As yet another extension of the nationwide pandemic eviction and foreclosure restrictions is put in place (at least for federally back mortgages), the mortgage industry is bracing for formidable challenges on a number of fronts.
Commercial and multifamily mortgage bankers are expected to close $578 billion in loans backed by income-producing properties in 2021, a 31 percent increase from 2020’s volume of $442 billion, according to a new forecast released Tuesday by the Mortgage Bankers Association.
The Federal Housing Administration on Friday published Mortgagee Letter 2021-18, COVID-19 Recovery Loss Mitigation Options. The ML outlines assistance for homeowners who have been financially impacted by the COVID-19 pandemic to remain in their homes with new, streamlined loss mitigation options.
Neil Fraser is Director of U.S. Operations for Paradatec, Cincinnati, Ohio, a provider of AI-based document classification and data extraction technology for mortgage loan processing. He manages all of Paradatec’s operations and has grown the company every year since its incorporation in 2002.
The Mortgage Bankers Association and a broad real estate coalition on Friday commended measures President Biden has taken to stabilize the housing sector and urged the administration to sunset the federal moratorium on evictions on June 30.
For nearly one-third (31%) of millennial first-time homebuyers, the ability to save extra money during the coronavirus pandemic helped them accumulate the money needed for a down payment, said Redfin, Seattle.
For example, a recent McKinsey survey of 800 corporate executives found that after the pandemic, nearly 40% expect their employees in remote services to continue working two or more days a week away from the office. Surely, there are many companies in our industry who are planning to do the same. We’re not one of them and because of that, the pandemic was a big challenge for us.
Between stay-at-home orders, historical levels of refinance activity and the big increase in forbearance requests, mortgage originators and servicers spent the past year continually creating and re-creating ways to get things done. Here’s some of the things we saw.