The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance remained unchanged from the prior week at 5.54% as of November 29. MBA estimates 2.8 million homeowners are in forbearance plans.
Category: News and Trends
MBA Advocacy Update–Dec. 8, 2020
Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell testified last week before House and Senate committees providing an update on CARES Act oversight. In both hearings, Mnuchin addressed the future of the GSEs, and stressed that they should not be released from conservatorship until each has sufficient capital.
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“Job market data for November showed an economic recovery that was slowing in response to the latest surge in COVID-19 cases. It is not surprising to see the rate of forbearance exits slow, as households that needed forbearance assistance in October may be in even greater need now.”
–MBA Chief Economist Mike Fratantoni.
People in the News Dec. 8, 2020
Cherry Creek Mortgage, Denver, appointed Rick Seehausen to president and COO of Cherry Creek Holdings, where he will oversee all company operations, including IT, human resources, legal, accounting, marketing and compliance divisions.
MBA Chart of the Week: IMB Production Profit and Volume
MBA released its latest Quarterly Performance Report for the third quarter last week. Independent mortgage banks and mortgage subsidiaries of chartered banks reported study-high average pre-tax production profits of 203 basis points ($5,535 on each loan originated) in the third quarter, up from 167 basis points ($4,548 per loan) in the second quarter.
Sponsored Content from ServiceLink: Loss Mitigation–How Partnering with the Right Solutions Provider Can Help
As the CARES Act has been welcome relief to borrowers, many servicers are finding their own relief in strategic partnerships.
Bruno Pasceri: The Transformation Ahead
MBA NewsLink interviewed Bruno Pasceri, President of Incenter LLC and a mortgage industry leader for more than 30 years, about the mortgage banking market and how to navigate future changes.
MBA Mortgage Action Alliance Steering Committee Elections Open through Dec. 9
The Mortgage Bankers Association’s grassroots advocacy arm, the Mortgage Action Alliance, is holding elections for three at-large seats on its 2021-2022 MAA Steering Committee. The active voting period will be open until Wednesday, Dec. 9 at 5:00 p.m. ET.
MBA Advocacy Update–Dec. 7, 2020
Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell testified last week before House and Senate committees providing an update on CARES Act oversight. In both hearings, Mnuchin addressed the future of the GSEs, and stressed that they should not be released from conservatorship until each has sufficient capital.
People in the News Dec. 7, 2020
Cherry Creek Mortgage, Denver, appointed Rick Seehausen to president and COO of Cherry Creek Holdings, where he will oversee all company operations, including IT, human resources, legal, accounting, marketing and compliance divisions.