“The improving economy, the soon-to-be passed stimulus package and the many homeowners in forbearance reaching the 12-month mark of their plan could all influence the overall forbearance share in the coming months.”
–MBA Chief Economist Mike Fratantoni.
CoreLogic, Irvine, Calif., said its year-end Loan Performance Insights Report showed overall mortgage delinquency rates fell for the fourth straight month in December, ending a volatile year with signs of recovery.
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 3 basis points to 5.20% of servicers’ portfolio volume as of February 28 from 5.23% the previous week. MBA estimates 2.6 million homeowners are in forbearance plans.
The Federal Housing Finance Agency announced Thursday that Fannie Mae and Freddie Mac will continue to offer COVID-19 forbearance to qualifying multifamily property owners through June 30, subject to the continued tenant protections FHFA imposed during the pandemic. The programs were set to expire March 31.
The Consumer Financial Protection Bureau on Wednesday issued a notice of proposed rulemaking to delay the mandatory compliance date of the General Qualified Mortgage final rule by more than a year, from July 1 to Oct. 1, 2022.
Delinquency rates for mortgages backed by commercial and multifamily properties decreased in February, as the COVID-19 pandemic’s impact on commercial and multifamily mortgage performance continues to vary by the different types of commercial real estate, the Mortgage Bankers Association reported Thursday.
Joe Murin is Chairman of JJAM Financial Services, Pittsburgh, Pa., which he founded in 2014. He previously served as Chairman of Chrysalis Holdings LLC and as CEO of ANC Holdings LP. Before that, he was Vice Chairman of The Collingwood Group and served as President of Ginnie Mae during the Obama Administration.
In February, the commercial mortgage-backed securities delinquency rate saw its largest improvement since the pandemic started last year, reported Trepp, New York.
With federal foreclosure moratoria slated to end June 30, the Consumer Financial Protection Bureau this week issued a report warning of widespread evictions and foreclosures, absent additional public and private action.
“The improving economy, the soon-to-be passed stimulus package and the many homeowners in forbearance reaching the 12-month mark of their plan could all influence the overall forbearance share in the coming months.”
–MBA Chief Economist Mike Fratantoni.
