“The significant churn in the labor market now, more than six months into the pandemic, is still causing financial distress for millions of homeowners. As a result, more than 70 percent of loans in forbearance are now in an extension.”
–Mike Fratantoni, MBA Senior Vice President and Chief Economist.
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 6 basis points to 6.81% of servicers’ portfolio volume as of Sept. 27, from 6.87% the prior week. MBA now estimates 3.4 million homeowners are in forbearance plans.
According to the latest edition of MBA’s Weekly Forbearance and Call Volume Survey, released last week, the share of loans in forbearance dropped to 6.87 percent of servicers’ portfolio volume as of September 20. The share was the lowest point since mid-April, and 168 basis points below a peak of 8.55 percent during the week ending June 7.
On Wednesday, President Trump and Congress agreed to a Continuing Resolution that funds the federal government through mid-December and reauthorizes the National Flood Insurance Program through September 30, 2021.
OptifiNow, Seal Beach, Calif., a provider of CRM and marketing automation, announced a partnership with cloud-based presentation platform, Digideck, Minneapolis. The partnership enables users of OptifiNow to send personalized presentations to prospects and customers.
With record-low interest rates and an ongoing rush of refinance demand, mortgage lenders are racing to process as much business as they can. How can their settlement service providers help?
Some of the most common questions that servicers receive from customers revolve around property taxes. An important aspect to providing an excellent experience for your customers includes educating them on the critical pieces they need to know about their loan; in turn this will reduce call volume relating to property tax questions and reduce overall homeowner frustration about taxes and payments.
Joe Ludlow is Vice President for Irvine, Calif.-based Advantage Systems, a provider of accounting and financial management tools for the mortgage industry.
According to the latest edition of MBA’s Weekly Forbearance and Call Volume Survey, released last week, the share of loans in forbearance dropped to 6.87 percent of servicers’ portfolio volume as of September 20. The share was the lowest point since mid-April, and 168 basis points below a peak of 8.55 percent during the week ending June 7.
The final national jobs report before the November elections showed a slowing pace of job creation amid continued economic volatility, the Bureau of Labor Statistics said Friday.
