Zillow, Seattle, said its analysis found more than $1.7 billion in rent and mortgage payments is owed each month by U.S. service-sector workers currently receiving unemployment benefits as a result of the coronavirus pandemic — payments that could be in jeopardy if expanded local and federal unemployment assistance fades or workers remain without incomes longer than expected.
Category: News and Trends
ATTOM: Home-Flipping Reaches 14-Year High in 1Q; Returns Fall to 9-Year Low
ATTOM Data Solutions, Irvine, Calif., said its first-quarter U.S. Home Flipping Report showed 53,705 single-family homes and condominiums in the United States flipped in the first quarter, the highest number since 2006.
CoreLogic: Borrowers Gain $6 Trillion in Home Equity Since End of Great Recession
CoreLogic, Irvine, Calif., said U.S. homeowners with mortgages—representing 63% of all properties—have seen their equity increase by 6.5% year over year, representing a gain of $590 billion since 2019.
MBA, Trade Groups Urge HUD to Modify FHA Forbearance Indemnification Policy
Sixteen industry trade organizations joined the Mortgage Bankers Association in a letter this week to HUD, expressing concerns with a recently announced FHA policy requiring lenders to provide 20 percent indemnification of the original loan amount for up to two years in relation to borrowers who enter into forbearance due to COVID19-related hardship after closing and prior to FHA insuring their loan.
CoreLogic: Delinquencies Stay Low Despite Pandemic Impact
CoreLogic, Irvine, Calif., said its analysis of March mortgage delinquencies and foreclosures found despite the early impact of the coronavirus pandemic, delinquencies remained relatively low.
FHFA Announces Next Steps for GSE UMBS Pooling Practices
The Federal Housing Finance Agency yesterday directed Fannie Mae and Freddie Mac to “further align their practices for evaluating seller and servicer prepayment related activities.”
MBA Survey: Share of Mortgage Loans in Forbearance Slows to 8.53%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance increased to 8.53% of mortgage servicers’ portfolio volume as of May 31, compared to 8.46% the prior week.
Black Knight: 1 in 10 Homeowners in Forbearance Hold 10% or Less Equity in Their Homes
Black Knight, Jacksonville, Fla., said with its analysis of borrowers in forbearance showing forbearance volumes falling for the first time since the crisis began, industry participants – especially servicers and mortgage investors – must now shift from pipeline growth to pipeline management and downstream performance of loans in forbearance.
FHA, CFPB Issue New Guidance on Forbearance
The Federal Housing Administration and the Consumer Financial Protection Bureau announced new policies to assist mortgage borrowers impacted by the economic effects of the coronavirus pandemic.
MBA: IMBs Report Strong First Quarter
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,600 on each loan they originated in the first quarter, up from $1,182 per loan in the fourth quarter, according to the Mortgage Bankers Association’s newly released Quarterly Mortgage Bankers Performance Report.