(Prepared remarks by Mortgage Bankers Association President & CEO Robert Broeksmit, CMB, at today’s MBA Live: Tech Solutions Conference.)
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance increased to 8.46% of servicers’ portfolio volume from 8.36% the prior week as of May 24. MBA estimates 4.2 million homeowners are now in forbearance plans.
The economy might be teetering; and the COVID-19 pandemic hasn’t yet shown clear signs of subsiding. But thanks to technology and aggressive business strategies, the mortgage industry is showing remarkable resilience—and uncharacteristic innovation.
The Mortgage Bankers Association, MISMO and Mortgage Electronic Registration Systems (MERS) Board of Directors approved an $0.75 administrative fee for every new loan registered on the MERS system to help fund MISMO initiatives.