The Conference of State Bank Supervisors seeks public input on proposed regulatory prudential standards for nonbank mortgage servicers, as the state-regulated industry covers an increasing share of this market.
Category: News and Trends
Life Insurers Brace for Higher Commercial Mortgage Losses
Fitch Ratings, New York, said life insurance companies could see higher losses on commercial mortgage loans than they saw during the Great Recession.
MBA Offers Recommendations to CFPB ‘Seasoned QM’ Proposal
The Mortgage Bankers Association, in an Oct. 1 letter to the Consumer Financial Protection Bureau, offered several recommendations in response to the Bureau’s request for comment on its proposed rule creating a new category of “seasoned” Qualified Mortgage loans.
CoreLogic: Nearly 2 Million Homes at Elevated Risk of Wildfire Damage
CoreLogic, Irvine, Calif., released its 2020 Wildfire Risk Report as smoky skies and poor air quality continue to burden cities up and down the West Coast.
MBA: September Commercial, Multifamily Mortgage Delinquencies Decrease
Delinquency rates for mortgages backed by commercial and multifamily properties declined in September, the Mortgage Bankers Association’s latest monthly MBA CREF Loan Performance Survey reported.
MBA: 2Q Commercial/Multifamily Mortgage Debt Rises
The Mortgage Bankers Association’s latest quarterly Commercial/Multifamily Mortgage Debt Outstanding report found commercial and multifamily mortgage debt outstanding rose by $43.6 billion (1.2 percent) in the second quarter.
Quote
“Continued churn in the job market is likely keeping many homeowners who have been in forbearance reluctant to exit, given the level of economic uncertainty.”
–MBA Chief Economist Mike Fratantoni.
MBA: Share of Loans in Forbearance Drops to 6.87%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 6 basis points to 6.87% of servicers’ portfolio volume as of September 20, from 6.93% the prior week. MBA estimates 3.4 million homeowners remain in forbearance plans.
FHA: GSEs Complete 252,000 2Q Foreclosure Preventions
The Federal Housing Finance Agency said Fannie Mae and Freddid Mac completed 252,014 foreclosure prevention actions in the second quarter, bringing to 4.68 million the number of troubled homeowners who have been helped during conservatorships.
MBA Chart of the Week, Sept. 25, 2020–Missed Rent Payments
On September 17, the Research Institute for Housing America, MBA’s think tank, released a special report on housing-related financial distress during the second quarter – the first three months of the pandemic in the U.S.