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First American reveals data breach impacting 44,000 individuals

Plus: Fannie Mae and Freddie Mac announce enhancements to flex modification

May 31, 2024

☀️ Good morning. This is Mortgage Nuggets - the newsletter that brings you all the best & latest mortgage news. Always fresh, no fluff.

Disclaimer: Average mortgage rates as of May 30, 2024. © MND's Daily Rate Index.

1. 54% of buyers don’t shop around for a mortgage

According to a recent study by LendingTree, 45% of homebuyers with a mortgage who shopped around got a lower offer than their first. Yet over half (54%) of those with a mortgage for their most recent home only got one mortgage offer.

2. March mortgage delinquency rate holds at 2.8%

In March 2024, the national delinquency rate for residential mortgages was 2.8%, unchanged for three months but slightly higher than March 2023, according to CoreLogic.

Early-stage delinquencies rose to 1.5% from 1.1% in March 2023, adverse delinquencies increased to 0.4% from 0.3%, and serious delinquencies decreased to 0.9% from 1.1%. Foreclosures remained steady at 0.3%.

Despite rising delinquencies, a low unemployment rate below 4% should help most borrowers. Forty-eight states posted year-over-year increases in their overall delinquency rates in March. The state with the largest gain was Louisiana, up 0.7 percentage points to a rate of 5.5%.

🚨 Coach’s Corner

Just apologize, seriously it's good for your sales! (Youtube)

— Dave Krichmar CEO

3. More Nuggets

👀 The CFPB is seeking comments from the public related to fees charged by providers of mortgages and related settlement services. (link)

🆙 Black homeownership rate rises, but hasn't returned to 2004 level. (Zillow)

🧑‍💻 First American reveals data breach impacting 44,000 individuals. (infoSec News)

🗞️ Fannie Mae and Freddie Mac announce enhancements to flex modification. (FHFA)

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4. VA extends foreclosure moratorium through 2024

The Department of Veteran Affairs announced on Wednesday that it has called on mortgage servicers to extend the moratorium on foreclosures for VA-guaranteed loans through Dec. 31, 2024, while these companies implement a new program to help struggling veterans.

The current moratorium, announced in November, was set to end on Friday. It was implemented amid complaints of veterans’ struggles because there was no program available to succeed a partial claim option offered during the COVID-19 pandemic.

“We’re calling on mortgage servicers to follow a targeted foreclosure moratorium so we can make sure that Veterans get the support they need to stay in their homes,” Josh Jacobs, the VA’s undersecretary for benefits.

5. Pending home sales plunge to lowest level in four years

Pending home sales in April fell 7.7%, according to the National Association of Realtors®. All four U.S. regions registered month-over-month and year-over-year decreases.

The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – decreased to 72.3 in April. Year over year, pending transactions were down 7.4%. link

“The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market,” said NAR Chief Economist Lawrence Yun. “But the Federal Reserve’s anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply.”

☀️ You’re all caught up. See you on Monday!

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