Most default servicers expect a soft landing in the economy and a gradual increase in foreclosure volumes in the second half of 2024, according to Auction.com, Irvine, Calif.
Category: News and Trends
Servicing Quote Tuesday, July 9, 2024
“Inflation data showing more reductions for the next couple of months will be the most important evidence that the Federal Reserve needs to cut rates in September.”
–MBA SVP and Chief Economist Mike Fratantoni
FHFA Releases NMDB Outstanding Residential Mortgage Statistics
There were 50.8 million outstanding mortgages with unpaid balances totaling $11.7 trillion at the end of the first quarter, the Federal Housing Finance Agency reported last week.
MISMO Publishes Revision to the IRS Form 4506-C Dataset
MISMO, the real estate finance industry’s standards organization, published an update to the previously-published IRS Form 4506-C dataset.
ServiceLink’s Miriam Moore and Eva Tapia: The Auction Effect is Becoming More Mainstream. What You Need to Know
Widespread inventory shortage has piqued the interest of mainstream buyers who are now pursuing auction properties as a means to fulfill their dream of homeownership.
CFPB Reports on Mortgage Servicing Experiences During COVID-19 Pandemic
The most common problems distressed borrowers had during the COVID-19 Pandemic reflect difficulty accessing loss mitigation programs, the Consumer Financial Protection Bureau reported last month.
U.S. Economy Adds 206,000 to Payroll in June
Total nonfarm payroll employment was up by 206,000 in June, and the unemployment rate was at 4.1%, per the U.S. Bureau of Labor Statistics.
ICE Mortgage Monitor: Share of Mortgages Above 5% Interest Rate Creeps Up
Intercontinental Exchange, Atlanta, released its latest mortgage monitor with May’s data. Among other findings, 24% of mortgage holders had interest rates of 5% or higher, up from just 10% in 2022.
MBA Chart of the Week: Monthly Employment Changes and Unemployment Rate
Once again, the headline gain in nonfarm payroll employment does not tell the entire story.
Servicing Quote Tuesday, July 2, 2024
“A core focus of MBA’s advocacy is educating policymakers on the exhaustive change management practices servicers must make to implement new policies.”
–MBA President & CEO Bob Broeksmit, CMB