Last week the Senate Banking Committee held a hearing on several housing nominees, including Julia Gordon to be HUD’s Assistant Secretary of Housing and FHA Commissioner. In other FHA news, the agency released formal waivers of provisions in two recent Mortgagee Letters that would have required servicers to halt forbearance exit reviews and re-review borrowers that already have viable home retention plans in process.

The labor market surged again in July with 943,000 new jobs created, the Bureau of Labor Statistics reported Friday.

According to MBA’s Weekly Forbearance and Call Volume Survey, the share of loans in forbearance dropped to 3.47 percent of servicers’ portfolio volume as of July 25, 2021, from a peak of 8.55 percent as of June 7, 2020. While the number of borrowers exiting forbearance has fluctuated from one month to the next, with the largest number of reported exits in July and October of last year, the post-forbearance outcomes for borrowers have differed.

Good morning! Welcome to the Dog Days of summer.