The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans in forbearance decreased by 23 basis points to 7.44% of mortgage servicers’ portfolio volume as of Aug. 2, down from 7.67% of servicers’ portfolio volume the prior week. MBA estimates 3.7 million homeowners are in forbearance plans.
Category: News and Trends
Industry Briefs Aug. 11, 2020
Ginnie Mae, Washington, D.C., said issuance of its mortgage-backed securities totaled an agency record of $70.04 billion in July, providing financing for more than 261,000 homeowners and renters.
People in the News–Aug. 11, 2020
Brookstone Management, Howell, N.J., a national provider of mortgage field services, announced JK Huey, CMB, AMP, joined its Advisory Board and will serve as Corporate Ambassador.
Bidding Wars Hold Steady in July—More than Half See Competition
Redfin, Seattle, said 54% of its home offers faced bidding wars last month amid record-low mortgage rates and an acute shortage of homes for sale. This marks the third month in a row where more than half of Redfin home offers faced competition.
Brian Zitin: Appraisals—The Final Frontier in Digital Mortgage
With the average time to close a mortgage transaction still 40+ days, the experience of a “one-tap” digital mortgage seems distant to most onlookers. In reality, however, the important measure of efficiency is how long a borrower actually spends in the mortgage factory line—in other words, how long it takes to get approved and complete all of the necessary requirements and paperwork before closing.
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.)
Quote
“The share of loans in forbearance declined at a more rapid pace last week, with many borrowers who had been making payments while in forbearance deciding to exit. New forbearance requests increased, but are still well below the level of exits. Some of the decline in the share of Ginnie Mae loans in forbearance was due to additional buyouts of delinquent loans from Ginnie Mae pools, which result in these FHA and VA loans being reported in the portfolio category.”
–Mike Fratantoni, MBA Senior Vice President and Chief Economist.
Call For Proposals: MBA Live Accounting and Financial Management; Deadline Aug. 13
The MBA Accounting & Financial Management Conference will be held virtually, December 9 – 10. Speaking proposals are being accepted until Thursday, August 13.
LIBOR: The Floodwaters are Rising
In late 2019, the international financial industry generally considered the United States to be leading the way on LIBOR transition efforts. Then COVID-19 turned the world upside down and many companies had to shift resources to respond.
MBA: Second Quarter Commercial/Multifamily Borrowing Falls 48 Percent
Commercial and multifamily mortgage loan originations fell by 48 percent in the second quarter from a year ago and declined by 31 percent from the first quarter, the Mortgage Bankers Association reported in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.