Seth Appleton joins MISMO in December as its new President, responsible for the mortgage industry standard organization’s overall strategy and direction. He recently sat down (virtually, of course) with MBA NewsLink to discuss the future of mortgage technology/digital transformation and his vision for MISMO.
Category: News and Trends
MBA: Share of Mortgage Loans in Forbearance Falls to 5.47%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased for the 11th week in a row, to 5.47% of servicers’ portfolio volume as of Nov. 8 from 5.67% the prior week – a 20-basis-point improvement. MBA now estimates 2.7 million homeowners are in forbearance plans.
MBA Education Webinar: Mortgage Market Developments and Becoming a Public Company Dec. 14
MBA Education presents Mortgage Market Developments and Becoming a Public Company, a webinar on Monday, Dec. 14 from 2:00-3:00 p.m. ET.
MBA Advocacy Update Nov. 17, 2020
On Friday HUD released its annual report detailing the financial condition of the FHA Mutual Mortgage Insurance Fund. On Tuesday and Thursday, federal prudential regulators from the Federal Reserve, FDIC, OCC and NCUA appeared before the Senate Banking Committee and the House Financial Services Committee to discuss the economic impact of the COVID-19 pandemic.
Quote
“Declines in the share of loans in forbearance continued this week, with a significant increase in the rate of forbearance exits – particularly for portfolio and PLS loans. More than 76 percent of borrowers in forbearance are now in an extension, as we are well past the six-month point for most borrowers’ forbearance plans.”
–Mike Fratantoni, MBA Senior Vice President and Chief Economist.
FHA 2020 Actuarial Report: MMI Fund Capital Ratio at 13-Year High
The Federal Housing Administration on Friday said its Mutual Mortgage Insurance Fund capital ratio ended fiscal year 2020 at 6.1 percent, well above its congressionally mandated 2.0 percent capital ratio to its highest level since 2007.
MBA Chart of the Week: Percentage of Cumulative Weekly Forbearance Exits by Reason
According to the latest edition of MBA’s Weekly Forbearance and Call Volume Survey, the share of loans in forbearance dropped to 5.67 percent of servicers’ portfolio volume as of November 1 — well below its peak of 8.55 percent as of June 7.
Scott Roller: Mortgage Vendor News & Views (November)
This major trend continues – banks and lenders sticking to their core competencies and seeking strategic vendor partners for the non-core – via technology and outsourcing. The low rate ‘feeding frenzy’ will come to an abrupt end, we just don’t know when. Still yet, we are starting to see financial institutions give more focus to the bottom line – cost cutting. Engaging third-party vendors is often a first consideration, reducing fixed costs.
MAA Post-Election Update Nov. 19
The MBA Mortgage Action Alliance Post-Election Update, taking place Thursday, Nov. 19 from 2:00-3:00 p.m. ET, provides MAA members (and prospective MAA members) with a briefing on election results to date and the anticipated impacts on the industry.
People in the News Nov. 17, 2020
Fannie Mae, Washington, D.C., announced Sheila C. Bair will succeed Jonathan Plutzik as Chair of Fannie Mae’s Board of Directors, effective November 20. The Board unanimously passed a resolution appointing her Chair on October 28. Plutzik will remain on the Board of Directors.