“If a hurricane causes significant storm surge damage during a time when mortgage delinquencies are already high, this could result in additional losses for homeowners, lenders and insurers –- and ultimately, delay economic recovery for impacted communities.”
–CoreLogic Chief Economist Frank Nothaft.
Security worries have grown as more people work remotely due to the pandemic, so it is more important than ever to consider security considerations for the teleworking environment.
Okay, just to recap: So far in 2020, we’ve had the COVID-19 pandemic; partial collapse of the U.S. economy; no spring home buying season; dam breaches in Michigan; one of the busiest tornado seasons this decade; and, God help us, “murder hornets.” Now it’s June, and the official start of North American hurricane season.
What follows are findings from a survey of senior mortgage executives I conducted in the first half of May. Due to cancellation of MBA’s National Secondary Market Conference, this survey was completed over the phone rather than face to face, as has been the case in the 23 preceding surveys done since 2008. Normally the surveys are conducted at the secondary conference as well as at the MBA Annual Convention every October.
The Federal Housing Finance Agency June 2 published a Credit Risk Transfer spreadsheet tool based on the re-proposed capital rule for Fannie Mae and Freddie Mac.
With all that has hit the mortgage industry over the past several months, Mortgage Bankers Association Chief Economist Mike Fratantoni has a positive message for mortgage lenders and servicers: “It seems like the industry has done a fantastic job of finding solutions in this crazy environment,” Fratantoni said during MBA Live: Technology Solutions Conference.
COVID-19 has impacted the entire United States and commercial real estate is no exception; however, no property type is quicker to experience the impacts of a downturn than lodging, where rental rates reset daily.
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance increased to 8.46% of servicers’ portfolio volume from 8.36% the prior week as of May 24. MBA estimates 4.2 million homeowners are now in forbearance plans.
Tim Mazzetti, CMB, leads SitusAMC’s Servicing & Asset Management division. He has more than 30 years of broad-based experience in the commercial real estate industry.
Forget the coronavirus—if you want to raise the blood pressure of a mortgage lender or servicer, just say these two words: “PACE loan.”
