“We want servicers to have the flexibility that comes with common-sense rules.”
— Laura Escobar, 2024 MBA Chair-Elect and President of Lennar Mortgage
Category: News and Trends
Laura Escobar on Unsung Heroes– #MBAServicing24
ORLANDO–Mortgage servicers are the backbone of the industry, according to Laura Escobar, 2024 MBA Chair-Elect and President, Lennar Mortgage.
MBA Statement on FHA’s New Loss Mitigation Option
MBA’s President and CEO Bob Broeksmit, CMB, released a statement on the Federal Housing Administration’s (FHA) Payment Supplement, a new loss mitigation alternative to a traditional loan modification.
LERETA Survey Reveals Lack of Understanding of Escrow Accounts
LERETA, Pomona, Calif., released a new survey showing that among respondents who have an escrow account with their mortgage, only 52% “completely” understand how that account works.
MBA: Share of Mortgage Loans in Forbearance Decreases Slightly to 0.22% in January
The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 1 basis point from 0.23% of servicers’ portfolio volume in the prior month to 0.22% as of Jan. 31, 2024.
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Bank Multifamily Asset Quality to Deteriorate Amid Higher Refi Rates: Fitch
Fitch Ratings, New York, said it expects banks’ asset-quality metrics to deteriorate for certain U.S. multifamily loans as borrowers will face elevated risks from higher refinancing rates and valuation pressures as loans mature over the next few years.
Quote: Feb. 21, 2024
“Mortgage rates moved back above 7% last week following news that inflation picked up in January, dimming hopes of a near term rate cut.”
— Mike Fratantoni, MBA’s SVP and Chief Economist
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 10.6% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Feb. 16, 2024.
CoreLogic: Single-Family Rental Prices Up 2.8% in December
CoreLogic, Irvine, Calif., found single-family rent growth was consistent with pre-pandemic trends in December, with a 2.8% increase year-over-year.