Mortgage credit availability fell again in May, the third consecutive monthly decline, the Mortgage Bankers Association reported this morning.
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance increased to 8.53% of mortgage servicers’ portfolio volume as of May 31, compared to 8.46% the prior week. MBA now estimates nearly 4.3 million homeowners are in forbearance plans.
The Federal Housing Finance Agency yesterday directed Fannie Mae and Freddie Mac to “further align their practices for evaluating seller and servicer prepayment related activities.”
Analysts expected a jump in the commercial mortgage-backed securities loan delinquency rate during May, but few expected how big that jump would be.
There has been an important disconnect between the labor market and apartment markets over the last two months.