Archives For: Industry Updates
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
Homeowners Leaving Forbearance Now More Likely to Need Help
More than half a million homeowners who put their loans in forbearance during the pandemic are now in active loss mitigation, a 37 percent jump from a month ago, as relief programs that allowed millions of borrowers to put their payments on hold for up to 18 months expire.
2 Nov 2021
Fannie and Freddie Loans in Forbearance Drop Below 1%
The total number of loans now in forbearance decreased by 6 basis points to 2.15% of servicers’ portfolio volume as of Oct. 24, 2021.
2 Nov 2021
FHFA Proposes New Disclosure Requirements for Fannie and Freddie
The Federal Housing Finance Agency is proposing public disclosure requirements for Fannie Mae and Freddie Mac that would closely align with international standards for large banks.
27 Oct 2021
New York Community says Flagstar Deal won’t Close Until 2022
New York Community Bancorp no longer expects to complete its pending bank acquisition this year. The Long Island-based company doesn’t anticipate that state and federal regulators will approve its $2.6 billion deal to buy Flagstar Bancorp in Troy, Michigan, before the end of the year.
27 Oct 2021
FHA Posts Draft HECM Program Sections of Handbook 4000.1
FHA recently posted the draft Home Equity Conversion Mortgage (HECM) Origination through Servicing sections of its Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1) for stakeholder review and feedback. The draft sections are available online for industry feedback through Monday, November 15, 2021.
27 Oct 2021