Mortgage delinquency and foreclosure rates fell in the third quarter, the Mortgage Bankers Association reported in its quarterly National Delinquency Survey.
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased for the 11th week in a row, to 5.47% of servicers’ portfolio volume as of Nov. 8 from 5.67% the prior week – a 20-basis-point improvement. MBA now estimates 2.7 million homeowners are in forbearance plans.
The Federal Housing Administration om Friday said its Mutual Mortgage Insurance Fund capital ratio ended fiscal year 2020 at 6.1 percent, well above its congressionally mandated 2.0 percent capital ratio to its highest level since 2007.
The Mortgage Bankers Association and more than a half-dozen industry trade groups asked federal banking agencies for guidance that loan modifications with terms longer than six months fall within the troubled debt restructuring relief provided by a recent Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus.