A look at Biden’s first week in office

This episode reviews last week’s inauguration of President Joe Biden, examining which housing issues the new administration has already taken action on.

Biden’s executive order will extend foreclosure moratorium

President Biden revealed his plan to sign 17 executive orders his first day in office, including am extension of the eviction and foreclosure moratorium to at least March 31.

How servicers continue to protect neighborhoods amid COVID

We spoke with MCS CEO Caroline Reaves about self-service technology, the shift to virtual and how servicers can prepare for post-COVID success by improving processes today.

HomeBridge’s Brian White on diversity at a practical level

HomeBridge's Brian “Woody” White discusses ways to increase diversity within the housing finance industry.

Mortgage

HereÕ the latest data on the impact of Hurricanes Harvey and Irma on mortgages

Black Knight: Texas and Florida non-current mortgages surge

Given the timing of the hurricanes and based on observations from previous hurricanes, the worst of the impact from Hurricanes Harvey and Irma was predicted to come in September.

The two hurricanes came within a week of each other and wreaked havoc on parts of Florida and South Texas, destroying thousands of homes.

Now almost two months after Hurricane Harvey, Black Knight’s “first look” report on the September 2017 mortgage data shows the initial numbers on the impact of the hurricanes.

Nationally, the report stated that the number of non-current mortgages (those at least 30 days past-due or in active foreclosure) surged by 214,000, or 9%, driven primarily by fallout from Hurricanes Harvey and Irma.

The bulk of the increase came from FEMA-declared hurricane disaster areas. Non-current inventory rose by 84,000, or 48%, in Irma disaster areas and 52,000, or 67%, in those related to Harvey, the report found.

To put it in perspective, before the hurricanes hit, Texas and Florida ranked 20th and 22nd among states by non-current mortgage rates. But, after the storms, they ranked 3rd and 5th, respectively.

While it was a result of the hurricane impact, September witnessed the first annual rise in mortgage delinquencies (borrowers at least 30 days past-due but not yet in active foreclosure) since July 2010.

Before the storm hit, Fannie Mae and Freddie Mac announced they were suspending foreclosures and evictions in wake of the hurricane.

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