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Mortgage Lender Processing Services!
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Posted on: 23rd Nov 2013
LPS - "first look"
Lender Processing Services, Inc. (NYSE: LPS), a leading
provider of integrated technology, data and analytics
to the mortgage and real estate industries, reports the
following �first look� at October 2013 month-end
mortgage performance statistics derived from its
loan-level database representing approximately 70% of
the overall market.
- Total US loan delinquency rate (loans 30 or more
days past due, but not in foreclosure):
6.28%
- Month-over-month change in delinquency rate:
-2.80%
- Year-over-year change in delinquency rate: -10.69%
- Total US foreclosure pre-sale inventory rate:
2.54%
- Month-over-month change in foreclosure presale
inventory rate: -3.23%
- Year-over-year change in foreclosure presale
inventory rate: -29.61%
- Number of properties that are 30 or more days past
due, but not in foreclosure: 3,152,000
- Number of properties that are 90 or more days
delinquent, but not in foreclosure: 1,283,000
- Number of properties in foreclosure pre-sale
inventory: 1,276,000
- Number of properties that are 30 or more days
delinquent or in foreclosure: 4,427,000
- States with highest percentage of non-current*
loans: MS, FL, NJ, NY, LA - States with the lowest
percentage of non-current* loans: CO, MT, SD, AK, ND
US to sell GM
The US government plans to sell its remaining General
Motors Co. shares by the end of the year, an
announcement that helped the two Canadian governments
that joined Washington in bailing out GM move closer to
breaking even on their investment. The bailout by the
three governments amounted to about $60-billion, and
helped save about 9,000 jobs in 2009 when the auto
maker and its Detroit Three rival Chrysler LLC were on
the verge of being liquidated in the midst of the
recession. The US government has been steadily selling
its 912 million shares and said Thursday that its
remaining 31.1 million shares, or about 2 per cent of
the company�s stock, will be sold by year-end. That
sent the shares up 42 cents (US) in trading on the New
York Stock Exchange, a $47.3-million windfall for
Ottawa and Ontario, which still hold 110.1 million GM
shares or about 8 per cent of the auto maker�s shares
outstanding. The government ownership led to the
company being derided as �Government Motors� when
it emerged from Chapter 11 bankruptcy protection, and
is believed to have hurt vehicle sales and the
company�s share price and delayed a full recovery
from the near-death crisis that GM has overcome. The
elimination of US government ownership should help
increase US vehicle sales, GM North America president
Mark Reuss told reporters Thursday at the Los Angeles
Auto Show.
Olick - underwater insurance, as millions of homeowners
emerge for air
Fast-rising home prices brought more borrowers up from
underwater in the third quarter of this year than at
any time since the housing recovery began. In the
quarter, 1.4 million borrowers came into a positive
equity position, and nearly 5 million have recovered
since the crash. "We should feel good that we're
moving in the right direction, and at a fast clip,"
said Zillow Chief Economist Stan Humphries. We are
not, however, out of the woods. Twenty-one% of all
homeowners with a mortgage, or nearly 11 million
borrowers, still owe more on their loans than their
homes are worth, though that is down from a peak of 31%
early last year, according to Zillow. And at 39%, the
"effective" negative equity rate�borrowers who have
less than 20% equity in their homes�is still
staggering. To buy a new house, most homeowners need at
least 20% equity to pay all the needed expenses,
including today's high down payments. "Negative equity
will remain a factor for years to come and must be
considered part of the new normal in the housing
market," Humphries said. "Short sales will remain a
persistent feature of the market as many homeowners
remain too far underwater for reasonable price
appreciation alone to help."
Negative equity has been one of the greatest barriers
to a full and robust housing recovery. Sale inventories
are painfully low nationwide because so many homeowners
don't have the equity to move up (or even down). That
lack of listings has depressed sales and pushed prices
higher�good for the equity dilemma but bad for
potential buyers. As with all real estate, some
markets are suffering more than others. Las Vegas,
Atlanta and Orlando, Fla., have the highest negative
equity rates, while San Jose, Calif., Denver and San
Francisco have seen the biggest drops in negative
equity. The recovery, along with the realization that
home prices can in fact fall nationally, has given rise
to a new insurance to protect homeowners against
negative equity. Underwater Mortgage Protection (UMP),
from Kansas-based AmTrust Financial Services, will
launch in three states in December and should be
available nationwide within a year. "Our product fills
a significant gap that was needed in the marketplace,"
said Matthew Kayton, vice president of the real estate
insurance group at AmTrust. "We will be there to help
consumers if they end up in a situation where life
happens to them and they need to sell, and they might
be in a down market."
For an average monthly premium of $40 to $50, consumers
get gap insurance on the value of their home. They must
have at least 10% equity when they apply for UMP and
cannot refinance during the coverage period. If they
decide to sell and the house is not worth the mortgage
amount, UMP helps sell the property through its own
agents and pays the lender the difference. Unlike
private mortgage insurance, it protects the consumer
rather than the lender. "The homeowner essentially
gets to walk away without the potential negative
repercussions of what the old choices were that
homeowners had," Kayton said. Those choices consisted
of staying in the house, or turning to a short sale or
foreclosure. Critics of UMP say it may be taking
advantage of homeowners' fears. "Consumers who have an
extra $40 or $50 per month can 'self-insure' against
house price declines by paying down their mortgage
principal faster," said Barry Zigas, director of
housing for the Consumer Federation of America. "This
generates further equity and is an investment, not an
expense for insurance that may never be recouped." The
coverage is not designed for high-end homes, Kayton
said, adding that $400,000 would be the highest-priced
residence AmTrust would insure in most markets. While
UMP is pricey, it may be a price some are willing to
pay given everything homeowners have been through in
the past five years. Unfortunately it will not help any
of the 11 million borrowers still underwater.
Lender Processing Services, Inc. (NYSE: LPS), a leading
provider of integrated technology, data and analytics
to the mortgage and real estate industries, reports the
following �first look� at October 2013 month-end
mortgage performance statistics derived from its
loan-level database representing approximately 70% of
the overall market.
- Total US loan delinquency rate (loans 30 or more
days past due, but not in foreclosure):
6.28%
- Month-over-month change in delinquency rate:
-2.80%
- Year-over-year change in delinquency rate: -10.69%
- Total US foreclosure pre-sale inventory rate:
2.54%
- Month-over-month change in foreclosure presale
inventory rate: -3.23%
- Year-over-year change in foreclosure presale
inventory rate: -29.61%
- Number of properties that are 30 or more days past
due, but not in foreclosure: 3,152,000
- Number of properties that are 90 or more days
delinquent, but not in foreclosure: 1,283,000
- Number of properties in foreclosure pre-sale
inventory: 1,276,000
- Number of properties that are 30 or more days
delinquent or in foreclosure: 4,427,000
- States with highest percentage of non-current*
loans: MS, FL, NJ, NY, LA - States with the lowest
percentage of non-current* loans: CO, MT, SD, AK, ND
US to sell GM
The US government plans to sell its remaining General
Motors Co. shares by the end of the year, an
announcement that helped the two Canadian governments
that joined Washington in bailing out GM move closer to
breaking even on their investment. The bailout by the
three governments amounted to about $60-billion, and
helped save about 9,000 jobs in 2009 when the auto
maker and its Detroit Three rival Chrysler LLC were on
the verge of being liquidated in the midst of the
recession. The US government has been steadily selling
its 912 million shares and said Thursday that its
remaining 31.1 million shares, or about 2 per cent of
the company�s stock, will be sold by year-end. That
sent the shares up 42 cents (US) in trading on the New
York Stock Exchange, a $47.3-million windfall for
Ottawa and Ontario, which still hold 110.1 million GM
shares or about 8 per cent of the auto maker�s shares
outstanding. The government ownership led to the
company being derided as �Government Motors� when
it emerged from Chapter 11 bankruptcy protection, and
is believed to have hurt vehicle sales and the
company�s share price and delayed a full recovery
from the near-death crisis that GM has overcome. The
elimination of US government ownership should help
increase US vehicle sales, GM North America president
Mark Reuss told reporters Thursday at the Los Angeles
Auto Show.
Olick - underwater insurance, as millions of homeowners
emerge for air
Fast-rising home prices brought more borrowers up from
underwater in the third quarter of this year than at
any time since the housing recovery began. In the
quarter, 1.4 million borrowers came into a positive
equity position, and nearly 5 million have recovered
since the crash. "We should feel good that we're
moving in the right direction, and at a fast clip,"
said Zillow Chief Economist Stan Humphries. We are
not, however, out of the woods. Twenty-one% of all
homeowners with a mortgage, or nearly 11 million
borrowers, still owe more on their loans than their
homes are worth, though that is down from a peak of 31%
early last year, according to Zillow. And at 39%, the
"effective" negative equity rate�borrowers who have
less than 20% equity in their homes�is still
staggering. To buy a new house, most homeowners need at
least 20% equity to pay all the needed expenses,
including today's high down payments. "Negative equity
will remain a factor for years to come and must be
considered part of the new normal in the housing
market," Humphries said. "Short sales will remain a
persistent feature of the market as many homeowners
remain too far underwater for reasonable price
appreciation alone to help."
Negative equity has been one of the greatest barriers
to a full and robust housing recovery. Sale inventories
are painfully low nationwide because so many homeowners
don't have the equity to move up (or even down). That
lack of listings has depressed sales and pushed prices
higher�good for the equity dilemma but bad for
potential buyers. As with all real estate, some
markets are suffering more than others. Las Vegas,
Atlanta and Orlando, Fla., have the highest negative
equity rates, while San Jose, Calif., Denver and San
Francisco have seen the biggest drops in negative
equity. The recovery, along with the realization that
home prices can in fact fall nationally, has given rise
to a new insurance to protect homeowners against
negative equity. Underwater Mortgage Protection (UMP),
from Kansas-based AmTrust Financial Services, will
launch in three states in December and should be
available nationwide within a year. "Our product fills
a significant gap that was needed in the marketplace,"
said Matthew Kayton, vice president of the real estate
insurance group at AmTrust. "We will be there to help
consumers if they end up in a situation where life
happens to them and they need to sell, and they might
be in a down market."
For an average monthly premium of $40 to $50, consumers
get gap insurance on the value of their home. They must
have at least 10% equity when they apply for UMP and
cannot refinance during the coverage period. If they
decide to sell and the house is not worth the mortgage
amount, UMP helps sell the property through its own
agents and pays the lender the difference. Unlike
private mortgage insurance, it protects the consumer
rather than the lender. "The homeowner essentially
gets to walk away without the potential negative
repercussions of what the old choices were that
homeowners had," Kayton said. Those choices consisted
of staying in the house, or turning to a short sale or
foreclosure. Critics of UMP say it may be taking
advantage of homeowners' fears. "Consumers who have an
extra $40 or $50 per month can 'self-insure' against
house price declines by paying down their mortgage
principal faster," said Barry Zigas, director of
housing for the Consumer Federation of America. "This
generates further equity and is an investment, not an
expense for insurance that may never be recouped." The
coverage is not designed for high-end homes, Kayton
said, adding that $400,000 would be the highest-priced
residence AmTrust would insure in most markets. While
UMP is pricey, it may be a price some are willing to
pay given everything homeowners have been through in
the past five years. Unfortunately it will not help any
of the 11 million borrowers still underwater.
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