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Mortgage Performance Improves in the First Quarter of 2011
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Mortgage Performance Improves in the First Quarter of 2011
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Mortgage Performance Improves in the First Quarter of 2011

July 1, 2011 (Jeff Alan)

The Office of Thrift Supervision (OTS) reports that mortgage loan performance on first-lien mortgages serviced by large national banks and federal thrifts improved during the first quarter of 2011.

Of the 32.7 million loans in the OTS’s portfolio, 88.6 percent are current and performing at the end of the quarter. Mortgages that were 30-59 days delinquent fell to 2.6 percent, the lowest in three years, while mortgages that were 60 days or more past due and delinquent loans to bankrupt borrowers declined to 4.8 percent, the lowest level since the first quarter of 2009.

Mortgage servicers implemented 557,451 home retention actions, driven by a 78 percent increase in trial-period offers in the first quarter. The number of home retention actions was 17.4 percent higher than the previous quarter.

Permanent modifications declined in the first quarter due to a lower number of trial-period plans in the third and fourth quarter of 2010, which would have resulted in more permanent modifications in the first quarter.

The number of mortgages entering foreclosure declined 11.3 percent from the previous quarter to 312,404 properties. Completed foreclosures increased by 26 percent in the first quarter, but were down 27.7 percent from the first quarter in 2010.

Payment modifications through the government’s Home Affordable Modification Program (HAMP) continued to provide larger relief as the average principal and interest reduction under a HAMP modification was $562 compared to $333 for all modifications.

From the beginning of the government’s loan modifications efforts in 2008 until the end of 2010, mortgage servicers have modified 1,923,603 mortgages. Unfortunately, as time has gone by, the performance of those loan modifications has worsened. At the end of the first quarter, only 52.5 percent of modified loans remain current or have been paid off, of which, 8.2 percent were 30 to 59 days delinquent, 18.5 percent were 60 days or more delinquent, more than 10 percent were in the process of foreclosure, and 4.5 percent had completed the foreclosure process

Loans that were modified by 10 percent or more performed better than those that were modified less than 10 percent. Of the loans that were modified which resulted in a payment reduction of over 10 percent, 61.6 percent were current and performing.

Of the loans that were modified which resulted in the payment being reduced by less than 10 percent, only 37.1 percent remained current and performing.

Tags: OTS, mortgage loan performance, delinquent mortgages, mortgage servicers, foreclosures, loan modifications, HAMP

Source:
OTS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

July 1, 2011 (Jeff Alan)

The Office of Thrift Supervision (OTS) reports that mortgage loan performance on first-lien mortgages serviced by large national banks and federal thrifts improved during the first quarter of 2011.

Of the 32.7 million loans in the OTS’s portfolio, 88.6 percent are current and performing at the end of the quarter. Mortgages that were 30-59 days delinquent fell to 2.6 percent, the lowest in three years, while mortgages that were 60 days or more past due and delinquent loans to bankrupt borrowers declined to 4.8 percent, the lowest level since the first quarter of 2009.

Mortgage servicers implemented 557,451 home retention actions, driven by a 78 percent increase in trial-period offers in the first quarter. The number of home retention actions was 17.4 percent higher than the previous quarter.

Permanent modifications declined in the first quarter due to a lower number of trial-period plans in the third and fourth quarter of 2010, which would have resulted in more permanent modifications in the first quarter.

The number of mortgages entering foreclosure declined 11.3 percent from the previous quarter to 312,404 properties. Completed foreclosures increased by 26 percent in the first quarter, but were down 27.7 percent from the first quarter in 2010.

Payment modifications through the government’s Home Affordable Modification Program (HAMP) continued to provide larger relief as the average principal and interest reduction under a HAMP modification was $562 compared to $333 for all modifications.

From the beginning of the government’s loan modifications efforts in 2008 until the end of 2010, mortgage servicers have modified 1,923,603 mortgages. Unfortunately, as time has gone by, the performance of those loan modifications has worsened. At the end of the first quarter, only 52.5 percent of modified loans remain current or have been paid off, of which, 8.2 percent were 30 to 59 days delinquent, 18.5 percent were 60 days or more delinquent, more than 10 percent were in the process of foreclosure, and 4.5 percent had completed the foreclosure process

Loans that were modified by 10 percent or more performed better than those that were modified less than 10 percent. Of the loans that were modified which resulted in a payment reduction of over 10 percent, 61.6 percent were current and performing.

Of the loans that were modified which resulted in the payment being reduced by less than 10 percent, only 37.1 percent remained current and performing.

Tags: OTS, mortgage loan performance, delinquent mortgages, mortgage servicers, foreclosures, loan modifications, HAMP

Source:
OTS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

July 1, 2011 (Jeff Alan)

The Office of Thrift Supervision (OTS) reports that mortgage loan performance on first-lien mortgages serviced by large national banks and federal thrifts improved during the first quarter of 2011.

Of the 32.7 million loans in the OTS’s portfolio, 88.6 percent are current and performing at the end of the quarter. Mortgages that were 30-59 days delinquent fell to 2.6 percent, the lowest in three years, while mortgages that were 60 days or more past due and delinquent loans to bankrupt borrowers declined to 4.8 percent, the lowest level since the first quarter of 2009.

Mortgage servicers implemented 557,451 home retention actions, driven by a 78 percent increase in trial-period offers in the first quarter. The number of home retention actions was 17.4 percent higher than the previous quarter.

Permanent modifications declined in the first quarter due to a lower number of trial-period plans in the third and fourth quarter of 2010, which would have resulted in more permanent modifications in the first quarter.

The number of mortgages entering foreclosure declined 11.3 percent from the previous quarter to 312,404 properties. Completed foreclosures increased by 26 percent in the first quarter, but were down 27.7 percent from the first quarter in 2010.

Payment modifications through the government’s Home Affordable Modification Program (HAMP) continued to provide larger relief as the average principal and interest reduction under a HAMP modification was $562 compared to $333 for all modifications.

From the beginning of the government’s loan modifications efforts in 2008 until the end of 2010, mortgage servicers have modified 1,923,603 mortgages. Unfortunately, as time has gone by, the performance of those loan modifications has worsened. At the end of the first quarter, only 52.5 percent of modified loans remain current or have been paid off, of which, 8.2 percent were 30 to 59 days delinquent, 18.5 percent were 60 days or more delinquent, more than 10 percent were in the process of foreclosure, and 4.5 percent had completed the foreclosure process

Loans that were modified by 10 percent or more performed better than those that were modified less than 10 percent. Of the loans that were modified which resulted in a payment reduction of over 10 percent, 61.6 percent were current and performing.

Of the loans that were modified which resulted in the payment being reduced by less than 10 percent, only 37.1 percent remained current and performing.

Tags: OTS, mortgage loan performance, delinquent mortgages, mortgage servicers, foreclosures, loan modifications, HAMP

Source:
OTS

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS