“Nearly two-thirds of borrowers who exited forbearance remained current on their payments, repaid their forborne payments or moved into a payment deferral plan. All of these borrowers have been able to resume – or continue – their pre-pandemic monthly payments.”
–MBA Chief Economist Mike Fratantoni.
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 49 basis points to 6.32% of servicers’ portfolio volume in the prior week as of October 4 from 6.81% the previous week. MBA estimates 3.2 million homeowners are in forbearance plans.
This year, as part of the MBA Annual Convention & Expo and ConcertMBA, Radian has launched the Radian Everyday Heroes Challenge, which celebrates the heroes among us who are making a positive impact, while also supporting the MBA Opens Doors Foundation.
As COVID-19 and government responses continue to drive uncertainty around outcomes and outlooks, MBA Newslink interviewed senior professionals from a credit rating agency and several highly rated servicers to get their perspective on forbearance, loan workouts and portfolio management challenges for agency and non-agency CMBS.
It’s safe to say 2020 has been one “hold my beer” moment after another. And the real estate finance industry, says States Title, San Francisco, had better be prepared for more changes—or risk obsolescence.
Women and minorities still face “disproportionate” housing impacts, two new reports said.
In another victory for Mortgage Bankers Association member advocacy, the Consumer Financial Protection Bureau on Oct. 7 rescinded a controversial Compliance Bulletin on prohibition of kickbacks and referral fees under the Real Estate Settlement Procedures Act.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 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.
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 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.
