Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Managing Credit Risk in 2021 and Beyond

Join a panel of industry experts as they provide an economic outlook for 2021 and a discussion with regional bankers on how they are managing credit risk over the next several years.

Amid record-high origination volumes, mortgage fraud risk is down

CoreLogic's recently released Mortgage Fraud Report is the industry standard for nationwide fraud monitoring and analysis. Read the findings here.

Empowering women to be financially great with Dava Davin

Women of Influence winner Dava Davin joins Girlfunds to discuss everything from her best financial tip to her advice on starting the home-buying process.

CoronavirusMortgage

Mortgage forbearance rate drops to a three-month low

4.1 million borrowers are in forbearance this week, 7.7% of all mortgages, Black Knight says

The U.S. mortgage forbearance rate dropped to a three-month low of 7.7% this week as more Americans were able to pay their loans on time, Black Knight said in a report on Friday.

It was the lowest share of mortgages with suspended payments since late April, when New York was the center of the COVID-19 pandemic. That share represents 4.1 million loans that remain in forbearance as of July 28, Black Knight said.

The data was released on the same day as the expiration of the $600 per week federal unemployment benefit, part of the CARES Act passed by Congress to keep jobless Americans current on their bills.

Typically, unemployment insurance only replaces about 50% of a person’s former salary. Forbearances could begin to increase again because of the lapse of the enhanced beneft, according to Lawrence Yun, chief economist of the National Association of Realtors.

“The number of requests for forbearance could rise,” Yun said. “Whether it’s one percentage point or two percentage points, I couldn’t say.”

Applications for unemployment benefits climbed last week for the second consecutive gain as COVID-19 infections surged in some of the nation’s biggest states.

The Senate adjourned for the weekend on Thursday night without reaching an agreement on extending the enhanced unemployment benefits. The House of Representatives passed the Heroes Act in May that extends the $600-a-week benefit through January.

The Senate began considering COVID-19 relief earlier this week and has proposed a HEALS Act that hasn’t yet been released in full or been voted on. It would reduce the enhanced jobless benefit to $200 a week, according to Majority Leader Mitch McConnell.

White House Chief of Staff Mark Meadows asked the Senate to pass a week-long extension of the $600 benefit so it wouldn’t lapse before they could find a solution, but couldn’t get a deal done, Beacon Policy Advisors said in a note to clients.

Many Republicans, including Treasury Secretary Steven Mnuchin, want to reduce the unemployment benefit to 70% of an unemployed person’s former salary, though state agencies that oversee the benefit have said it would take up to five months to upgrade their systems to be able to do that.

Leave a comment

Most Popular Articles

Prepare for the rise in mortgage rates

Economists offer their takes on how high mortgage rates will climb, how lenders will respond and what impact this will have on the housing market. HW+ Premium Content

Jan 18, 2021 By

Latest Articles

Housing industry welcomes President Joe Biden

The housing industry welcomed President Joe Biden after he was sworn in as the 46th president of the U.S., and Vice President Kamala Harris, who became the first woman to serve in the office.

Jan 20, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please