The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 15 basis points last week to 7.01% of mortgage servicers’ portfolio volume as of Sept. 6, down from 7.16% the previous week. According to MBA estimates 3.5 million homeowners are in forbearance plans.
Category: News and Trends
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“With just under 1 million unemployment insurance claims still being filed every week, the lack of additional fiscal support for the unemployed could lead to even higher increases of those needing forbearance.”
–MBA Chief Economist Mike Fratantoni.
Beth Johnson: Unlocking the Numbers—Leveraging Granular Financial Detail in Business Strategy
In this industry, as part of the lender due diligence process, the financials and credit history of every mortgage banking customer are combed over and scrutinized. Mortgage banks search for any and every detail to properly assess the probability of loan repayment. However, when it comes to their own financials, not all lenders give as much consideration to the details as others.
A Conversation with SimpleNexus President Cathleen Schreiner Gates
Last week SimpleNexus, Lehi, Utah, named Cathleen Schreiner Gates as its new President, responsible for all operations and business strategy. MBA NewsLink talked with her about her new role and the state of the mortgage industry.
Under One Roof: MBA Annual 20 Oct. 19-21 on MBA Live; Early Registration Deadline Sept. 30
Join us online for the MBA Annual Convention & Expo 2020. We’re bringing the most anticipated industry event of the year directly to your house.
MBA Education Path to Diversity Scholar Profile: Jeannie Sosebee, AMP
(One of a continuing series of profiles of participants in the MBA Education Path to Diversity (P2D) Scholarship Program, which enables employees from diverse backgrounds to advance their professional growth and career development.)
MBA Advocacy Update Sept. 14, 2020
With Congress (most notably the Senate) unable to reach consensus on the passage of any additional COVID-related economic relief, MBA sent a letter last Tuesday to the CFPB responding to the Bureau’s proposed rule revising the General QM definition. The letter explains MBA’s support for the price-based QM construct, and offers several recommendations to help ensure the rule meets its stated goals of robust consumer protections and broad access to sustainable credit.
People in the News Sept. 15, 2020
Roostify, San Francisco, named Chris Boyle President of Home Lending, responsible for all external-facing functions, client engagement, strategy, marketing and business development.
MBA Chart of the Week: Commercial Chapter 11 Filings By Month
As the U.S. economy works its way through the current pandemic and recession, housing has been a clear bright spot in an otherwise dire time. This week’s chart highlights the “V” shaped recovery exhibited by various measures of housing health.
Go West, Young Mortgage Banker: 2020 Western States CREF Conference Recap
Last Wednesday kicked off the California Mortgage Bankers Association’s 23rd Annual Western States CREF, this year the conference was delivered as a two-day virtual experience on September 9 and 10.