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Black Knight: Active Foreclosure Rate And Inventory End 2018 Below Pre-Recession Averages

Today, the Data & Analytics division of Black Knight, Inc. released its latest Mortgage Monitor Report, based upon its industry-leading loan-level mortgage performance database. With full-year mortgage performance data in, this month’s report looked at 2018 in review. As explained by Ben Graboske, president of Black Knight’s Data & Analytics division, more than a decade past the start of the financial crisis, most metrics reflect a recovery to their long-term, 2000-2005 pre-recession averages.


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“Across the board, 2018 year-end numbers are good news from a mortgage performance perspective,” said Graboske. “All four major performance metrics – delinquencies, serious delinquencies, active foreclosures and total non-current inventory – ended the year below pre-recession averages for the first time since the financial crisis. Just 576,000 foreclosures were initiated throughout the entirety of 2018 – an 18-year low – and the vast majority of these were repeat actions. In fact, first-time foreclosures were down 18 percent from the year before, hitting the lowest point we’ve seen since Black Knight started reporting the metric in 2000. Even repeats – though making up more than 60 percent of all foreclosures – were down 6 percent from 2017.


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“These year-end numbers are further proof of what we’ve been observing for some time now. The high credit quality and corresponding lower risk we’ve seen in the post-crisis origination market for the better part of a decade continues to pay dividends in terms of mortgage performance. In addition, the low interest rate environment we’ve enjoyed for so long had – until very recently – resulted in a refinance-heavy blend of originations for years. Refis, as a whole, tend to outperform their purchase mortgage counterparts, which has boosted mortgage performance as well. On top of that, we’ve had the benefit of strong employment and housing markets, which have helped the vast majority of homeowners meet their debt obligations, while those few who may have faced a possible default have gained enough equity to be able to sell rather than face foreclosure.”


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As the average interest rate on a 30-year mortgage ticked down again in January, falling below 4.5 percent for the first time since April 2018, Black Knight revisited the impact this change has had on the refinanceable population. The decline in rates has returned the interest rate incentive to refinance to 1 million homeowners, a 50 percent increase in rate/term refinance incentive over just the last two months.


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There are now 2.9 million homeowners with mortgages who could likely qualify for a refinance under broad-based criteria and also reduce the interest rate on their first mortgage by at least 0.75 percent by doing so, the largest this population has been since January 2018. Even if rates should hold steady – and certainly if they fall further – this could lead to an unexpected bump in refinance volumes in early 2019.

U.S. Foreclosure Activity Increases 9 Percent In August 2018 From Previous Month

According to data from ATTOM Data Solutions, there were 70,166 U.S. properties with foreclosure filings in August 2018, up 9 percent from July but still down 7 percent from a year ago. Nationally one in every 1,910 U.S. properties had a foreclosure filing in August 2018, according to the report.

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States with the highest foreclosure rates in August were New Jersey (one in every 690 housing units); Maryland (one in every 918 housing units); Nevada (one in every 984 housing units); Delaware (one in every 1,012 housing units); and Florida (one in every 1,229 housing units).

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Among 291 metropolitan statistical areas with at least 200,000 people, those with the highest foreclosure rates in August were Atlantic City, New Jersey (one in every 354 housing units); Fayetteville, North Carolina (one in every 444 housing units); Trenton, New Jersey (one in every 546 housing units); Columbia, South Carolina (one in every 807 housing units); and Bakersfield, California (one in every 864 housing units).

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Among 53 metro areas with at least 1 million people, those with the highest foreclosure rates in August were Baltimore, Maryland (one in every 871 housing units); Philadelphia, Pennsylvania (one in every 887 housing units); Las Vegas, Nevada (one in every 891 housing units); Jacksonville, Florida (one in every 982 housing units); and Cleveland, Ohio (one in every 1,012 housing units).

May 2018 Sees Second Fewest Foreclosure Starts In 17 Years

Data from Black Knight showed that May saw the second fewest foreclosure starts in more than 17 years (only December 2017 had fewer…by about 500), and the number of loans in active foreclosure continues to fall. Just 303K mortgages are currently somewhere in the foreclosure process, a 15-year low. At the current rate of improvement, foreclosure activity will be back at pre-crisis averages (2000-2005) early in Q3 of this year.

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Meanwhile, improvement continues among hurricane-affected mortgages. In fact, delinquency improvements in hurricane-affected areas more than offset slight increases seen elsewhere, bringing the national delinquency rate down to its lowest level in 15 months. All in, hurricane-related delinquencies fell by nearly 30K in May (-20%) with the highest rates of improvement in Irma-affected areas of Florida (-27%).

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The Foreclosure Rate Declines By 19%

Data from ATTOM Data Solutions shows shows a total of 189,870 U.S. properties with a foreclosure filing during the first quarter of 2018, up 4 percent from the previous quarter but still down 19 percent from a year ago and 32 percent below the pre-recession average of 278,912 per quarter from Q1 2006 to Q3 2007 — the sixth consecutive quarter where U.S. foreclosure activity has been below its pre-recession quarterly average.

The report also shows a total of 74,341 U.S. properties with foreclosure filings in March 2018, up 21 percent from an all-time low in the previous month but still down 11 percent from a year ago — the 30th consecutive month with a year-over-year decrease in U.S. foreclosure activity.

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An analysis of foreclosure activity by loan origination year shows that 45 percent of all properties in foreclosure as of the end of the first quarter were tied to loans originated between 2004 and 2008, down from 50 percent as of the end of Q4 2017 and down from 51 percent as of the end of Q1 2017.

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“Less than half of all active foreclosures are now tied to loans originated during the last housing bubble, one of several data milestones in this report showing that the U.S. housing market has mostly cleared out the backlog of bad loans that triggered the housing and financial crisis nearly a decade ago,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Meanwhile we are beginning to see early signs that some post-recession loan vintages are defaulting at a slightly elevated rate, a sign that some loosening of lending standards has occurred in recent years. Consequently, foreclosure starts are trending higher compared to a year ago in an increasing number of local markets — some of which are a bit surprising given the overall strength of housing in those markets.”

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A total of 92,703 U.S. properties started the foreclosure process in Q1 2018, up 8 percent from the previous quarter but still down 10 percent from a year ago — the 11th consecutive quarter with a year-over-year decrease in U.S. foreclosure starts.

Counter to the national trend, 82 of 219 metropolitan statistical areas analyzed in the report (37 percent) posted year-over-year increases in foreclosure starts in the first quarter, up from 20 percent of markets posting year-over-year increases in foreclosure starts in Q1 2017.

Twenty-three of 53 metropolitan statistical areas with at least 1 million people (43 percent) posted a year-over-year increase in foreclosure starts in the first quarter, led by Indianapolis, Indiana.

Foreclosures At A 12-Year Low

Data from ATTOM Data Solutions shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 676,535 U.S. properties in 2017, down 27 percent from 2016 and down 76 percent from a peak of nearly 2.9 million in 2010 to the lowest level since 2005.

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Those 676,535 properties with foreclosure filings in 2017 represented 0.51 percent of all U.S. housing units, down from 0.70 percent in 2016 and down from a peak of 2.23 percent in 2010 to the lowest level since 2005.

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ATTOM’s year-end foreclosure report is a count of unique properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 2,500 counties nationwide, with address-level data on more than 23 million foreclosure filings historically also available for license or customized reporting. See full methodology below.

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The report also includes new data for December 2017, when there were 64,651 U.S. properties with foreclosure filings, up 1 percent from the previous month but still down 25 percent from a year ago — the 27th consecutive month with a year-over-year decrease in foreclosure activity.

“Thanks to a housing boom driven primarily by a scarcity of supply, which has helped to limit home purchases to the most highly qualified — and low-risk — borrowers, the U.S. housing market has the luxury of playing a version of foreclosure limbo in which it searches for how low foreclosures can go,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “There are a few notable local market exceptions playing a different version of foreclosure limbo in which a backlog of legacy foreclosure activity left over from the last housing crisis is still winding its way through a labyrinthine foreclosure process, resulting in incongruous jumps in various stages of foreclosure activity in markets such as New York, New Jersey and DC.”

New Foreclosure And REO Auction Platform Launches

ServiceLink, a national provider of transaction services to the mortgage and finance industries and the largest provider of integrated services throughout the default cycle, announced today the launch of its newest offering, ServiceLink Auction.

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ServiceLink Auction will provide a results-driven, full service auction platform providing foreclosure and REO auction services that are fully integrated with ServiceLink products and technologies. It will be complemented by ServiceLink’s end-to-end default services and managed through ServiceLink’s Default Services division.

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ServiceLink Auction is powered by the recent acquisition of Hudson and Marshall completed by ServiceLink’s parent company, Fidelity National Financial (FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries.  Hudson and Marshall, a full service auction company, is one of the top auction providers in the country and has been in business since 1965.

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“With ServiceLink Auction, we are providing a service for our customers who have been looking for auction alternatives,” said Chris Azur, CEO of ServiceLink. “This service complements our default offerings and allows us to be the single service provider that the industry can count on to provide timely liquidity and optimal market value in the disposition of assets.”

This new platform, and the addition of CWCOT auction services, will also broaden ServiceLink’s HUD Suite of Services, with services tailored for the disposition of HUD delinquent portfolios including CWCOT title, post-sale HUD title, valuations and property preservation.

“As the industry leader in quality, compliance and an overarching commitment to customer excellence, ServiceLink is committed to consistently meeting the needs of our changing industry,” Azur said. “In partnership with Hudson and Marshall’s long-history of auction leadership and innovative technology platforms, we are certain that ServiceLink Auction will become the go-to resource for servicers.”

“The partnership with ServiceLink provides an even greater reach for Hudson & Marshall’s innovative disposition offerings,” said Trixy Castro, CEO of Hudson & Marshall. “It’s a great match and we are excited about the impact we can make together on the real estate industry.”

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A Closer Look At Last Month’s Trends

The Data & Analytics division of Black Knight Financial Services, Inc. reports the following “first look” at July 2016 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.51%
Month-over-month change: 4.78%
Year-over-year change: -3.38%

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Total U.S. foreclosure pre-sale inventory rate: 1.09%
Month-over-month change: -1.68%
Year-over-year change: -28.36%

Total U.S. foreclosure starts: 61,300
Month-over-month change: -11.54%
Year-over-year change: -14.27%

Monthly Prepayment Rate (SMM): 1.26%
Month-over-month change: -11.98%
Year-over-year change: -1.00%

Foreclosure Sales as % of 90+: 1.99%
Month-over-month change: -13.65%
Year-over-year change: 1.05%

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Number of properties that are 30 or more days past due, but not in foreclosure: 2,286,000
Month-over-month change: 108,000
Year-over-year change: -70,000

Number of properties that are 90 or more days past due, but not in foreclosure: 695,000
Month-over-month change: 3,000
Year-over-year change: -147,000

Number of properties in foreclosure pre-sale inventory: 550,000
Month-over-month change: -8,000
Year-over-year change: -214,000

Number of properties that are 30 or more days past due or in foreclosure: 2,836,000
Month-over-month change: 100,000
Year-over-year change: -284,000

Top 5 States by Non-Current* Percentage 
Mississippi:      11.67%
Louisiana:        9.63%
New Jersey:      8.95%
West Virginia:  8.34%
Alabama:         8.21%

Bottom 5 States by Non-Current* Percentage 
South Dakota: 3.13%
Montana:         3.13%
Minnesota:       2.92%
Colorado:         2.71%
North Dakota: 2.56%

Top 5 States by 90+ Days Delinquent Percentage 
Mississippi:      3.56%
Louisiana:        2.69%
Alabama:         2.45%
Arkansas:         2.06%
Tennessee:       2.04%

Top 5 States by 6-Month Improvement in Non-Current* Percentage
Nevada:           -17.28%
Nebraska:         -15.41%
Florida:              -15.33%
Washington:     -15.13%
Oregon:           -14.91%

Top 5 States by 6-Month Deterioration in Non-Current* Percentage
North Dakota:  6.21%
Alaska:             4.72%
Wyoming:        2.27%
Louisiana:        -8.21%
Vermont:         -9.23%

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:

  1. Totals are extrapolated based on Black Knight Financial Services’ loan-level database of mortgage assets.
  2. All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.

For a more detailed view of this month’s “first look” data, please visit the Black Knight newsroom at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20160822.aspx.

The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx  by Sept. 6, 2016.

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Q1 Foreclosure Rate Falls To Pre-Recession Levels

RealtyTrac released its Q1 and March 2016 U.S. Foreclosure Market Report, which shows first quarter foreclosure activity was below pre-recession levels in 78 out of 216 U.S. metropolitan statistical areas (36 percent) analyzed in the report.

Nationwide, the report shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 289,116 U.S. properties in the first quarter of 2016, down 4 percent from the previous quarter and down 8 percent from the first quarter of 2015 to the lowest quarterly total since the fourth quarter of 2006, a more than nine-year low.

Historical U.S. foreclosure activity by quarter.

“Despite a seasonal bump higher in March, foreclosure activity in most markets continues to trend lower and back toward more healthy, stable levels,” said Daren Blomquist, senior vice president at RealtyTrac. “More than one-third of the 216 local markets we analyzed were below their pre-recession foreclosure activity averages in the first quarter, and we would expect a growing number of markets to move below that milestone the rest of this year — while the number of markets with a lingering low-grade fever of foreclosure activity continues to shrink.”

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Markets below pre-recession levels in Q1 2016

Nationwide, the 289,116 properties with foreclosure filings in the first quarter was still 4 percent higher than the pre-recession quarterly average of 278,912 properties with foreclosure filings from Q1 2006 through Q3 2007.

Among 216 metropolitan statistical areas with a population of at least 200,000, a total of 78 (36 percent) posted Q1 2016 foreclosure activity below pre-recession average levels, including Los Angeles (27 percent below pre-recession average); Dallas (65 percent below pre-recession average); Houston (64 percent below pre-recession average); Miami (19 percent below pre-recession average); and Atlanta (57 percent below pre-recession average).

Interactive heat map of which markets were below and above pre-recession levels in Q1 2016.

Markets above pre-recession levels in Q1 2016

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There were still 138 of the 216 major metro areas (64 percent) with Q1 2016 foreclosure activity above pre-recession average levels, including New York (80 percent above pre-recession average); Chicago (17 percent above pre-recession average); Philadelphia (97 percent above pre-recession average); Washington, D.C. metro (134 percent above pre-recession average); and Boston (46 percent above pre-recession average).

97 percent of markets below peak foreclosure activity levels in Q1 2016

Nationwide the 289,116 properties with foreclosure filings in the first quarter of 2016 was 69 percent below the quarterly peak of 937,840 properties with foreclosure filings in the second quarter of 2009.

Among the 216 major metro areas analyzed for the report, 210 (97 percent) were below peak foreclosure activity levels in the first quarter of 2016. Markets furthest below the previous peak were Merced, California (95 percent below peak), followed by six markets all with Q1 2016 foreclosure activity 93 percent below peak levels: Boulder, Colorado; Fayetteville, Arkansas; Cape Coral-Fort Myers, Florida; Stockton, California; Denver, Colorado; and Phoenix, Arizona.

“The Seattle housing market has benefitted from a robust economy, which when combined with the growth of home prices, has led to a slowdown in foreclosure activity,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market, where Q1 2016 foreclosure activity was down 14 percent year-over-year and down 74 percent from the peak in Q3 2010. “Given the stringent process to qualify for a mortgage, as well as the greater down payment requirements, there is very little risk of an increase in foreclosure activity in the near term.”

3 percent of markets reach new foreclosure activity peak in Q1 2016

Among the 216 metro areas analyzed for the report, six (3 percent) reached new foreclosure activity peak levels in the first quarter of 2016: Syracuse, New York; Kingsport, Tennessee; Utica-Rome, New York; Binghamton, New York; College Station, Texas; and Tuscaloosa, Alabama.

Maryland, New Jersey, Nevada post highest state foreclosure rates in Q1 2016

One in every 459 U.S. housing units had a foreclosure filing in the first quarter of 2016. States with the top five highest foreclosure rates were Maryland (one in every 194 housing units with a foreclosure filing); New Jersey (one in every 216 housing units); Nevada (one in every 236 housing units); Delaware (one in every 240 housing units); and Florida (one in every 274 housing units.

Other states posting top 10 foreclosure rates in the first quarter of 2016 were Illinois, Ohio, South Carolina, Indiana, and Pennsylvania.

Atlantic City, Trenton, Baltimore post highest metro foreclosure rates in Q1 2016

Among the 216 metropolitan statistical areas with a population of at least 200,000, those with the five highest foreclosure rates in the first quarter of 2016 were Atlantic City, New Jersey (one in every 106 housing units with a foreclosure filing); Trenton, New Jersey (one in every 168 housing units); Baltimore, Maryland (one in every 183 housing units); Lakeland-Winter Haven, Florida (one in every 196 housing units); and Rockford, Illinois (one in every 211 housing units).

Other metro areas posting top 10 foreclosure rates in the first quarter of 2016 were Las Vegas, Tampa, Fayetteville, North Carolina, Philadelphia, and Jacksonville, Florida.

48 percent of markets post annual increase in foreclosure activity in Q1 2016

Despite the nationwide decrease in foreclosure activity in the first quarter, 103 of the 216 metro areas analyzed in the report (48 percent) posted a year-over-year increase in foreclosure activity. Among the nation’s 20 largest metro areas, those with the biggest annual increase in foreclosure activity were Boston (up 49 percent); Philadelphia (up 18 percent); Phoenix (up 10 percent); Baltimore (up 9 percent); and New York (up 7 percent).

March foreclosure activity up month-over-month, still down from year ago

There were a total of 108,970 U.S. properties with foreclosure filings in March, an 11 percent increase from February to the highest monthly level since October 2015 — but still down 11 percent from a year ago.

March foreclosure starts increase from a year ago in 20 states

The monthly increase in March was driven by a jump in pre-foreclosure notices: foreclosure starts and scheduled foreclosure auctions. Foreclosure starts — the first public notice starting the foreclosure process — increased 21 percent from the previous month but were still down 11 percent from a year ago.

March foreclosure starts increased from a year ago in 20 states, including Connecticut (up 169 percent), Arizona (up 125 percent), Delaware (up 78 percent), Iowa (up 64 percent), and Massachusetts (up 51 percent).

“While overall foreclosures closed across Ohio remain on the decline, showing positive housing and job growth in the state, there was a modest increase in foreclosure starts during first quarter of 2016 that could likely relate to many homeowners not recognizing the increased value and appreciation they have earned in many communities across Ohio,” said Michael Mahon, president at HER Realtors, covering the Cincinnati, Dayton and Columbus markets in Ohio, where foreclosure starts increased 18 percent year-over-year statewide in March. “If a homeowner finds themselves falling behind in mortgage payments due to health, divorce, or job loss, consulting a Realtor should be their first discussion in learning options available to assist them in potentially avoiding a foreclosure action.”

Historical U.S. foreclosure starts by month.

March scheduled foreclosure auctions increase from a year ago in 23 states

Scheduled foreclosure auctions — which in some states act as the foreclosure start — increased 25 percent month-over-month nationwide, but were still down 15 percent from a year ago. Scheduled foreclosure auctions increased 18 percent month-over-month in non-judicial foreclosure states and increased 17 percent in judicial states.

March scheduled foreclosure auctions increased from a year ago in 23 states, including Massachusetts (up 211 percent), New York (up 92 percent), Pennsylvania (up 49 percent), Maryland (up 43 percent), and South Carolina (up 37 percent).

“Over the last 10 years, U.S. foreclosure activity on average has increased 6 percent from February to March, and the 11 percent increase this year was not far off that typical seasonal bump,” noted Blomquist. “February is of course a shorter month, and banks often ramp up foreclosure filings in March to take advantage of the spring selling season — which should prove particularly favorable to banks this year given low inventory levels of homes for sale and continued strong demand from buyers regaining confidence in the housing market.

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Servicer Launched 5-Point Plan To Avoid Foreclosure

The City of Milwaukee and Ocwen Financial Corporation (Ocwen) today announced an initiative to provide substantial assistance through a five-part plan designed to help Milwaukee homeowners meet housing needs over the next three years (2016-2018). Mayor Tom Barrett and Common Council President Michael J. Murphy said the company will provide the assistance through a combination of Ocwen, City of Milwaukee and local non-profit programs to help residents throughout the city keep and repair their homes.

The plan includes a commitment to enhance their efforts to provide mortgage loan modifications to Ocwen’s customers in the city and a $225,000 donation to support the City of Milwaukee’s Strong Homes loan program from 2016 through 2018.

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“I’m pleased Ocwen shares my commitment to doing everything we can to keep Milwaukee homeowners in their homes.  This program will help homeowners who face economic challenges by providing loan modifications as well as low interest loans to help finance critical repairs to their homes,” Mayor Tom Barrett said. “Residents who own their homes add value and stability to Milwaukee neighborhoods, and I don’t want anyone to lose their home unnecessarily.”

The five-part plan for Milwaukee includes the following elements:

  1. Ocwen will enhance its efforts to reach struggling borrowers in Milwaukee and offer sustainable mortgage loan modification options. This assistance will help qualified customers reduce their mortgage payments and avoid foreclosure.
  2. Ocwen will provide $225,000 ($75,000 per year for three years) to the City of Milwaukee to support the Strong Homes Loan Program through 2018.
  3. Working with community partners and the City, Ocwen will conduct three face-to-face customer outreach events per year in Milwaukee for the next three years to meet with and help Ocwen customers struggling with their mortgage payments.
  4. To assist with community revitalization efforts, Ocwen will consider donating specific properties it owns in Milwaukee so that they can be rehabilitated by local families or non-profits. These properties will be donated along with a contribution to support renovation costs.
  5. To further enhance its efforts in the city, Ocwen will donate $200,000 over the next three years to various Milwaukee based non-profit community groups, and work with them, to help struggling borrowers and to reduce city blight.

“The foreclosure crisis in Milwaukee was complex – its impact is still felt by many homeowners in our city,” said Common Council President Michael J. Murphy. “Partnerships have been an integral element to fighting the debilitating effect foreclosures have on neighborhoods. This newest partnership will not only help people stay in their homes, but it also helps homeowners make the repairs needed to make their properties a positive asset in their neighborhood.”

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“As a nationwide servicer, Ocwen understands the foreclosure crisis is not over and that many geographic areas in the country, including Milwaukee, are still dealing with the aftermath of the mortgage crisis. We understand the problems facing homeowners and communities across America and we look forward to working with the City to offer real solutions and financial support that can help make a difference for homeowners in Milwaukee,” commented Ron Faris, President and CEO of Ocwen. “Since 2008, more than 2,000 Milwaukee families have received a modification from Ocwen and over half of those involved a reduction in principal.”

Mr. Faris continued, “We appreciate the assistance and guidance from Mayor Tom Barrett and Common Council President Michael Murphy, who helped us better understand the local challenges facing the community and worked with us to find solutions. Ocwen is committed to helping homeowners have every opportunity to remain in their homes and we are pleased to be working with the entire City of Milwaukee to make this happen.”

The five point plan is the product of numerous discussions among the Mayor, Common Council President and Ocwen since July 2015. In addition to the plan, Ocwen and City officials have worked together on targeted outreach to delinquent Ocwen borrowers and have increased compliance with City registration ordinances to mitigate issues with vacant and “zombie” properties.

Expanding Risk Analysis

CoreLogic has released an enhancement to CoreLogic RiskModel, an advanced analytics system that forecasts future residential mortgage prepayments, defaults, losses and cash flows. The latest release includes enhancements that significantly expand the system’s prime jumbo modeling capabilities for recently issued private label residential mortgage backed securities (RMBS), legacy prime pools, and new prime jumbo loans originated under tighter underwriting guidelines.

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Now leveraging unemployment as a macroeconomic modeling variable in addition to home prices and interest rates, the new Prime Jumbo model provides a more robust and comprehensive solution for regulatory requirements such as DFAST and CCAR stress testing. In addition, a separate model for interest-only loans and the incorporation of borrower debt-to-income ratio enables users to effectively evaluate the future performance of non-qualified mortgages (non-QM).

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“Prime jumbo and super jumbo mortgages have accounted for more than 19.4 percent of all U.S. 2015 originations and continue to be the only asset class with access to liquidity in the private-label secondary market,” said Olumide Soroye, managing director of Information Solutions for CoreLogic. “We have significantly upgraded RiskModel to give originators, banks and investors the insight they need to measure risk and opportunity in their jumbo investments—whether they are in the pipeline, portfolio, or in post-crisis private label securities.”