Mortgage delinquencies fall to a pandemic low
Gains in consumer financial stability helped to decrease the rates of distressed home loans, but job creation is needed to make recovery sustainable, a CoreLogic report found.
Servicing
Mortgage insurers log fewer delinquencies but pace slows at legacies
Meanwhile at Essent, more loans exited the inventory in January than in December.
Weekly Wrap: CMBS special-servicing rates fall again
Deals, trends and research in structured finance and asset-backed securities for the week of Jan.29-Feb. 4
By
Glen Fest
Share of impaired non-QM loans fell to pandemic low in December
However, the share of new impairments increased, likely as a result of the high concentration of these loans given to self-employed borrowers.
Slowing mortgage forbearance improvement sets up recovery challenges
The CARES Act-related forbearances could be “lulling us into a false sense of security” as 12-month expirations approach, according to Black Knight.
How the FSOC might single-out nonbanks for scrutiny
The Financial Stability Oversight Council could determine that a broad range of mortgage companies should be subject to “heightened prudential standards,” said Andrew Olmem, a partner at Mayer Brown and a former senior economic adviser to the White House.
FHFA extends foreclosure ban as borrower struggles persist, costs rise
The government-sponsored enterprises’ moratoria will now continue well past inauguration day, according to the Federal Housing Finance Agency.
Foreclosure activity drops in 2020 as backlog builds up
While the annual total marks a 16-year low, the numbers are likely to change dramatically once government moratoria expire, according to Attom Data Solutions.
Ocwen, CFPB mediation talks end with no settlement, the company says
The regulator's demands for ending the action were excessive, Ocwen claimed.
10 outrageous 2021 predictions for the mortgage industry
Industry watchers make their wildest guesses (more or less) about developments in real estate finance that could rock the industry in the upcoming months.
FHFA sets new end date for multifamily forbearances
Recipients can’t charge penalties for, or engage in, evictions solely for nonpayment, must provide a written notice of tenant rights, flexibility in repayment and, where applicable, 30-day vacate notices.
How private financing for mortgage servicers’ advances is holding up
The availability of financing hasn’t been an issue to date, but it still could be.
Stimulus bill would give banks more flexibility on problem loans
The legislation would let banks postpone the start date of the Current Expected Credit Losses accounting standard and delay categorizing pandemic-related loan modifications as troubled debt restructurings.
Seterus agrees to pay $5M in distressed servicing settlement with CFPB
The company was accused of sending borrowers erroneous loan modification information between 2014 and 2018.
Foreclosures drop 14% month-over-month in November
The November foreclosure rate represented an 80% decline from the year before, according to Attom Data Solutions.
A Biden CFPB could put pressure on mortgage servicers
The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.
Mr. Cooper, U.S. Bank & PNC settle claims regarding bankrupt borrowers
The three companies agreed to pay a total of $74 million in remediation.
Mr. Cooper, two other servicers settle past claims with government
On the same day that Mr. Cooper announced a settlement with state and federal authorities over its servicing practices, the Dallas company, U.S. Bank and PNC reached separate agreements with DOJ regarding bankrupt borrowers.
Mortgage insurers will feel the pinch from long forbearance timelines
Lower cure rates and possible rises in foreclosures and claims could force these companies to raise capital next year, Fitch Ratings said.
Forbearances increase as trend spreads to all loan types
Even government-sponsored enterprise loans, which have seen forbearance rates drop for 24 weeks in a row, saw a slight uptick.
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