“Commercial and multifamily mortgage delinquency rates declined in April but remain elevated overall, driven by the continuing challenges facing many hotel and retail properties.”
–Jamie Woodwell, MBA Vice President of Commercial Real Estate Research.
The Mortgage Bankers Association this week released two templates for residential mortgage servicers’ communications with borrowers with existing London Interbank Offered Rate (LIBOR)-indexed adjustable-rate mortgages.
During the final months of the Trump Administration, the Federal Housing Finance Agency implemented product caps on Fannie Mae and Freddie Mac through their Senior Preferred Stock Purchase Agreements—a move that the Mortgage Bankers Association called “disruptive” for many of its members.
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey showed little movement from the previous week. MBA said loans now in forbearance decreased by 1 basis point to 4.49% of servicers’ portfolio volume as of Apr 18 from 4.50% the prior week. MBA estimates 2.25 million homeowners are in forbearance plans.
The Federal Housing Finance Agency said it would extend some temporary loan origination flexibilities for Fannie Mae and Freddie Mac through May 31—and that’s it.
A little more than a month ago, Rep. Maria Fudge, D-Ohio, voted “yes” to approve the American Rescue Plan, a nearly $2 trillion initiative by the Biden Administration to support the economy. Now, as HUD Secretary, it’s her job to put key provisions of the legislation into action.
A lot has happened in the past two years, Federal Housing Finance Agency Director Mark Calabria said yesterday at the Mortgage Bankers Association’s Spring Conference & Expo.
So, if 2020 was one of the strangest years on record, is 2021 the “hold my beer” year? Mortgage Bankers Association President & CEO says the real estate finance industry is facing a “very different landscape” fraught with potential difficulties.
“My message to you and the entire industry is one of reassurance: We’ve got your back. The Mortgage Bankers Association was made for this moment. We are uniquely positioned to protect your companies and ensure your continued ability to serve the American people. We proved it in the wake of the Great Recession just over a decade ago. We’re proving it again right now.”
–MBA President & CEO Robert Broeksmit, CMB.
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 16 basis points to 4.5% of servicers’ portfolio volume as of Apr. 11 from 4.66% the prior week. MBA estimates 2.3 million homeowners are in forbearance plans.
