Women and minorities still face “disproportionate” housing impacts, two new reports said.
Category: News and Trends
CFPB Rescinds RESPA Section 8 Compliance Bulletin
In another victory for Mortgage Bankers Association member advocacy, the Consumer Financial Protection Bureau on Oct. 7 rescinded a controversial Compliance Bulletin on prohibition of kickbacks and referral fees under the Real Estate Settlement Procedures Act.
ATTOM: Northeast Housing Markets at Highest Risk of Pandemic Economic Impact
ATTOM Data Solutions, Irvine, Calif., said its third-quarter Special Report shows pockets of the Northeast and Mid-Atlantic regions most at risk, with clusters in the New York City, Baltimore, Philadelphia and Washington, D.C. areas – while the West and now Midwest are less vulnerable.
Placing Capital in Uncertain Times: A Conversation with CBRE’s Val Achtemeier
MBA NewsLink interviewed Valerie Achtemeier, Executive Vice President at CBRE Capital Markets in the Debt & Structured Finance Group. Based in Los Angeles, Achtemeier leads a team in placing debt and equity on commercial real estate throughout the U.S.
Fitch: Remote Working to Affect Housing Demand—But Not U.S. RMBS Ratings
Fitch Ratings, New York, said while remote working in the U.S. accelerated as a result of the coronavirus pandemic, and is reducing the importance of proximity to offices and causing migration from urban to suburban and exurban areas, it does not expect any material effect on the credit quality of its rated U.S. residential mortgage-backed securities pools.
MBA Offers FHFA Recommendations on GSE Strategic Plan
The Mortgage Bankers Association, in comments yesterday to the Federal Housing Finance Agency, said the FHFA Strategic Plan for fiscal years 2021-2024 should continue to work toward an ultimate goal: releasing Fannie Mae and Freddie Mac from federal conservatorship—but only when they are able to do so without risk to the real estate finance markets.
MBA: Share of Loans in Forbearance Falls to 6.81%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 6 basis points to 6.81% of servicers’ portfolio volume as of Sept. 27, from 6.87% the prior week. MBA now estimates 3.4 million homeowners are in forbearance plans.
Quote
“The significant churn in the labor market now, more than six months into the pandemic, is still causing financial distress for millions of homeowners. As a result, more than 70 percent of loans in forbearance are now in an extension.”
–Mike Fratantoni, MBA Senior Vice President and Chief Economist.
CFPB: TRID Rule Results ‘Mixed, But Leans Positive’
The Consumer Financial Protection Bureau released its assessment of the TRID Integrated Disclosure Rule, acknowledging the rule resulted in “sizeable implementation costs” for mortgage lenders and servicers but finding the rule ultimately benefited consumers.
Jessica Longman: Education is Key–Reduce Homeowner Frustration Regarding Property Taxes
Some of the most common questions that servicers receive from customers revolve around property taxes. An important aspect to providing an excellent experience for your customers includes educating them on the critical pieces they need to know about their loan; in turn this will reduce call volume relating to property tax questions and reduce overall homeowner frustration about taxes and payments.