can be found online at http://www.fitchratings.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18