HUD Offering FHA Loss Mitigation Class on Line.

FHA Mortgagee Letter (MS Word) describing class and registration process is HERE.

Originally created and posted on the Oregon Housing Blog.

Homeowner Affordability and Stability Plan Notes 1.

Executive Summary is HERE.

Text of prepared remarks HERE.

Fannie, Freddie Loan Streamlined Loan Mod Programs Go Forth.

Press release from their regulator, FHFA, is HERE.
Link to Freddie program Bulletin and guidelines HERE.
Link to Fannie announcement with program guidelines HERE.

Video of Today's Housing Forum.

Link HERE should get you to C-Span Flash video of Housing Forum from today (Monday), including remarks from Comptroller of Currency on loan modifications.

Click on Flash icon in upper right to open video; note that you can keyword search within video to find specific topic.

Reports on Loss Mitigation and Foreclosure Released by FHFA.

FHFA (previously known as OFHEO) has released their first report with metrics on foreclosures and loss mitigation actions by Fannie Mae and Freddie Mac, covering period through June 30, 2008. [Big problem with reporting as far as I am concerned is no state or local information is included].

Mortgage Metrics Report is HERE. (A related, but briefer, Foreclosure Prevention Report with data through August 2008 is HERE).

Some quick highlights from Mortgage Metrics Report focusing on foreclosures (will look at loan modifications and other loss mitigation actions later):

• REO acquisitions in the second quarter averaged 12,169 with 6,857 classified as prime and 5,312 classified as nonprime mortgage properties. REO acquisitions for prime mortgage properties increased by 26.9 percent over the first quarter 2008 monthly average, while REO acquisitions for nonprime mortgage properties increased by 14.4 percent
• The real estate owned (REO) inventory rose from 61,550 at March 31, 2008 to 76,154 as of June 30, 2008 — an increase of 14,064 properties or 23.7 percent during second quarter 2008. The REO inventory of prime mortgage properties increased by 9,205 properties or 28.9 percent to 41,082 properties, while nonprime mortgage properties increased by 5,399 or 18.2 percent to 35,072 properties.

New Monthly FHFA Report on Fannie and Freddie Loan Modification Activity.

Report is from the Federal Housing Finance Agency, formerly known as OFHEO, Office of Federal Housing Enterprise Oversight .

First report for August is HERE; contains only national level data. ( I guess they didn't yet get the "all politics is local " memo).

Details and Tools for Understanding FDIC Loan Modification Program.

While there has been much general information discussed about the FDIC loan modification process, I have found a link to some important new information posted by FDIC HERE.

The New FDIC Mod in a Box Includes Net Present Value Excel Spreadsheet.
Much more detail is found in the "Mod in a Box" FDIC link HERE. Perhaps MOST importantly, FDIC has included an Excel spreadsheet HERE which allows a comparison of net present value of a loan modification with costs of a mortgage foreclosure. This is the first tool from any agency or lender that I have seen that allows that comparison to be made.

Kudos to FDIC leadership and staff for the transparency that these materials provide.

(I would next like to see a side by side comparison of the various mortgage modification proposals that have been announced to date from Bank of America, Wells Fargo, FHFA, FDIC HUD, etc.There appears to be significant variation on qualifying ratios, whether interest rate adjustment is permanent or temporary and other important differences).

OCC Releases New "Mortgage Metrics" Report.

The Office of the Comptroller of the Currency (OCC) has just released a new national "Mortgage Metrics' report HERE.

Report looks at loan performance from nine largest mortgage servicers representing 90% of loans held by national banks from October 2007-March 2008. It focuses on delinquencies, foreclosures, and loss mitigation activities, and does not appear to include state breakouts. Future reports will be issued on a quarterly basis.

An further explanation of what the report measures, and some highlights of the first report can be found in an OCC press release HERE.

Speech from the Comptroller of Currency announcing report is HERE.

FHA Outlook Reports: Data Sampler.

HUD now posts a biweekly updated report HERE showing FHA loan volume activity and detail at the national level.

Example of data from most recent report (March 16-31):

• HUD anticipates 278,000 conventional to FHA refinanced insurance endorsements (not applications) this fiscal year, and so far 131,000+ have been endorsed.
• Of those 278,000 conventional to FHA refinanced endorsements, HUD expects only 4,000 to be delinquent (at the stage of application?). So far 1,729 of these delinquent conventional to FHA refinance endorsements have been completed. (HUD anticipates 16,000 applications for delinquent conventional to FHA refinance loans, so only 1 in 4 applications of this kind are anticipated to result in an endorsement this fiscal year).
  
• Refinancing endorsements of all types are up by 176% compared to the same period last fiscal year.
  
• HUD anticipates 75,000 loss mitigation retention claims for the fiscal year and so far more than 44,000+of these claims have occurred. 5,000 loss mitigation claims where the family does not stay in the home are anticipated and to date 1,980 have occurred.
• HUD expects 309,000 first time home purchase loans to be endorsed, with 31% going to minority first time home buyers. To date this fiscal year, 33% of the 142,000 first time home buyer endorsements have gone to minorities.