While the percentage of loans in foreclosure dropped sharply in the second quarter, the share of loans that were delinquent edged up slightly, according to the Mortgage Bankers Association.The percentage of loans in the foreclosure process fell 8 basis points from the first-quarter level to 1.00%, according to the MBA's quarterly delinquency survey. The foreclosure rate was also down 22 bps from that of one year earlier. Meanwhile, the overall delinquency rate -- the percentage of loans 30 or more days past due -- was 4.34% in the second quarter, up 3 bps from the first-quarter level. However, the overall delinquency rate remained 22 bps lower than it had been in the second quarter of 2004. Doug Duncan, the MBA's chief economist, noted that nearly 96% of mortgage customers were making their payments on time. But he added that the MBA expects "an uptick in delinquency rates over the next few quarters" in states affected by Hurricane Katrina. Higher energy costs may also exacerbate delinquency rates starting in the fourth quarter.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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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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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24