What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Mortgage

CoreLogic: 7.4 million homes are at risk during hurricane season

Homeowners can extend forbearances

In a time where the COVID-19 pandemic has caused financially-strapped homeowners to put mortgages and other loans into forbearance, what will happen when they’ll need it because of a natural disaster?

Case in point, it’s hurricane season.

Last year, the National Oceanic and Atmospheric Administration said there were at least 14 events – including hurricanes, tornadoes, hailstorms, floods, earthquakes and wildfires – that resulted in losses exceeding $1 billion in the U.S.

The 2020 CoreLogic Storm Surge Report revealed that today, nearly 7.4 million single- and multifamily homes with more than $1.8 trillion in combined reconstruction cost value are at risk of storm surge and possible mandatory evacuation – during a precarious time when the country continues to face the challenges of a global pandemic.

Last year, when wildfires ripped through California and hurricanes slammed the Texas coast, a study from Simple Dollar showed that 47% of Americans purchased home or rental insurance, while 31% didn’t even know if they had home or rental insurance.

By the week ending June 26, there were 4.68 million homeowners with forbearance plans, meaning their mortgage payments are temporarily suspended, up 79,000 from the prior week, according to Black Knight. The total represents 8.8% of all active mortgages, up from 8.7% the week before, the report said.

So what are homeowners left to do when they already have a mortgage in forbearance from COVID-19?

According to a Freddie Mac spokesperson, the company’s borrowers are able to extend forbearances again.

“Under the CARES Act, a borrower affected by COVID-19 is eligible for up to 12 months of forbearance,” the spokesperson said. “Under our servicing guidelines, a borrower who completes a forbearance period, brings their loan current, and then experiences a subsequent disaster-related hardship may be eligible for up to another 12 months of forbearance.”

In terms of impacting credit and future loan payments, Freddie Mac said it advises borrowers to contact their servicers to discuss ways to bring their account current, including a potential mortgage modification. Certain borrowers may also be eligible for a payment deferral.

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