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March 2024 » thefivestar.com 67 March 2024 J O U R N A L es sold 163,297 NPLs with a total unpaid principal balance (UPB) of $30 billion from program inception in 2014 through June 30, 2023. The loans included in the NPL sales had an average delinquency of 2.8 years, and an average current mark-to- market loan-to-value (LTV) ratio of 84%. NPL Sales Highlights: » The average delinquency for pools sold ranged from 1.1 years to 6.2 years. » Fannie Mae has sold 112,730 loans with an aggregate UPB of $20.3 billion, an average delinquency of 2.8 years, and an average LTV of 81%. » Freddie Mac has sold 50,567 loans with an aggregate UPB of $9.7 billion, an average delinquency of 2.7 years, and an average LTV of 90%. » New York, Florida, and New Jersey accounted for 40% of NPLs sold as of June 30, 2023. These three states accounted for 47% of the Enterpris- es' loans that were one year or more delinquent as of December 31, 2014. The distribution of NPL sales by state closely mirrors the distribution of the Enter- prises' one year or more delinquent loans by state prior to the start of NPL programmatic sales in 2015. Borrower Outcome Highlights: » The borrower outcomes in the report are based on 160,576 NPLs that were settled by December 31, 2022, and reported as of June 30, 2023. » Compared to a benchmark of similarly delinquent Enterprise NPLs that were not sold, foreclosures avoided for sold NPLs were higher than the benchmark. » NPLs on homes occupied by borrow- ers had the highest rate of foreclosure avoidance outcomes (45.6% foreclosure avoided versus 17.9% for vacant prop- erties). NPLs on vacant homes had a much higher rate of foreclosure, more than dou- ble the foreclosure rate of borrower-occu- pied properties (76.4% foreclosure versus 28% for borrower-occupied properties). Foreclosures on vacant homes typically improve neighborhood stability and re- duce blight as the homes are sold or rented to new occupants. Overall, the average UPB of NPLs sold was $184,231. HUD AND VA DEDICATE $14M FOR HOUSING SOLUTIONS T he U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA), in an effort to help homeless veterans and their families find permanent housing, have awarded $14 million in HUD-Veterans Affairs Support- ive Housing (HUD-VASH) vouchers to 66 Public Housing Agencies (PHAs) across the country for more than 1,400 vouchers. "HUD is committed to ending veteran homelessness once and for all," HUD Secretary Marcia L. Fudge said. "These HUD-VASH voucher awards help us to reach that goal. We will continue to work with our local Veterans Affairs Medical Center partners at public housing agencies across the country so we can get veterans and their families off the streets and into affordable housing." The HUD-VASH program provides housing and an array of supportive ser- vices to veterans experiencing homeless- ness by combining rental assistance from HUD with case management and clinical services provided by the VA. "As President Biden reminds us, our one truly sacred obligation is to the men and women of the United States Mili- tary Services," HUD Principal Deputy Assistant Secretary Richard Monocchio said. "The continued success of the HUD- VASH program stands as testament to our collective devotion to caring for Veterans and their families when they return home. At HUD, we are committed to continuing to strengthen the HUD-VASH program to serve as many Veterans as possible." Foreclosures on vacant homes typically improve neighborhood stability and reduce blight as the homes are sold or rented to new occupants.