first_imgVermont’s mortgage delinquency and foreclosure rates are still well below the national average and are some of the lowest in the nation. The May Mortgage Monitor report released today by Lender Processing Services, Inc. (NYSE: LPS), a leading provider of mortgage performance data and analytics, shows a 2.3 percent month-over-month increase in the nation’s home loan delinquency rate to 9.2 percent in May 2010, and that early-stage delinquencies are increasing as normal seasonal improvements taper off. This report includes data as of May 31, 2010.According to the Mortgage Monitor report, the percentage of mortgage loans in default beyond 90 days increased slightly, while both delinquency and foreclosure rates continue to remain relatively stable at historically high levels. There are currently more than 7.3 million loans currently in some stage of delinquency or REO.  The report also shows that the average number of days for a loan to move from 30-days delinquent to foreclosure sale continues to increase, and is now at an all-time high of 449 days, resulting in an increase in “shadow” foreclosure inventory.After a two-month decline, deterioration ratios increased, with 2.5 loans rolling to a “worse” status for every one that has improved. The number of delinquent loans that “cured” to a current status declined for every stage of delinquency, except in the “greater than six months delinquent” category.  This improvement was likely the result of trial modifications made through the Home Affordable Modification Program (HAMP) that transitioned into permanent status.  Other key results from LPS’ latest Mortgage Monitor report include:Total U.S. loan delinquency rate:9.20 percentTotal U.S. foreclosure inventory rate:3.18 percentTotal U.S. non-current* loan rate:12.38 percentStates with most non-current* loans:Florida, Nevada, Mississippi, Georgia, Arizona, California, Illinois, New Jersey, Ohio and IndianaStates with the fewest non-current* loans:North Dakota, South Dakota, Wyoming, Alaska, Montana, Nebraska, Vermont, Colorado, Iowa and Minnesota*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.Note: Totals based on LPS Applied Analytics’ loan-level database of mortgage assets.LPS manages the nation’s leading repository of loan-level residential mortgage data and performance information from nearly 40 million loans across the spectrum of credit products. The company’s research experts carefully analyze this data to produce dozens of charts and graphs that reflect trend and point-in-time observations for LPS’ monthly Mortgage Monitor Report.To review the full report, listen to a presentation of the report and access an executive summary of the report, visithttp://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx(link is external).About Lender Processing ServicesLender Processing Services, Inc. (LPS) is a leading provider of integrated technology and services to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS’ Mortgage Servicing Package (MSP). LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com(link is external).SOURCE Lender Processing Services, Inc. JACKSONVILLE, Fla., July 6, 2010 /PRNewswire-FirstCall/ —last_img read more

first_imgIt is one of the most gut-wrenching and disappointing sights in baseball: watching the other team celebrate a walk-off victory.Eight weeks ago, the USC baseball team watched Long Beach State celebrate a walk-off win on a frigid Tuesday night in Long Beach. Today, the Trojans (18-21) have a chance to return the favor as they host the Dirtbags (19-18) at 6 p.m.Bounce back · With junior pitcher Ben Mount’s move to the closer role, freshman pitcher Kyle Richter will be called upon to make his third career start. Richter will look to get the Trojans back on track after they suffered an 8-2 defeat at Washington on Sunday. – Carlo Acenas | Daily Trojan “[Long Beach’s] game-winning single was hit to me,” said junior right fielder Alex Sherrod. “I had a chance to throw the guy out and I bobbled it. You try to release the mental brick, but personally, I’m still hanging on to that. You try to put your losses behind you, but I’m still thinking about it.”When the Trojans last faced Long Beach, they scored two runs in the seventh to even the game at four and threatened to take the lead in the ninth. It was the Dirtbags, however, who came through with an RBI-single in the bottom of the ninth off junior closer Chad Smith to walk away with a 5-4 win.Junior pitcher Ben Mount started that game and gave the Trojan’s five innings of one-run ball. But with Smith out for the season with an elbow injury, USC interim coach Frank Cruz is trusting Mount to fill the closer’s role.The righty is third on the team with a 2.89 ERA and has allowed just one run in his last eight and one-third innings of work.“Mount has a lot of confidence right now,” Cruz said. “He’s keeping the ball down well. Most importantly, he’s just throwing strikes.”Mount’s move to closer means freshman Kyle Richter will make his third career start today.The young lefty has electric stuff, as opponents are hitting just .216 against him. But he has struggled throwing strikes, issuing 13 free passes hitting two batters in 19 and two-third innings of work.Against Loyola Marymount last Tuesday, however, Richter started the Trojans off with two perfect innings before being removed to save his arm for the weekend.“That won’t happen this week,” Cruz said. “We’ve got an extra day’s rest, so we’ll let Richter go a little more.”Last weekend, the Trojans played Washington in a Thursday through Saturday series instead of the traditional Friday through Sunday to avoid playing on Easter, meaning the team only had Wednesday off.This weekend the Trojans are back to the classic scheduling, giving them the usual two days of rest.USC took two of three from the Huskies this weekend to notch its third-consecutive Pac-10 series win, but dropped the final game of the series for just the second time this season in Pac-10 play.Although the series victory is important, losing the final game leaves the team and Cruz with what the first-year coach calls a “sour taste.”“It was a good series,” Sherrod said. “But obviously you want to complete the sweep when you have the chance.”Although the Trojans cannot sweep the Dirtbags, they have a chance for something almost as special: revenge.But Cruz, Sherrod and the rest of the team know that they can’t get too caught up in that.“Obviously you want to get them back,” Cruz said. “But it’s not so much about exacting revenge as it is about us just getting back on the winning track.”First pitch is at 6 p.m. at Dedeaux Field.last_img read more

Borrower Satisfaction Types of Loans Changing

first_img Over the course of 2016, borrower satisfaction dropped and lenders sought more changes to their post-TRID underwriting practices, according to the February Stratmore Group Insights report.Borrower satisfaction, which measures customer exeriences through the mortgage lending process, dropped to an index of 88, after a four-moth run at 90, Stratmore reported. That was the lowest number since January 2016.“It seems clear that time-off during the Holiday season took its toll on borrower satisfaction,” the report stated. “We anticipate a recovery by February, as occurred during 2016.”Last February’s borrower satisfaction index hit 89.5.Overall borrower satisfaction accounting for roughly 105,000 loans in 2016 was 89. According to Stratmore, 82 percent of borrowers reported experiencing no problems. They reported satisfaction scores of 95.Of the 18 percent who did experience a problem, 13.4 percent said the problem was resolved, with 4.7 percent reporting that the problem was not resolved. The satisfaction score plummeted to 77 for that 13.4 percent and to 35 for the 4.7 percent. This, the report stated, put lender “at risk to getting negative reviews by such borrowers to friends, relatives, and on social media.”According to the report, banks and underwriters were more likely to originate‒‒or more likely to plan to originate‒‒non-QM loans in 2015. Fifty-six percent of banks responding to Stratmore’s survey said they were significantly more likely to originate non-QM loans than independents (41 percent). This difference, Stratmore reported, “reflects the ability of banks to internally fund non-QM loans, e.g., Jumbo ARMs.”Lenders also shifted how their employees worked. Two thirds of lenders, for example, offer work-from-home options as a recruiting incentive or as an incentive to retain seasoned underwriters.“This practice is often used when the talent pool has been exhausted in a particular geography or as a way to quickly expand or contract capacity in line with demand,” the report stated.The typical compensation package for processors salary in 2015 was just shy of $38,000 to $56,000. The upper 10 percent of earners made about $73,000 that year. Third-party originators (TPOs) were least likely to pay processor incentives (75 percent).“For a TPO lender, the role of processor tends to be more of a consolidator role versus the retail processor,” Stratmore reported. “Because the TPO lender is often receiving more complete files, the emphasis on productivity is diminished and may lead to a lower incidence of incentives.”Processor incentive was primarily based on a per loan payout (65 percent), the report stated. Another 22 percent of the incentives were based on the achievement of pre-defined objectives.“These objectives might include file quality, team performance, and customer satisfaction,” Stratmore reported. “These drivers … indicate that lenders care about throughput and productivity, but also care about file quality, team performance and other lender specific objectives.” Borrower Satisfaction, Types of Loans Changing in Daily Dose, Data, Headlines February 24, 2017 582 Views center_img HOUSING loan mortgage 2017-02-24 Rachel Williams Sharelast_img read more