CoreLogic, Irvine, Calif., released additional loss estimates for Hurricane Ida, following its initial release estimating between $27 billion and $40 billion in insured and uninsured losses from wind, storm surge and inland flooding in Louisiana and Mississippi.
Category: News and Trends
Report Finds Most Consumer Managing Credit Well
Experian, Costa Mesa, Calif., said despite a challenging year and a half, consumers are managing credit well with average credit scores climbing seven points since 2020 to 695 – the highest point in more than 13 years.
Fitch Ratings: Life Insurers Have Significant Commercial Mortgage Default Headroom
Fitch Ratings, New York, said potential stress on U.S. life insurers’ commercial mortgage portfolios will not drive rating downgrades, given the industry’s strong capitalization, current loan quality and historical loss experience.
Black Knight: Tappable Equity Rises to Record-High $9.1 Trillion
Driven by the red-hot housing market, tappable equity – the amount available to homeowners before reaching a maximum 80% combined loan-to-value ratio – surged nearly 40% from last year to a record $9.1 trillion in the second quarter, said Black Knight, Jacksonville, Fla.
MBA Education Graduates First Level III Certified Mortgage Compliance Professional
MBA Education’s popular Certified Mortgage Compliance Professional certification and designation program recently awarded the CMCP designation to the first mortgage professional to complete all three levels of the program.
FHFA Announces Equitable Housing Finance Plans for GSEs
The Federal Housing Finance Agency announced Tuesday that Fannie Mae and Freddie Mac will submit Equitable Housing Finance Plans by the end of 2021.
Quote
“Servicer call volume jumped last week as summer came to an end and many borrowers reached the end of their forbearance terms. We anticipate a similarly fast pace of exits in the weeks ahead, which should lead to increased call volume and a further decline in the forbearance share.”
–Mike Fratantoni, MBA Senior Vice President and Chief Economist.
Real Estate Investment Trusts Poised For Recovery
S&P Global Ratings, New York, said real estate investment trust earnings rebounded significantly in the second quarter, demonstrating the sector is on the right path for a solid comeback.
FHA Announces Temporary Partial Waivers to HECM Policy
FHA on Thursday issued temporary partial waivers to its Home Equity Conversion Mortgage (HECM) policies. These waivers provide mortgagees with expanded flexibility to help senior homeowners with HECMs who are struggling financially due to COVID-19.
CoreLogic: Hurricane Ida Leaves $27-40 Billion in Losses
CoreLogic, Irvine, Calif., estimated residential and commercial wind, storm surge and inland flooding loss estimates for Hurricane Ida in Louisiana, Mississippi and Alabama at $27-$40 billion.