Servicing

While smaller in number, initiated foreclosures had a similar consecutive-quarter gain as the market transitioned away from pandemic-related relief that has artificially constrained workout activity.

The two latest transactions follow in the wake of the government-sponsored enterprise’s first deal of the year and the release of a finalized capital rule aimed at facilitating broader risk-sharing.

Private-market loans nudged the total number up during a processing lull, according to Black Knight.

The company claims its digital registry system is a faster, safer alternative to MERS databases

The $1.7 trillion in purchase lending for the year is the most ever recorded according to Black Knight’s January Mortgage Monitor Report.

The two states' combined plans amount to over $1.5 billion of the Homeowner Assistance Fund included within the American Rescue Plan Act , which was passed a year ago.

Meanwhile, 707,104 mortgages remain in forbearance, accounting for a combined $136 billion in unpaid balances.

The number of properties in limbo is up 10.3% from the same time last year, according to Attom Data Solutions.

The New Jersey-specific case could be a sign of how the combined effect of federal debt-collection rules and state regulations may further complicate a compliance-sensitive environment for the industry.

The portfolio is one of several particularly large, recent deals related to the cash-flows from mortgage payments, but it has an unusual composition.

An uptick in pandemic-related payment suspensions reflecting new or restarted plan activity previously occurred as the omicron variant spread, but activity has since subsided.

Three housing finance organizations asked for an interactive process similar to that used previously for originations and said they preferred less reliance on life-of-loan indemnification as a remedy.

The change aims to streamline the processing of certain pandemic-related loan options that accommodate lower monthly payment amounts for borrowers with long-term economic hardships.

The Federal Housing Administration has released a statement indicating it’s reviewing allegations by a group of 21 attorneys general that some mortgage companies failed to offer a modification option as required.

Mortgage performance in November was improving, coming close to crossing a key threshold for pandemic-era recovery, but Omicron raises questions about whether that trend will continue.

However, the serious delinquency rate dropped to a point significantly below the market-wide average, and much of the foreclosure activity allowed to proceed did so with new consumer protections in place.

With resources provided through the Homeowner Assistance Fund, the $1 billion plan will help cover homeowners’ past-due payments and comes after New York unveiled a similar assistance package earlier this month.

However, the seven institutions in the Office of the Comptroller of the Currency study service 13% fewer loans compared with the third quarter of last year.

While over 112,000 loans exited plans in the past week, there is only a modest opportunity for continued improvement in the near term, Black Knight said.

Axylyum, which recently released information about its first named client, offers an alternative to other forms of risk sharing for private companies originating income-producing mortgages.