With current housing goals set to expire in December, and amid economic uncertainty stemming from the lingering coronavirus pandemic, the Federal Housing Finance Agency yesterday left 2021 housing goals for Fannie Mae and Freddie Mac unchanged from the previous three years.
Category: News and Trends
Share of Mortgage Loans in Forbearance Falls for Fifth Straight Week
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans in forbearance decreased by 38 basis points to 7.80% of mortgage servicers’ portfolio volume as of July 12, from 8.18% the prior week. MBA estimates 3.9 million homeowners are in forbearance plans.
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“Now is the time to scrutinize existing programs to expand those that work and fix or discard those that do not. Now is the time to work together to develop new approaches that leverage technology and creativity to close the minority homeownership and wealth gaps.”
–MBA President and CEO Robert Broeksmit, CMB, in a letter to HUD Secretary Ben Carson asking HUD to delay proposed changes to its disparate impact rule.
MBA Asks HUD to Withhold Publication of Final Disparate Impact Rule
The Mortgage Bankers Association asked HUD to withhold publication of its final disparate rule, citing “legitimate concerns” that the rule erodes protections needed to combat housing discrimination and systemic inequality.
MISMO Launches Initiative to Facilitate Servicing Transfers
MISMO®, the mortgage industry’s standards organization, is seeking industry participants to collaborate on a new initiative to facilitate servicing transfers.
FHA Proposes Streamlined Single-Family Servicing Policies; CFPB Touts Benefits of Credit Builder Loans
The Federal Housing Administration last week published proposed revisions to its Single-Family servicing policies, designed to remove “unnecessary barriers” for homeowners seeking mortgage payment relief, achieve operational consistency with industry standard best practices and reduce burdens incurred by the industry when servicing an FHA-insured mortgage portfolio.
ATTOM: Foreclosure Filings in 1st Half of 2020 Fall to Record Low
Things are kind of dicey in the housing finance market right now, with the economic impact of the coronavirus spiking unemployment and mortgage forbearance. But ATTOM Data Solutions, Irvine, Calif., says for now there is a silver lining.
CoreLogic: Mortgage Delinquencies Hit Downslope
CoreLogic, Irvine, Calif., said April early stage mortgage delinquencies jumped to levels that exceeded even those during the Great Recession.
MBA Urges House to Support FY2021 T-HUD Priorities
The Mortgage Bankers Association, in a July 14 letter to House leadership, urged the House to approve key industry-supported provisions for FHA in the federal government’s fiscal 2021 proposed budget.
Hotel Sector Bouncing Back But Faces Continued Threats
CBRE, Los Angeles, said the hotel sector has seen 10 straight weeks of occupancy gains, but the recent COVID-19 diagnosis increase threatens to derail its progress.