“The overall mortgage forbearance rate decreased slightly in December as some borrowers got back on track following last fall’s severe weather in the Southeast.”
–Marina Walsh, CMB, MBA’s Vice President of Industry Analysis.
Category: News and Trends
Learn About the CMB Designation From Industry Leaders
MBANow recently sat down with some mortgage industry leaders to hear about their experience with the Certified Mortgage Banker designation.
Sara Stogsdill from Deephaven Mortgage: Operations Is at the Center of Disaster Recovery
Deephaven Mortgage’s Sara Stogsdill has been busy since Hurricanes Helene and Milton struck the Southeastern U.S. MBA NewsLink interviewed her about the pivotal role of operations teams in minimizing the financial consequences of these major events.
Share of Mortgage Loans in Forbearance Decreases Slightly to 0.47% in December
The Mortgage Bankers Association’s monthly Loan Monitoring Survey revealed the total number of loans now in forbearance decreased by 3 basis points from 0.50% of servicers’ portfolio volume in the prior month to 0.47% as of Dec. 31, 2024. According to MBA’s estimate, 235,000 homeowners are in forbearance plans.
ATTOM Reports Foreclosure Activity Declined in 2024
ATTOM, Irvine, Calif., reported foreclosure filings–default notices, scheduled auctions and bank repossessions–were reported on 322,103 U.S. properties in 2024, down 10% from 2023 and down 35% from 2019, before the pandemic shook up the market.
MBA Opens Doors Launches Disaster Relief Program for Children’s Hospital Los Angeles
The MBA Opens Doors Foundation launched the MBA Opens Doors Disaster Relief Program, which will provide an additional $100,000 to Children’s Hospital Los Angeles to support the children and families impacted by the Southern California wildfires.
Chart of the Week: Completed Loan Workouts from 2020 Onward
According to the latest results from MBA’s Monthly Loan Monitoring Survey, approximately 235,000 homeowners are in forbearance plans as of December 31, 2024. This level is substantially lower than the peak of almost 4.3 million homeowners in June 2020 and the 8.5 million borrowers who have been provided forbearance since March 2020.
MBA Calls on CFPB to Delay Effective Dates of Registry of Nonbank Covered Persons
In light of President Trump’s “Regulatory Freeze Pending Review” executive order issued last week, the Mortgage Bankers Association asked the CFPB to postpone for 60 days the effective compliance dates for entities subject to its Nonbank Registration Regulation issued on June 3, 2024.
Servicing Quote of the Week
“Mortgage servicers have provided forbearance to approximately 8.5 million borrowers since March 2020, performing diligently to implement new forbearance and home retention programs from FHA and other federal agencies. We appreciate FHA’s efforts to streamline the loss mitigation process.”
–MBA’s President and CEO Bob Broeksmit, CMB, discussing the FHA’s release of its permanent loss mitigation waterfall
MBA Statement on the Nomination of Bill Pulte as FHFA Director
MBA’s President and CEO Bob Broeksmit, CMB, issued the following statement on Bill Pulte being nominated to be Director of the Federal Housing Finance Agency.