DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/329085
84 STATE OF AFFAIRS: MIDWEST ยป that we believe will extend well into the future," Woosley said. "e challenge we face is whether the building sector is going to be able to meet growing demand from buyers given the workforce and capital access issues the industry will face in many markets throughout the state." HED: United Wholesale Mortgage Launches Non-QM Program for Jumbo Loans United Wholesale Mortgage (UWM), headquartered in Troy, Michigan, announced it has launched a new program called "Big & Easy Plus," designed for non-QM jumbo loans. "ere are a lot of borrowers that currently do not fit into the QM category," said Mat Ishbia, CEO and president of UWM. "Our Big & Easy Plus program gives UWM cli- ents the flexibility to originate a 'make sense' loan for jumbo borrowers with higher DTIs, helping expand their pipelines." e program is intended for borrow- ers with a debt to income range of 43.01 to 49 percent and loan amounts from $417,001 to $1.5 million. Additionally, the program requires a FICO credit score of 740-plus and a loan-to-value ratio as high as 75 percent. UWM's originators can log into its broker portal, EASE (Easiest Application System Ever), to review the full set of guidelines and parameters. e program can also be accessed by UWM's recently rolled out mobile appli- cation for Apple and Android devices. Minnesota RANK: 47 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate MARCH 2014 1.28% 0.65% 4.8 YEAR AGO 1.40% 1.18% 5.2 YEAR-OVER-YEAR CHANGE -8.8% -44.6% -0.4 Top County PIPESTONE COUNTY 90+ Day Foreclosure Delinquency Rate Rate MARCH 2014 2.26% 2.64% YEAR AGO 1.83% 0.77% YEAR-OVER-YEAR CHANGE 23.4% 242.3% Top Core-Based Statistical Area ALBERT LEA, MN 90+ Day Foreclosure Delinquency Rate Rate MARCH 2014 2.25% 1.58% YEAR AGO 2.24% 1.76% YEAR-OVER-YEAR CHANGE 0.5% -10.1% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary March 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Minnesota www.MinnesotaREO.com 612-669-6324 952-829-2938 763-432-7640 612-821-7500 952-844-1511 763-533-9133 651-209-8444 Bruce McAlpin Jeff Detloff Long H. Doan Maribel Garcia Garth Johnson Craig Murphy Michael Olsen Missouri RANK: 38 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate MARCH 2014 2.31% 0.88% 6.7 YEAR AGO 2.51% 1.29% 6.6 YEAR-OVER-YEAR CHANGE -7.9% -31.6% 0.1 Top County MISSISSIPPI COUNTY 90+ Day Foreclosure Delinquency Rate Rate MARCH 2014 4.23% 3.42% YEAR AGO 3.36% 1.81% YEAR-OVER-YEAR CHANGE 25.9% 88.9% Top Core-Based Statistical Area MOBERLY, MO 90+ Day Foreclosure Delinquency Rate Rate MARCH 2014 2.37% 2.53% YEAR AGO 3.84% 1.43% YEAR-OVER-YEAR CHANGE -38.5% 77.2% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary March 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Nebraska RANK: 48 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate MARCH 2014 1.58% 0.65% 3.7 YEAR AGO 1.63% 1.05% 3.9 YEAR-OVER-YEAR CHANGE -3.4% -38.4% -0.2 Top County MERRICK COUNTY 90+ Day Foreclosure Delinquency Rate Rate MARCH 2014 2.00% 1.54% YEAR AGO 1.55% 2.35% YEAR-OVER-YEAR CHANGE 28.9% -34.2% Top Core-Based Statistical Area SCOTTSBLUFF, NE 90+ Day Foreclosure Delinquency Rate Rate MARCH 2014 0.97% 1.44% YEAR AGO 1.47% 1.44% YEAR-OVER-YEAR CHANGE -34.2% 0.1% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary March 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Rate of Seriously Delinquent Mortgages in Michigan Source: CoreLogic's National Foreclosure Report STAT INSIGHT 3.6% For February 2014, the average home in Minnesota cost $218,000, according to Black Knight's Home Price Index. KNOW THIS