nmp news flash
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this pool is steadily growing smaller as a percent of total loans outstanding. In addition, employment is the key driver of mortgage performance and the mortgage delinquency rate is actually falling faster than the unemployment rate is declining.”
Delinquency Rate Hits Highest Mark Since 2009
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Why Is It Easy to Trap Real Estate Agents with ShortSaleSpeedway™?
MARCH 2012
OHIO MORTGAGE PROFESSIONAL MAGAZINE
NationalMortgageProfessional.com
Many real estate agents shy away from short sales because of the complexity involved in doing it themselves. When they refer the work to an attorney or third party negotiator, they risk losing a great chunk of their commission. ShortSaleSpeedway™ automates the short sale process, by creating all of the documents a real estate agent needs to create the superior short sale proposal exactly how banks want to see them.
How Can ShortSaleSpeedway™ Help YOU Trap Real Estate Agents? Your company can have your very own, private labeled version of ShortSaleSpeedway™ that you offer at no cost to your real estate agents. They will now have the tools provided by your company to be a true short sales specialist. Now they can negotiate short sales with ease and not have to give away their commission to someone else. You’re providing them with a tool that puts more money in their pocket.
What Do We Provide You? When you have your own ShortSaleSpeedway™, we provide you with the following: Q Your own customized private labeled ShortSaleSpeedway™ site Q Access to reporting on all borrowers being put into the system Q Training for you, your real estate agents and a dedicated support team Q Marketing materials to promote your ShortSaleSpeedway™ to real estate agents In many cases, the setup for the private labeled site costs you nothing!
For a free demo, contact Erik Wind, at (800) 262-3783, ext. 701 or visit shortsalespeedway.com/freedemo
According to TransUnion, the national mortgage delinquency rate, defined by TransUnion as the rate of borrowers 60 or more days past due, increased for only the second time since the end of 2009, edging upward to 6.01 percent at the end of the fourth quarter in 2011. Between the third and fourth quarters of 2011, all but 13 states experienced increases in their mortgage delinquency rates. On a more granular level, 64 percent of metropolitan areas saw increases in their mortgage delinquency rates in the fourth quarter of 2011. This is the same percentage as found in Q3 2011, but up from Q2 2011 when only 21 percent of MSAs experienced an increase. TransUnion’s forecast is based on various economic assumptions, such as gross state product, consumer sentiment, unemployment rates, real personal income, and real estate values. The forecast would change if there are unanticipated shocks to the economy affecting recovery in the housing market or if home prices fall more than expected. “To see that, quarter over quarter, fewer homeowners were able to make their mortgage payments is not welcome news,” said Tim Martin, group vice president of U.S. housing in TransUnion’s financial services business unit. “However, it was not unexpected. First, there tends to be a natural seasonality, evident well before the recession, of higher delinquencies in the fourth quarter; perhaps explained by borrowers balancing holiday spending versus debt payments. Secondly, on the economic front, house prices continued to deteriorate in the fourth quarter and unemployment remained stubbornly high. This combination leads to more negative equity in homes and reduced real personal income that can affect borrowers’ ability and willingness to pay their mortgages.” Many see the economic environment beginning to brighten, although modestly. Therefore, TransUnion’s forecast predicts mortgage borrower delinquency rates to drift downward marginally in 2012, but in the meantime we may still see a quarter or two of slightly elevated nonpayment rates as some consumers are not able to, or decide not to, repay their mortgage debt obligations in light of the uncertain economic outlook. “The more encouraging news is that, when looking year over year, more
homeowners are making their mortgage payments and the delinquency rate dropped over six percent since Q4 2010,” said Martin. “While it is certainly good to see the rate dropping, at this pace it will take a very long time for mortgage delinquencies to get back to normal.”
830,000 Foreclosures Completed in 2011 CoreLogic has released its first national Foreclosure Report which provides monthly data on completed foreclosures, foreclosure inventory and 90plus delinquency rates. Completed foreclosures for all of 2011 totaled 830,000 compared with 1.1 million in 2010. In December 2011, there was a monthover-month decrease in completed foreclosures to 55,000 from 57,000 in November 2011. The December 2011 completed foreclosures figure was also down from one year ago when it stood at 67,000. From the start of the financial crisis in September 2008, there have been approximately 3.2 million completed foreclosures. The new data from CoreLogic also shows that nationally 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the foreclosure inventory as of December 2011. The foreclosure inventory is the stock of homes in the foreclosure process. A property moves into the foreclosure inventory when the mortgage servicer places the property into the foreclosure process after serious delinquency is reached and remains there until the foreclosure is completed. The foreclosure inventory is measured only against homes with an outstanding mortgage, rather than against all homes. Nationwide, roughly one-third of homeowners own their homes outright. Nationally, the number of loans in the foreclosure inventory decreased 8.4 percent in December 2011 compared to December 2010, a decline of 130,000 properties nationwide. The number of loans in the foreclosure inventory decreased by 5.3 percent in November 2011 compared to November 2010 as well. The share of borrowers nationally that were 90 days or more delinquent on their mortgage payments, classified as seriously delinquent, improved to 7.3 percent in December 2011 compared to 7.8 percent in December 2010. “The inventory of foreclosed properties has begun to shrink, and the pace at which properties are entering foreclosure is slowing. While foreclosure filings are being curtailed by a variety of judicial and regulatory constraints, mortgage servicers are completing REO sales faster than they are completing foreclosures,” said Mark Fleming, chief