The Federal Housing Administration om Friday said its Mutual Mortgage Insurance Fund capital ratio ended fiscal year 2020 at 6.1 percent, well above its congressionally mandated 2.0 percent capital ratio to its highest level since 2007.
Category: News and Trends
FHA Proposes Private Flood Insurance Option for Single-Family Mortgages
The Federal Housing Administration last week published a proposed rule to allow a private flood insurance option, instead of insurance through the National Flood Insurance Program, when flood insurance is required by FHA.
‘Not Ok? That’s Ok:’ Financial Services, Consumer Coalition Launches Borrower Awareness Campaign
The Mortgage Bankers Association and a broad coalition of financial services stakeholders – including mortgage servicers, trade associations, housing counseling agencies, governmental agencies and think tanks – launched a consumer awareness campaign to reach borrowers who have missed one or more mortgage payments as a result of the COVID-19 pandemic and may be eligible for forbearance assistance under the CARES Act or other forms of mortgage payment relief.
MBA, Trade Groups Ask Banking Agencies for TDR Relief
The Mortgage Bankers Association and more than a half-dozen industry trade groups asked federal banking agencies for guidance that loan modifications with terms longer than six months fall within the troubled debt restructuring relief provided by a recent Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus.
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“With forbearance plans still active and foreclosure moratoriums in place until at least the end of the year, many borrowers experiencing longer-term distress will remain in this delinquency category until a loss mitigation resolution is available.”
–MBA Vice President of Industry Analysis Marina Walsh, CMB.
MBA: Mortgage Delinquencies Decrease in 3Q
Mortgage delinquency and foreclosure rates fell in the third quarter, the Mortgage Bankers Association reported in its quarterly National Delinquency Survey.
CMBS Delinquency Rate Falls; Issuance Bounces Back
The commercial mortgage-backed securities delinquency rate continued to fall in October while issuance increased, said Trepp LLC and KBRA, New York.
CoreLogic: Foreclosures Remain Low; Serious Delinquencies Continue to Build Up
Ahead of this morning’s quarterly National Delinquency Survey from the Mortgage Bankers Association, CoreLogic, Irvine, Calif., said the 150-day delinquency rate reached its highest level since January 1999, noting that forbearance provisions have helped foreclosure rates maintain historic lows.
Broeksmit: ‘MBA Was Made for Times of Crisis’
In remarks yesterday during the Mortgage Bankers Association’s virtual Regulatory Compliance Conference, MBA President & CEO Robert Broeksmit, CMB, said the extraordinary events of 2020 have tested everyone’s mettle—including that of MBA.
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“With declines in the share of loans in forbearance across the board, the data this week align well with the positive news from October’s jobs report, which showed a gain of more than 900,000 private sector jobs and a 1 percentage point decrease in the unemployment rate. A recovering job market, coupled with a strong housing market, is providing the support needed for many homeowners to get back on their feet.”
–MBA Senior Vice President and Chief Economist Mike Fratantoni.