“For the third consecutive month, the percentage of loans in forbearance increased across all loan types.”
–Marina Walsh, CMB, MBA’s Vice President of Industry Analysis
Category: News and Trends
MBA: Share of Mortgage Loans in Forbearance Increases to 0.31% in August
The Mortgage Bankers Association’s monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance increased to 0.31% as of August 31, 2024.
MBA Chart of the Week: Target Fed Funds Rate
The FOMC lowered the target Fed Funds rate by 50 basis points at its September meeting and signaled that this is the first cut in a series that is expected to bring the Fed Funds rate down by about 2 percentage points by the end of 2025.
ACES Quality Management: Critical Defect Rate Up in Q1
ACES Quality Management, Denver, released its Mortgage QC Industry Trends report for the first quarter, finding a modest increase in the critical defect rate to 1.58%.
NAR: Existing-Home Sales Down 2.5% in August
The National Association of Realtors, Chicago, reported existing-home sales fell 2.5% in August from July, to a seasonally adjusted annual rate of 3.86 million.
Fed Cuts Interest Rates 50 Basis Points; MBA Economist Weighs In
The Federal Reserve cut interest rates by 50 basis points Sept. 18.
ATTOM: Home Flipping Activity Dips, but Profits Up in Q2
ATTOM, Irvine, Calif., released its second-quarter 2024 U.S. Home Flipping Report, finding that 79,540 single-family homes and condos were flipped in the quarter.
Servicing Quote Tuesday, Sept. 17, 2024
“However, after careful review, we are concerned that the proposed changes to the borrower engagement process would increase complexity and level of difficulty to execute, and they would increase the associated risk and cost for participants.”
–The Mortgage Bankers Association and affiliated associations in a letter to Federal Housing Commissioner Julia Gordon regarding the Modernization of Engagement of Borrowers in Default
MBA, Industry Groups Send Joint Letter on Engagement of Borrowers in Default
The Mortgage Bankers Association, American Bankers Association, Housing Policy Council and the National Mortgage Servicing Association sent a joint letter on Sept. 13 to Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon, to serve as comments on the Draft Mortgagee Letter (ML), Modernization of Engagement of Borrowers in Default.
MBA Agrees with Fed Vice Chair Barr on Re-Proposing Basel III Endgame
MBA’s President and CEO, Bob Broeksmit, CMB, issued a statement following Federal Reserve Vice Chair Michael Barr’s speech outlining recommendations to re-propose the Basel III Endgame proposal.