COVID-19 hit the hotel sector hard. DBRS Morningstar, Toronto, reported hotels had the highest loan modification rate among major property sectors due to the pandemic but said liquidations were lower than prior downturns.
Category: News and Trends
Senate Banking Committee Moves Thompson Nomination to Head FHFA
The Senate Banking Committee on Wednesday approved Sandra Thompson’s nomination to serve as Director of the Federal Housing Finance Agency. The Mortgage Bankers Association issued a statement commending the vote.
Tom Lamalfa: 1Q22 Industry Update
The steep run-up in interest rates, especially mortgage rates, since the start of the year prompted the mini survey I conducted in early March. It consisted of 10 questions that were put to 17 senior mortgage banking experts.
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“There were many positive results in overall mortgage performance in February. The percentage of borrowers in forbearance declined for the 21st consecutive month, and the percentage of borrowers current on their mortgage payments increased to almost 95 percent – 350 basis points higher than one year ago. Finally, the percentage of borrowers with existing loan workouts who were current on their mortgage payments improved for the first time since June 2021.” –Marina Walsh, CMB, MBA Vice President of Industry Analysis.
CMBS Delinquency, Special Servicing Rates Fall
The commercial mortgage-backed securities delinquency and special servicing rates both fell in February, analysts reported.
MBA Letter Addresses Concerns About FHFA Strategic Plan
The Mortgage Bankers Association, in comments to the Federal Housing Finance Agency, expressed support for many elements of the proposed FHFA five-year strategic plan while raising concerns on several issues.
CoreLogic: Homeowners in Negative Equity at Lowest Level in 12 Years
CoreLogic, Irvine, Calif., said just 2.1% of U.S. homeowners with a mortgage were underwater as of the fourth quarter, the lowest level since 2010, as borrowers gained more than $3.2 trillion in equity in 2021.
Protected: ATTOM: Steady Increase in Foreclosure Activity ‘Gradual Return to Normal’
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CoreLogic: Mortgage Delinquency Rate Falls to New Low
CoreLogic, Irvine, Calif., said overall mortgage delinquencies fell to their lowest point yet amid improved employment and growing home equity.
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“The invasion of Ukraine is expected to result in instability for some time and could result in escalating cyber risks to our industry. As lending is a critical component of our nation’s infrastructure, we urge our members to remain extra vigilant for attempts to breach their systems through phishing and other attack methods.”
–Rick Hill, Vice President of Industry Technology with the Mortgage Bankers Association.