True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Don’t sleep on non-QM products

Now is the perfect time for originators to consider expanding to non-QM products – to grow business, diversify their offerings and to ensure an opportunity to better serve their customers.

Mortgage

FHFA extends foreclosure, eviction moratorium to February

Extends moratorium for fifth time

The Federal Housing Finance Agency announced Tuesday that Fannie Mae and Freddie Mac will once again extend moratoriums on single-family foreclosures and real estate owned evictions, this time until Feb. 28, 2021.

“To keep our communities safe, and families in their homes during the COVID-19 pandemic, FHFA is extending Fannie Mae and Freddie Mac’s foreclosure and eviction moratorium,” FHFA Director Mark Calabria said.

This marks the fifth time the FHFA has extended the eviction and foreclosure moratorium on a program originally set to expire in June 2020. Most recently, the eviction moratorium was set to expire on Jan. 31, 2021.

The foreclosure moratorium applies to GSE-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by a GSE through foreclosure or deed-in-lieu of foreclosure transactions.

The FHFA projects the COVID-19 foreclosure moratorium and its extension will create an additional $1.4 to $2 billion in expenses for the government-sponsored enterprises.


The tech solution giving community lenders an advantage

Find out more about technology and solutions specifically geared to empower the community lender to offer personalized service to borrowers and to the real estate agent partners from loan application to closing.

Presented by: Maxwell

The U.S. forbearance rate fell seven basis points at the beginning of January to 5.46% of servicer’s portfolio volume, according to a survey from the Mortgage Bankers Association. As of that week’s data set, forbearance portfolio share is now below numbers Black Knight reported in mid-April of 2020.

Overall, forbearances are decreasing, but the speed at which they are declining is beginning to slow. The latest forbearance numbers from MBA marked the eleventh consecutive week servicers portfolios have hovered between 5% and 6% – the longest a percentage range has held since the survey’s origins in May.

Last week the FHFA announced it extended relaxed lending and appraisal standards put in place due to COVID-19 another month for both Fannie Mae and Freddie Mac. The flexibilities surrounding alternative verifications of employment and appraisals were set to expire on Jan. 31, 2021, however, the government entity is now pushing that back to at least Feb. 28, 2021.

Leave a comment

Most Popular Articles

Volume-hungry mortgage lenders loosen credit standards

Mortgage credit availability loosened up in April by 2.2%, per the MBA. The drivers were in conventional mortgages and GSE programs for ARMs and high-balance loans.

May 11, 2021 By

Latest Articles

Genworth mortgage insurance arm IPO on ice

Genworth Financial said it will delay the initial public offering of its recently rebranded mortgage insurance arm, Enact Holdings.

May 13, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please