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Mortgage delinquency levels rise on softer FHA performance
Mortgage delinquencies increased by 6 basis points from the second quarter, as the performance of Federal Housing Administration-insurance loans declined, the Mortgage Bankers Association National Delinquency Survey found.Recently, ICE Mortgage Technology executive Andy Walden said FHA loan performance trends were a yellow flag for the mortgage industry.Delinquent mortgages made up 3.99% of all outstanding loans when seasonally adjusted in the third quarter, up from 3.93% in the second quarter and 3.92% one year prior.This is the second highest delinquency rate since an all-time low was recorded in the second quarter of 2023. The 3.37% posted for that period was 62 basis points below the most recent data.While the foreclosure start rate was still rather low at 0.20%, it was 3 basis points higher than the previous quarter. The share of loans in the foreclosure process was 50 basis points, up 2 basis points from the second quarter and 5 basis points over the third quarter of 2024."Since this time last year, the FHA seriously delinquent rate — which includes 90-plus day delinquencies and loans in foreclosure — increased by almost 50 basis points," Marina Walsh, the MBA's vice president of industry analysis, said in a press release. "In contrast, the conventional and Veterans Affairs seriously delinquent rates remained relatively flat."The period's results were not affected by the government shutdown or the end of pandemic related FHA loss mitigation programs, although those are likely to affect delinquency activity going forward, Walsh said.FHA borrowers are more affected by a softer labor market, other personal debt obligations, along with increases in taxes, homeowners insurance premiums and other fees, she said."Additionally, home price declines in some parts of the country may lessen the ability to sell or refinance," Walsh warned. It is the growth in values which provides a level of protection for distressed borrowers in recent years.While the seasonally adjusted serious delinquent borrower rate (90 or more days) of 111 basis points was unchanged from the second quarter, the shorter term buckets were higher.For borrowers who are between 30 and 59 days late on their scheduled payment, the rate increased 2 basis points to 2.12%, while between 60 and 89 days rose 4 basis points to 76 basis points.FHA mortgage rates were 21 basis points higher to 10.78% versus the second quarter, while year-over-year they are 32 basis points more.Conventional loans overall late payments rose 2 basis points to 2.62% from three months prior but reported a 1 basis point drop versus the third quarter of 2024.While the overall VA rate rose 18 basis points to 4.5% between the second and third quarters, it dropped 8 basis points from one year ago.The seriously delinquent rate decreased 2 basis points for conventional loans, increased 30 basis points for FHA loans, and decreased by 1 basis point for VA loans quarter-to-quarter.Versus the third quarter 2024, this fell by 4 basis points for conventional loans, but rose 47 basis points for FHA loans and 4 basis points for VA loans.In recent reports from bond rating agencies KBRA and Fitch, both are expecting delinquency rates to increase next year.
Servicers OK data breach settlement after long legal battle
Bayview Asset Management and three affiliates have agreed to a settlement with plaintiffs over a data breach lawsuit for a hack that affected 5.8 million people in 2021.The sides agreed to basic terms of a class action settlement, subject to court approval and the final dismissing of the case, according to a court document filed Thursday. They plan to file a written, formal agreement within 45 days.The parties also asked for all current deadlines related to pending motions to be paused.The settlement agreement signals the beginning of the end for the three-and-a-half-year legal battle. Customers affected by the breach began filing lawsuits against the company and its servicing subsidiaries, Community Loan Servicing, Lakeview Loan Servicing and Pingora Loan Servicing, in March 2022 after Lakeview said in public notices the breach impacted 2.5 million borrowers between Oct. 27, 2021 and Dec. 7, 2021."This (personal identifiable information) was compromised due to defendant's negligent, careless and intentional acts and omissions and the failure to protect the PII of plaintiff and class members," wrote Daniel Rosenthal, an attorney with DBR Law, P.A., at the time in a complaint on behalf of an affected California customer.Dozens of plaintiffs wanted to enforce multiple cybersecurity measures at the firm and collect damages, but a judge gutted all but one of their claims in December 2023.California, Maryland, North Carolina and Washington state entities then led a group of more than 50 regulators in an action imposing a $20 million penalty on Bayview's affiliates in January, citing flaws in the way the companies handled the breach. The servicing entities also agreed to ensure their cybersecurity efforts comply with federal and New York State Department of Financial Services standards. Bayview has since acquired Guild Mortgage for $1.3 billion and plans to privatize the lender once the deal is finalized, which is expected by the end of the year.
Rice Park acquires Rosegate Mortgage in recapture push
Left to righ: Bryce Bradley, Rosegate Mortgage; Craig Freel, Rice Park Capital Management Private investment firm Rice Park Capital Management will acquire a retail and consumer-direct lender one year after the two businesses signed an initial partnership agreement. As in several recent mergers, the servicing pipeline potential figured prominently behind the Minneapolis-based financial firm's decision to acquire Rosegate Mortgage. Rice Park specializes in mortgage servicing rights, with the two companies first inking a deal in October 2024 for the investment firm to help provide financing for Rosegate borrowers. "Acquiring Rosegate enables us to offer a fully integrated mortgage investment platform that we believe enhances value for our investors through improved servicing retention and strategic recapture," said Craig Freel, Rice Park president and co-chief investment officer, in a press release.Rice Park's MSR portfolio currently holds approximately $61 billion in unpaid balance, serviced through subsidiary Nexus Nova. The merger will combine operations of Nexus Nova and Charlotte, North Carolina-based Rosegate into a single business entity within the larger Rice Park organizational structure. Other financial terms of the deal were not disclosed."We're thrilled to be integrated with Rice Park and are excited to build out what we believe will be a high-quality servicing retention and recapture model," Rosegate Mortgage President and CEO Bryce Bradley added."Now within the Rice Park family, we are able to introduce ourselves to more customers," Bradley continued, "while continuing to enhance our organization and grow both the consumer-direct and retail lending channels."The addition of Rosegate will lead Rice Park to "selectively perform recapture across its MSR holdings" that will generate optimal returns and mitigate prepayment risk, the investment firm said. While it offers recapture potential for the newly combined company, Rice Park leaders emphasized they would continue to work with existing partners, who should see no changes in existing relationships. "Our platform is designed to offer flexibility — providing capital and MSR solutions that preserve and support our partners' customer relationships," Freel said. The changes mean Rice Park will adopt a dual-channel strategy. For its MSR acquisitions with existing recapture terms, it will continue to support and respect the partnerships. Rice Park will utilize Rosegate to pursue recapture directly on MSRs without an embedded recapture agreement.Rosegate Mortgage will keep existing branding and continue to operate from its Charlotte home base. The recurring M&A theme of 2025The Rice Park-Rosegate deal comes as the latest example of merger-and-acquisition activity driven by recapture pipelines in 2025. It arrives after the blockbuster merger between Rocket and Mr. Cooper led many mortgage lenders and servicing businesses to evaluate existing models and strategies in order to best capitalize on future business. In between the Rocket and current Rice Park deals, the mortgage industry has seen similar subsequent transactions combining established originations and servicing leaders, including the merger agreement between Bayview Asset Management and Guild Mortgage. The recapture potential and servicing book of Reliance First Capital also played a factor in its acquisition by Carrington Mortgage Services in late October.Other recent M&A deals involve Union Home Mortgage and Anniemac Home Mortgage, both of which have acquired two lenders in 2025. News within the past two weeks also featured mergers between Maryland-based firms NFM Lending and Homespire Mortgage, as well as an agreement uniting Atlantic Coast Mortgage and Tidewater Mortgage Services.
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