Despite a jump in home purchase activity this summer—but also perhaps because of the coronavirus pandemic—the U.S. homeownership rate slipped by 0.5 percent in the third quarter, the Census Bureau reported Thursday.
Category: News and Trends
Federal Agencies Propose Regulation Codifying Use of Supervisory Guidance
Five federal agencies last week issued a proposed regulation that would codify a 2018 guidance clarifying that supervisory guidance does not have “force and effect of law.”
Tom Lamalfa: October 2020 Survey Scorecard
In early October I surveyed 33 senior executives from 33 separate mortgage companies about a wide array of issues and topics both germane and important to the mortgage banking industry. It was the 24th time such a survey was conducted by me since 2008.
ATTOM: ‘Zombie’ Properties Diminish Amid Foreclosure Moratorium
ATTOM Data Solutions, Irvine, Calif., reported 200,065 properties in the process of foreclosure in the fourth quarter, down by 7.3 percent from the third quarter. Of those, then number sitting empty—also known as “zombie” foreclosures, fell by 4.4 percent to 7,612.
CoreLogic Reports 26.3% Decrease in Mortgage Fraud Risk
CoreLogic, Irvine, Calif., reported a 26.3% year-over-year decrease in fraud risk at the end of the second quarter, the second year of substantial decreases in risk.
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“With more borrowers exiting forbearance in the prior week, the share of loans in forbearance declined across all loan types. Almost half of forbearance exits to date have been from borrowers who remained current while in forbearance, or who were reinstated by paying back past-due amounts.” — MBA Senior Vice President and Chief Economist Mike Fratantoni.
Tom Lamalfa: October 2020 Survey Scorecard
In early October I surveyed 33 senior executives from 33 separate mortgage companies about a wide array of issues and topics both germane and important to the mortgage banking industry. It was the 24th time such a survey was conducted by me since 2008.
MBA: Share of Mortgage Loans in Forbearance Dips Slightly to 5.90%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 2 basis points to 5.90% of servicers’ portfolio volume as of Oct. 18, from 5.92% the prior week. MBA estimates 3 million homeowners are in forbearance plans.
Christy Moss, CMB, and Ken Logan, CMB: Reps and Warrants Relief Key to IMB Liquidity Strategies
For independent mortgage banks, the name of the game is liquidity. Lenders with an eye and a taste for transformative growth are equally attentive to their liquidity strategies, including how their origination practices impact liquidity now and after the current cycle ends.
‘Ghosting’ and ‘Not OK? That’s OK:’ Servicing During a Pandemic
The COVID-19 pandemic has hit borrowers hard. But mortgage servicers are eager to help.