State of the Foreclosure Market

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Related Articles December 13, 2018 3,731 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / State of the Foreclosure Market The Best Markets For Residential Property Investors 2 days ago Subscribe  Print This Post Servicers of some of the largest banks in the U.S. initiated 28,508 new foreclosures during the third quarter of 2018, according to the Office of the Comptroller of Currency’s (OCC’s) Mortgage Metrics report. This marked a 3.7 percent quarter-over-quarter decrease and a 16.8 percent decline from a year ago.Home forfeiture actions during the quarter that included completed foreclosure sales, short sales, and deed-in-lieu-of-foreclosure action, decreased 30.4 percent from last year to 15,506.The report is based on data collected on first-lien residential mortgage loans serviced by seven national banks with large mortgage servicing portfolios. They include Bank of America, Citibank, HSBC, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo. The report excludes mortgage loans like junior liens, home equity lines of credit (HELOC), and reverse mortgages.Looking at loan modifications in Q3, the report indicated that servicers completed 25,701 modifications, a decrease of 21.3 percent over the last quarter. Of these, 21,766 were combination modifications that included “multiple actions affecting affordability and sustainability of the loan, such as an interest rate reduction and a term extension.”Among the 21,766 completed combination modifications, the report said, 96.6 percent included capitalization of delinquent interest and fees, 43.4 percent included an interest rate reduction or freeze, 96 percent included a term extension, 1.2 percent a principal reduction, and 13.5 percent included principal deferral.The report also said that of the 23,427 modifications that were completed during the first quarter of 2018, “servicers reported 3,580, or 15.3 percent, were 60 or more days past due or in the process of foreclosure at the end of the month that they became six months old.”The report also looked at the overall mortgage portfolio and performance of the loans. It revealed that as of September 30, 2018, the reporting banks had serviced 17.2 million first-lien mortgage loans with $3.26 trillion in unpaid principal balances indicating 32 percent of all residential mortgage debt outstanding in the U.S.The OCC said that banks reported an improvement in the overall mortgage performance in Q3 compared to the same period a year ago with 95.4 percent mortgages current and performing compared with 94.8 percent a year ago.Click here to read the full report. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojhacenter_img State of the Foreclosure Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Bank of America Citibank Foreclosure HSBC JPMorgan Chase Loan Modification mortgage Mortgage Performance OCC PNC Bank U.S. Bank Wells Fargo 2018-12-13 Radhika Ojha in Daily Dose, Featured, Foreclosure, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: The Skies Ahead Next: Gender Gap in Homeownership Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Bank of America Citibank Foreclosure HSBC JPMorgan Chase Loan Modification mortgage Mortgage Performance OCC PNC Bank U.S. Bank Wells Fargo Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. last_img read more

Dettori chasing double in Epsom Derby

first_imgFrankie Dettori’s chasing a double in racing’s Epsom Derby this afternoon.The jockey won The Oaks on Enable at the Surrey course yesterday – and rides Cracksman in the showpiece event later.It would be the third time he’s taken the title in his career – and they line-up as second-favourites behind Cliffs of Moher. That goes to post at 4.30.Meanwhile the Royal County Handicap at 25-to-four is the feature a seven-race flat card at Navan which begins at twenty-past-one.While there’s a seven-race jumps card from 6pm at Tramore. Stock photo of horse racing | Photo © Pixabaylast_img read more

Ben Zobrist set to begin road to return as Cubs continue to struggle

first_imgTwo days after shoring up their lineup and bench at the trade deadline, more help is on the way for the Cubs. Ben Zobrist, who has been on the restricted list for nearly three months, will join the Cubs’ Single-A South Bend affiliate Friday as he begins his road back to the majors. Cardinals have ‘high level of frustration’ about quiet trade deadline, president says While the Cubs have indicated at various points since then that they expected Zobrist back this season, the final year of his contract, there has been no concrete timetable for his return. Team president Theo Epstein said on 670 The Score Friday that the team will give Zobrist plenty of time to ensure he’s ready. “We’re expecting this to take most of if not all of August,” Epstein said. “He’s been working out. He’s been performing baseball activities on his way, but he’s obviously got to see a lot of live pitching. We’ll see how it goes. He’s going to start with three games in South Bend and then take a few days off, (so as) not to do too much too soon and then reassess. I think it’s safe to say there will be a number of spots at a number of different affiliates and certainly there will be some Triple-A time before he ultimately comes up here.”Zobrist was the MVP of the 2016 World Series in his first year after coming over from the Royals, where he also won a title in 2015. He previously played for Cubs manager Joe Maddon in Tampa Bay, where he made his major league debut in 2006. Maddon will take all the help he can get at this point as the Cubs’ postseason hopes hang in the balance. Chicago slipped behind St. Louis in the NL Central with an 8-0 loss to the Cardinals on Thursday, recording only one hit in the process. That came from Nicholas Castellanos, the Cubs’ marquee acquisition at the trade deadline. He and fellow newcomer Tony Kemp both got starts Thursday, but Maddon indicated he’ll be playing the hot hand with his lineups the rest of the way.  “We just have to put out there what we consider to be the right thing to do,” Maddon said before the game, via ESPN. “I can’t be as aware, in a sense, as I was last year, in giving guys plate appearances and at-bats, developmentally speaking. We have two months to put our best foot forward. I will move guys in and out, but I don’t feel as compelled to do it as I felt last year.”It’s big boy time.”Zobrist had an anemic .596 OPS through 26 games when he stepped away from the team, but he has come up huge in pressure situations before. It looks like he’ll have a chance to do so one more time.center_img The 38-year-old utilityman is set to DH for South Bend on Friday, the Chicago Tribune reported, but is not expected to address the media. Zobrist last played on May 6 and went on the restricted list two days later. The following week, he and his wife of more than 13 years, Julianna, separately filed for divorce — Julianna in Illinois and Ben in Tennessee, their offseason home. Related News Nicholas Castellanos reacts to being traded to Cubslast_img read more