“The simple fact is that servicers are doing the most essential work in mortgage finance right now. You’re working around the clock to keep people in their homes. You’re moving heaven and earth to give them options and time to get back on their feet. You’ve taken bad situations and made them better for the hardest hit. And you’ve done it all while fielding record call volumes and dealing with your own offices moving to remote work.” --MBA Chair Kristy Fercho, in opening remarks at MBA Servicing22 in Orlando on Wednesday.

Mortgage applications fell to their lowest level since December 2019 as mortgage interest rates stayed above 4 percent, the Mortgage Bankers Association reported Wednesday in its Weekly Applications Survey for the week ending Feb. 18.