While the overall delinquency rate on home loans fell in the fourth quarter, the number of loans in foreclosure increased 5 basis points to 1.29% of outstanding loans, according to the quarterly delinquency survey compiled by the Mortgage Bankers Association.The number of loans entering the foreclosure process also rose slightly, by 1 bp, to 0.45% in the fourth quarter. The MBA reported that 4.49% of loans were 30 days or more past due in the fourth quarter, down 16 bps from the level recorded in the third quarter. The MBA, which has revised its database to reflect the growing number of subprime loans, said the overall delinquency rate is now at its lowest level since the second quarter of 2000, when the delinquency rate was 5.51%. MBA chief economist Doug Duncan said delinquency rates are "declining from their post-recession peaks" and that the housing market remains "fundamentally sound." The MBA can be found online at http://www.mortgagebankers.org.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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