As the yield curve flattened, mortgage rates dropped by about 32 basis points in August, dragging down the value of mortgage servicing rights, according to Mortgage Industry Advisory Corp., New York.According to the MIAC index, the value of servicing rights on 30-year, agency loans declined by 10.7% on average between Aug. 1 and Sept. 1. However, MIAC noted that several portfolios of mortgage servicing rights were offered for sale in August. "Although volumes are still down substantially from their peak, there is no question that the supply of bulk portfolios being offered for sale has increased dramatically this year," MIAC said in its monthly MSR update. MIAC is located at http://www.servicing.com on the Internet.
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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