Reporters discuss bombshell story on Better.com’s CEO

An exclusive interview with the Forbes reporters who recently wrote a bombshell article about Better.com CEO Vishal Garg’s controversial workplace culture.

Now is the time to double down on diversity and inclusion efforts

Quicken Loans Mortgage Services is proud to partner with a diverse set of brokers, which broadens the pool of potential clients they serve together.

How to Accelerate Closings in 2021

In this webinar, we’ll provide you with actionable insights to help you accelerate your closing process from point-of-sale through post-closing.

Why are sellers sitting on the housing market sidelines?

Why aren’t more homeowners selling in this hot housing market? According to new research from Zillow, a number of factors are at play.

Mortgage

Mortgage forbearances drop to a two-month low

4.14 million borrowers are in forbearance this week, 7.8% of all mortgages

There are 4.14 million mortgages in forbearance this week, a two-month low, Black Knight said in a report on Friday.

The number dropped by 435,000 from last week – the largest decline of the pandemic, according to the report.

Measured as a share of all mortgages, the forbearance rate fell to 7.8% from 8.6% in the prior week, the report said.

The decline comes as the number of COVID-19 infections spikes to record levels in several of the nation’s largest states, including Texas and California, which could fuel layoffs. Also looming is the July 31 expiration date of the CARES Act’s beefed-up unemployment benefit that could lead to an increase in forbearance requests.

“Recent spikes in COVID-19 around much of the country and the scheduled expiration of expanded unemployment benefits both represent significant uncertainty for the weeks ahead,” said Andy Walden, an economist and director of market research for Black Knight.

About 6% of mortgages backed by Fannie Mae and Freddie Mac are now in forbearance, down from 6.8% last week, the report said. That’s about 1.7 million mortgages with an unpaid principal balance of $354 billion.

About 11.6% of home loans back by the Federal Housing Administration and the Veterans Administration have suspended payments, down from 12.3% last week, Black Knight said. That’s about 1.4 million home loans with an unpaid principal balance of $240 billion, according to the report.

In addition, there are 1.1 million private-market mortgages in forbearance, representing an 8.2% share, down from 9.3% last week, Black Knight said. Private-market mortgages aren’t backed by a government agency or a GSE. They could be jumbo mortgages held by banks or home loans packaged into private-label bonds. The unpaid principal balance for those mortgages is $304 billion.

Leave a comment

Most Popular Articles

The downside of the hot 2020 housing market: rapid home-price growth

The mismatch in the COVID deflationary impact toward the economy overall and the strength of the housing market due to demographics makes for a troubling formula for home-price growth, which we are seeing. The recent NAR existing home sales report showed 15.5% year-over-year growth in prices. HW+ Premium Content

Nov 30, 2020 By

Latest Articles

Fannie and Freddie need “significant capital” to leave conservatorship, Mnuchin says

In a hearing before the House Financial Services Committee, Treasury Secretary Steven Mnuchin said no definite plans have been made for the future of Fannie Mae and Freddie Mac, but discussed the idea that they could be released from conservatorship before their full capital levels are reached.

Dec 02, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please