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Category: News and Trends
CFPB Proposes Mortgage Servicing Changes
The Consumer Financial Protection Bureau yesterday proposed a set of rule changes it said are intended to help prevent “avoidable foreclosures” as emergency federal foreclosure protections expire.
MBA: Share of Loans in Forbearance Hits Pre-Pandemic Low
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 6 basis points to 4.90% of servicers’ portfolio volume as of March 28 from 4.90% the prior week–the fifth consecutive weekly drop and the lowest level in more than a year. MBA estimates 2.5 million homeowners remain in forbearance plans.
MBA Urges No Delay to CFPB QM Final Rule
The Mortgage Bankers Association, in a letter yesterday to the Consumer Financial Protection Bureau, urged the Bureau not to delay the effective date of its new General Qualified Mortgage Rule, saying the Bureau’s rationale for delaying the rule would not accomplish its stated goals nor benefit consumers.
CFPB Issues Blunt Warning to Mortgage Servicers: ‘Unprepared is Unacceptable’
The Consumer Financial Protection Bureau last week warned mortgage servicers to “take all necessary steps now” to prevent a wave of avoidable foreclosures this fall.
Fitch: Risks to Affordable Multifamily Housing Remain Despite Stimulus
Fitch Ratings, New York, said rental assistance provided under the American Rescue Plan will help renters and multifamily property landlords, but the extent to which the ARP can keep delinquencies low is uncertain, as the amount of unpaid back rent is difficult to estimate due to lack of data.
SCOTUS Ruling Supports MBA Interpretation of TCPA ‘Autodialer’ Definition
The U.S. Supreme Court unanimously ruled Thursday that a statutory definition of what constitutes an “autodialer” was overly broad, giving Facebook and a number of businesses, including the Mortgage Bankers Association, a decisive legal victory.
MBA: March Commercial/Multifamily Mortgage Delinquencies Fall for 3rd Straight Month
Delinquency rates for mortgages backed by commercial and multifamily properties decreased again in March, reaching the lowest level since the onset of the COVID-19 pandemic, according to the Mortgage Bankers Association’s latest monthly MBA CREF Loan Performance Survey.
Hotel Debt Markets Improving
The hospitality debt market is showing a resurgence as the lodging industry continues to recover, said JLL, Chicago.
HUD: FHA Mutual Mortgage Insurance Fund Programs on Track; No Plans to Change Premiums
HUD released its quarterly report to Congress on the FHA Single-Family Mutual Mortgage Insurance Fund Programs. The report said the MMIF stands at more than $80 billion and remains well above the 2% minimum capital reserve required by Congress.