The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 40 basis points to 5.92% of servicers’ portfolio volume as of October 11, from 6.32% the prior week. MBA now estimates 3.0 million homeowners are in forbearance plans.
Category: News and Trends
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“Homeownership is the foundation for generational wealth and social mobility. I don’t see this as a dream. We have the ability together to make our world better, so let’s make that happen. This is a mission worthy of the MBA.”
–Newly elected MBA Chair Susan Stewart.
Andrew Weiss of Origence on Managing Customer Engagement
Andrew Weiss is Senior Vice President of Mortgage Origination Platform Strategy with Origence, Irvine, Calif., a provider of lending technology and platforms for the financial services industry. He has more than 30 years of experience in the mortgage and consumer lending space and was instrumental in developing Desktop Underwriter while working for Fannie Mae.
MBA Chart of the Week: Appetite for Commercial/Multifamily
CRE mortgage demand is generally on the rise, with four times more firms expecting borrower demand to be “very strong” in the fourth quarter (24%), compared to the 6% who believed demand was “very strong” in the third quarter.
Sponsored Content from WFG Lender Services: The Key to Lender Success: Borrower Satisfaction
There is plenty of evidence that better borrower satisfaction is a competitive requirement. How will lenders achieve it?
Brian Zitin: Foreshadowing Future Appraisal Bottlenecks During Covid-19
Lenders are seeing record-breaking volume month over month, and it doesn’t seem to be slowing down. One thing that has slowed down across the industry, however, is appraisal turn times. As the volume of loans requiring appraisals goes up, the number of appraisers seems to be going in the opposite direction.
RIHA Study: More than 6 Million Renters and Homeowners and 26 Million Student Debt Borrowers Missed September Payment
More than six million households did not make their rent or mortgage payments, and 26 million individuals missed their student loan payment in September, according to third quarter research released today by the Mortgage Bankers Association’s Research Institute for Housing America.
Rachael Sokolowski and Rick Triola: Impediments to Interstate Commerce Eliminated by Passage of The Secure Notarization Act
What ever happened to Senate Bill 3533, the Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2020 (the “SECURE Act”), bipartisan legislation to authorize and establish minimum standards for electronic and remote notarizations (RON), which was introduced in mid-March? We assert that this question would be on more lips and in more headlines had not nearly every state in the Union either adopted its own version of the law or enacted pandemic-necessitated workarounds.
Today at MBA Annual20
Here is an easy reference schedule for the MBA Annual Convention & Expo, scheduled to take place online Oct. 19-21.
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“Time has a huge impact on every transaction. In this world of comparison shopping, the sooner a lender can provide a qualified approval and lock in the rate, the sooner they take the customer off the market. The longer the process drags on, the more likely a customer will slip away.”
–Andrew Weiss, Senior Vice President of Mortgage Origination Platform Strategy with Origence, Irvine, Calif.