The Federal Housing Finance Agency on Wednesday said Fannie Mae and Freddie Mac will employ a new payment deferral option allowing borrowers in COVID-19 related forbearance, who are able to return to making their normal monthly mortgage payment, the ability to repay their missed payments at the time the home is sold, refinanced, or at maturity.
Category: News and Trends
Paul Fischer of Paradatec on What Mortgage Servicers Can Expect in Months Ahead
Paul Fischer is Director of Professional Services with Paradatec, Cincinnati.
Life Insurance Commercial Mortgage Index Drops Steeply
Trepp LLC, New York, said life insurance company mortgage returns dropped steeply during the first quarter as declining interest rates could not offset growing credit concerns.
Federal Agencies Launch Joint Mortgage, Housing Assistance Website on Coronavirus Impact
The Consumer Financial Protection Bureau, Federal Housing Finance Agency and HUD launched a new mortgage and housing assistance website designed to ensure homeowners and renters have current and accurate housing assistance information during the COVID-19 national emergency.
MBA Reports Rise in 1st Quarter Mortgage Delinquencies
Mortgage delinquencies rose in the first quarter as the economic effects of the coronavirus pandemic began to take hold, the Mortgage Bankers Association reported this morning.
MBA: Share of Mortgage Loans in Forbearance Increases to 7.91%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance increased from 7.54% of servicers’ portfolio volume in the prior week to 7.91% as of May 3. MBA now estimates 4 million homeowners are now in forbearance plans.
Fitch: Coronavirus to Drive More ‘Outside-the-Box’ Appraisals in RMBS
Fitch Ratings, New York, said traditional “full” pre-close home appraisals, viewed to be best practice, are becoming less common in the mortgage origination process as homes are more difficult to access during the coronavirus outbreak.
Survey: More than Half of Mortgage, Auto Borrowers Concerned About Making Upcoming Payments
Bankrate.com, New York, said more than half of mortgage and auto loan borrowers (54% of each) are concerned about their ability to make their payments over the next three months.
Ellie Mae: Low Rates Spur Refinance Activity to Historic High
Ellie Mae, Pleasanton, Calif., said refinance activity reached a record high in March for millennial borrowers as interest rates plummeted.
ATTOM: Pre-COVID-19, Steady Rates for Equity-Rich Homeowners
ATTOM Data Solutions, Irvine, Calif., said data gathered before the impact of the coronavirus pandemic showed equity-rich American homeowners dipped slightly in the first quarter, even as the share of seriously underwater homeowners edged up.