Slightly under five million households did not make their rent or mortgage payments in March, an improvement from December 2020 and the lowest number since the onset of the COVID-19 pandemic, new research from the Mortgage Bankers Association’s Research Institute for Housing America reported.
Category: News and Trends
CMBS Market Musings: Trophy Asset and Transitional Loan Transactions Thrive
The private-label CMBS market remains a mixed bag showing signs of a K-shaped recovery in the second quarter with delinquency and default numbers trending down now for nine consecutive months.
CFPB Reports Detail Mortgage Borrowers’ Continuing COVID-19 Challenges
The Consumer Financial Protection Bureau released two reports Tuesday, saying more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn.
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“A rebounding job market and stimulus checks helped borrowers stay current on their mortgage payments. Mortgage delinquencies track closely to the U.S. unemployment rate, and with unemployment dropping from last year’s spike, many households appear to be doing better.” –Marina Walsh, CMB, MBA Vice President of Industry Analysis.
Black Knight: Delinquencies at Record Low: MBA to Release National Delinquency Survey Friday
Ahead of this Friday’s release of the Mortgage Bankers Association’s 1st Quarter National Delinquency Survey, Black Knight, Jacksonville, Fla., said just 217,000 homeowners became past due on their mortgages in March, the lowest such delinquency inflow of any month on record.
FHFA Publishes Final Rule on GSE ‘Living Wills’
The Federal Housing Finance Agency on Monday published a final rule that requires Fannie Mae and Freddie Mac to develop credible resolution plans, also known as “living wills.”
Share of Mortgage Loans in Forbearance Down 9th Straight Week
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 2 basis points to 4.47% of servicers’ portfolio volume as of April 25 from 4.49% in the prior week, the ninth straight weekly decrease. MBA estimates 2.23 million homeowners are in forbearance plans.
MBA: April Commercial/Multifamily Mortgage Delinquencies Decline
Delinquency rates for mortgages backed by commercial and multifamily properties decreased again in April, reaching the lowest level since the onset of the COVID-19 pandemic, the Mortgage Bankers Association’s latest monthly CREF Loan Performance Survey reported.
CFPB: Consumer Complaints Higher in Predominantly Minority Areas
The Consumer Financial Protection Bureau issued a bulletin this week analyzing complaints submitted by consumers in counties nationwide. The Bureau reported in 2019 and 2020, it received more complaints on a per-capita basis from consumers living in predominantly minority counties than from consumers in predominantly white, non-Hispanic counties.
1Q Home Seller Profits Dip, But Remain Higher than Year Ago
ATTOM Data Solutions, Irvine, Calif., said profits for home sellers nationwide fell slightly in the first quarter but improved year over year—another sign of how the housing market is fending off economic damage caused by the coronavirus pandemic.