The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey revealed the total number of loans in forbearance jumped from 2.73% to 3.74% during the week of March 30 to April 5.
Category: News and Trends
MBA Survey: Share of Mortgage Loans in Forbearance Continues to Climb
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey revealed the total number of loans in forbearance jumped from 2.73% to 3.74% during the week of March 30 to April 5.
MBA Opens Doors Foundation Sees Increase in Grant Applications
MBA members are finding creative ways to support Opens Doors, including selection of Opens Doors as the beneficiary of the Mortgage 2020 conference taking place virtually on April 15 and 16.
Michael Steer: Coronavirus Highlights Need for Pandemic Planning
Nearly all companies have engaged in some form of business continuity planning. Generally, this exercise centers around developing contingency plans for maintaining normal operations in the face of a natural disaster or IT outage. However, with concerns surrounding coronavirus sending shockwaves throughout the U.S. and global economies, mortgage companies would be well advised to add pandemics to their list of events that could disrupt normal operations, as this specific type of incident poses unique challenges.
Jennifer Henry: In an Uncertain Market, Servicers Are Leveraging Data, Technology to Drive Efficiency
While the falling home loan rates mean a booming business for the mortgage industry and a sign the housing market may help the U.S. economy avoid a true recession, it could also pose a challenge for those trying to process the influx of applications and requests. The digital mortgage servicing journey must focus on streamlining the process through technology and data-enabled solutions.
Mark P. Dangelo: Are Bankers Necessary? Part 2
At a time when the world is dealing with COVID-19—economic, political, social, medical, personal and even spiritual—it is up to financial services organization leadership to look forward to the lasting impacts on banking and finance. Innovation breadth during times of great crisis will not be challenged, and the operating result will be a very foreign landscape to those anticipating minimal post-crisis adjustments.
MBA Chart of the Week: Loans in Forbearance as Percent Share of Servicing Portfolios
New survey findings released by MBA this week highlight the unprecedented, widespread mortgage forbearance already requested by borrowers affected by the spread of the coronavirus (COVID-19).
MBA Advocacy Update
MBA President and CEO Bob Broeksmit, CMB, issued a statement responding to FHFA Director Mark Calabria’s comments dismissing the need at this time for a federally backed liquidity facility to assist mortgage servicers during the COVID-19 pandemic. MBA continues to advocate for the industry to help MBA members address the financing needs of their customers during the ongoing pandemic, and we will provide updates as they become available.
Ginnie Mae Implements Broad-Based Servicer Liquidity Facility; Initial Deadline Today
Late Friday, Ginnie Mae issued All Participants Memorandum 20-03 (APM 20-03), which expands its Issuer assistance programs to current circumstances stemming from the coronavirus pandemic. The APM introduces a new version of its existing Pass-Through Assistance Program for use by issuers facing a temporary liquidity shortfall directly attributable to the COVID-19 National Emergency.
MBA Advocacy Update
On Tuesday, MBA President and CEO Bob Broeksmit, CMB, issued a statement responding to FHFA Director Mark Calabria’s comments dismissing the need at this time for a federally backed liquidity facility to assist mortgage servicers during the COVID-19 pandemic. MBA continues to advocate for the industry to help MBA members address the financing needs of their customers during the ongoing pandemic, and we will provide updates as they become available.