(Image courtesy of ATTOM) ATTOM, Irvine, Calif., found home flipping activity fell in the second quarter. Per its second-quarter 2023 U.S. Home Flipping Report, 8% of single-family homes and condominiums were …
Category: News and Trends
Servicing Quote Tuesday, Sept. 26, 2023
“While the overall critical defect rate is trending in the right direction, there are several key areas of concern that will require lenders to remain vigilant to ensure defects continue heading southward, especially as the GSEs and agencies continue to increase their scrutiny of lenders’ production quality.”
–Nick Volpe, Executive Vice President of ACES Quality Management
Share of Mortgage Loans in Forbearance Decreases to 0.33% in August
The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 6 basis points from 0.39% of servicers’ portfolio volume in the prior month to 0.33% as of August 31, 2023. According to MBA’s estimate, 165,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 7.92 million borrowers since March 2020.
More Than 80% of Home Buyers Consider Climate Risks When Shopping for a Home: Zillow
New Zillow research shows that more than 80% of prospective home buyers consider climate risks as they shop.
MISMO Seeks Nominations for Standards Governance Committee Members by Oct. 6
MISMO, the real estate finance industry’s standards organization, seeks nominations for qualified industry professionals to serve on MISMO’s Standards Governance Committees for a two-year term beginning in January 2024. Positions are available on both the Residential and Commercial Standards Governance Committees.
Natural Disasters, Insurance Landscape Cause Industry Disruptions, Panelists Say
WASHINGTON–Amid a cascading series of natural disasters, the homeowners’ insurance market has been seriously disrupted, and is likely to remain that way for the foreseeable future, panelists said at the Mortgage Bankers Association’s Compliance and Risk Management conference.
Broeksmit Testifies That MBA Opposes Certain Provisions of the Basel III Proposal
MBA President and CEO Robert Broeksmit, CMB, testified before Congress last week. He told the House Financial Services Committee that MBA strongly opposes key elements of the Basel III proposal, which, absent significant revisions, could increase borrowing costs and reduce credit availability.
ATTOM: August Foreclosure Filings Up From July, Down From 2022
ATTOM, Irvine, Calif., reported in its August 2023 U.S. Foreclosure Market Report that there were 33,952 U.S. properties with foreclosure filings. That’s up 7% from July but down 2% year-over-year.
Servicing Quote Tuesday, Sept. 19, 2023
“MBA strongly opposes certain provisions of the proposal that undermine the mortgage market and takes exception to the extremely scant economic analysis regarding how the changes will affect the economy, single-family housing market, and commercial real estate finance markets.”
–MBA President and CEO Robert Broeksmit, CMB
MBA Weighs in With Senate on Property Insurance Market
The Mortgage Bankers Association weighed in with the Senate Committee on Banking, Housing and Urban Affairs last week regarding challenges in the property insurance market and their impact on consumers.