Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

Rohit Chopra pleads the fifth on QM rule

Consumer Financial Protection Bureau Director Rohit Chopra, in his first report to Congress, answered for decisions made by his predecessor, and provided some indication of his priorities going forward.

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner. 

Which core segments of brokerage make the most money

Today’s HousingWire Daily is a RealTrending crossover episode. It features Tracey Velt, editorial director at HW Media Company RealTrends, who interviews Chris Kelly and Christian Wallace.

CoronavirusMortgage

Mortgage forbearance requests slow to a trickle, Black Knight says

7.2% of mortgages back by Fannie Mae and Freddie Mac have suspended payments

Requests for help from borrowers have slowed with the total number of mortgages in forbearance at about 4.8 million, Black Knight said on Thursday.

Only 7,000 mortgages entered forbearance this week, Black Knight said.

“Volumes of forbearance plans have flattened, and in fact new inflows have slowed to a relative trickle,” the mortgage data firm said in a statement.

The overall share of home loans with suspended payments stands at 9%, Black Knight said. Broken out by investor types, 7.2% of mortgages backed by Fannie Mae and Freddie Mac are in forbearance. That’s a total of 2 million mortgages.

The forbearance share for home loans backed the Federal Housing Administration and the Veterans Administration was 12.6%, or 1.5 million mortgages.

At this week’s level for all types of mortgages in forbearance, servicers need to advance a combined $3.6 billion a month in principal and interest payments to holders of government-backed mortgage securities on COVID-19-related forbearances, the report said.

That’s on top of the $1.5 billion in payments for taxes and insurance they are required make on behalf of borrowers. Typically those so-called T & I payments come out of a mortgage holders escrow fund they pay into every month.

American mortgage holders have swamped servicers with forbearance requests in the months following the start of the COVID-19 pandemic. Requests are slowing as more people go back to work and are able to pay their bills.

Jobless claims since March have topped 40 million, meaning layoffs have hit 1 in 4 American workers, according to a report from the Labor Department on Thursday.

But, the data showed some workers have been rehired. Continuing claims that measure the total number of people receiving unemployment benefits declined for the first time since the start of the pandemic.

The number of people receiving jobless benefits dropped by about 3.8 million to 21.1 million as some people were rehired, according to jobs report.

Leave a comment

Most Popular Articles

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy. HW+ Premium Content

Oct 25, 2021 By and

Latest Articles

Opinion: GSE policy changes are positive for small lenders

The CHLA, which represents small and mid-size independent mortgage bankers (IMBs), applauds recent policy changes by FHFA and the GSEs.

Oct 28, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please