Archives For: Industry Updates
Post-Moratorium Foreclosure Activity Rises Modestly
Foreclosure filings increased in the fourth month following the July 31 expiration of the pandemic related moratorium. ATTOM says those filings were up 5.0 percent in October compared to September with 20,587 properties the subject of a default notice, scheduled auction, or actual bank repossession.
12 Nov 2021
With Biden’s FHA Nominee in Limbo, Mortgage Market Grows Restless
President Biden’s nominee to head the Federal Housing Administration is stuck in limbo as the Senate battles competing priorities, frustrating many in the mortgage industry who are concerned about a lack of leadership at a critical juncture for the agency.
12 Nov 2021
New Mortgage Refinance Programs from Fannie Mae and Freddie Mac are Expanding to Reach More Homeowners
The goal of Fannie Mae’s and Freddie Mac’s refi programs is to help low-to-moderate income households take advantage of historically low mortgage rates.
11 Nov 2021
The Impact of COVID-19 on the Lending Industry
During the height of the COVID-19 pandemic and the subsequent recession, households, businesses, and entire nations struggled to determine where to find capital. A massive shock wave hit the public, and sustaining regular operations often seemed bleak. As a result, the United States saw GDP fall 32.9% in Q2 of 2020.
11 Nov 2021
Tech is Humanizing Mortgage, and it’s Exactly What the Industry Needs
Mortgage lenders are under more pressure than seen in decades. Low rates have fueled a refinance boom, and the pandemic has sent purchase volume and home prices soaring. Through the market’s shift, lenders must manage purchases with new, well-funded mortgage fintechs nipping at their heels.
11 Nov 2021
CFPB to Closely Scrutinize How Mortgage Servicers Handle Borrowers Exiting Forbearance
As the COVID-19 related foreclosure moratoriums wind to a close and mortgage servicers brace for a potential wave of defaults, the Consumer Financial Protection Bureau (CFPB) has announced that it will be fully enforcing the foreclosure protections put in place in the wake of the Great Recession of 2008.
11 Nov 2021
MBA: Forbearance Hits Lowest Level Yet
The share of Fannie Mae and Freddie Mac loans in forbearance has reached the lowest level since the start of the pandemic, according to the Mortgage Bankers Association, but an increase in the number of borrowers exiting forbearance into loan modifications points to ongoing struggles in the recovery from the pandemic.
9 Nov 2021
Zombie Foreclosures Dip in Fourth Quarter
Around 1.3 million, or 1.3 percent of residential properties across the country, sit vacant, according to ATTOM’s fourth-quarter 2021 Vacant Property and Zombie Foreclosure Report.
5 Nov 2021
Fed Tapering Starts Now, Markets Unfazed
The Federal Reserve this month will begin tapering the support it’s provided to mortgage rates during the pandemic, reducing its $120 billion in monthly purchases of mortgages and government debt over eight months.
3 Nov 2021
New Freddie Mac Initiative Helps Renters Build Credit
Freddie Mac today announced a new initiative to help renters build credit by encouraging operators of multifamily properties to report on-time rental payments to the three major credit-reporting bureaus.
3 Nov 2021