$6.3 billion portfolio deal tests the bulk MSR market’s appetite
The mortgage servicing rights package going up for bid adds to signs that the market for large offerings is becoming more active.
Servicing
As mortgage forbearance rate continues to decline, MBA advises caution
The number of loans going into coronavirus-related forbearance fell for the seventh straight week, but the Mortgage Bankers Association predicts the rate will increase if the number of coronavirus cases continues to rise.
Will GOP plan to slash unemployment aid trigger wave of loan defaults?
The enhanced jobless benefits in the coronavirus relief law enacted in March helped limit delinquencies and maintain consumer spending, analysts say. In their follow-up stimulus plan, Senate Republicans want to cut those benefits from $600 to $200 a week.
FirstKey offers exposure to rentals in states with spiking COVID-19 rates
A likely weathervane for how single-family rentals are being affected by the pandemic, the $826.2 million securitization by FirstKey Homes is ultimately secured by income stemming from home rentals located in current COVID-19 hotspots including Florida and Arizona.
By
John Hintze
Mortgage forbearance rate continues to decrease, but at a slower pace
The number of loans going into coronavirus-related forbearance dropped for the sixth consecutive week, as the growth rate fell 6 basis points between July 13 and July 19, according to the Mortgage Bankers Association.
Former Ginnie Mae chief calls for liquidity facility
The measures currently ensuring mortgage companies have sufficient cash to cover advances aren't necessarily sustainable, warns Ted Tozer, a senior fellow at the Milken Institute and a former government official.
Mortgage forbearance rate takes biggest fall yet: MBA
The number of loans going into coronavirus-related forbearance dropped for the fifth straight week, as the growth rate plummeted 38 basis points between July 6 and July 12, according to the Mortgage Bankers Association.
Small-business bankruptcy program adds new risk to home equity loans
Mortgages taken out to fund business operations can now be modified in bankruptcy. That’s a relief to borrowers — particularly with business failures expected to increase as the pandemic drags on — but a possible headache for banks and investors that hold the loans.
Foreclosures hit a 15-year low, but could spike soon: Attom
A strong housing market prior to the pandemic and the subsequent coronavirus-related moratorium helped to pull foreclosure activity down to historic lows in the first half of 2020, though that could all change soon, according to Attom Data Solutions.
Mortgage forbearance rate tumbles almost 3x from week before: MBA
The number of loans going into coronavirus-related forbearance fell for the fourth consecutive week, as the growth rate plummeted 21 basis points between June 29 and July 5, according to the Mortgage Bankers Association.
Wells Fargo buys $14B of delinquent mortgages tied to pandemic
The amount far surpassed that of any other servicer required to purchase Ginnie Mae-backed loans that were 90 days past due.
SFR deal activity remains active despite COVID-related rent worries
Tricon American Homes launches the fifth securitization since mid-May secured by loans that finance institutional ownership and management of single-family residential rental homes.
By
Glen Fest
Biggest decline in new mortgage forbearances yet logged
The number of loans going into coronavirus-related forbearance dropped for the third consecutive week, as the growth rate fell 8 basis points between June 22 and June 28, according to the Mortgage Bankers Association.
Supreme Court ruling eliminates autodialer use for FHA, VA collections
The court struck down a 2015 update to the Telephone Consumer Protection Act, which permitted robocalls to cellphones for government-related debt collection.
Arch MI does its first insurance-linked noted deal of 2020
The mortgage insurer is receiving $528 million of coverage in the event of defaults in a $44 billion loan pool.
Chimera adds pandemic-impacted mortgages to next RPL pool
The collateral in the $338 million also includes a large subset of mortgages (45% of the pool) that are considered "dirty current" loans with recent delinquent status.
By
Glen Fest
Loan eligibility and forbearance options lead lender concerns: Survey
Lenders and servicers' biggest pandemic challenges revolve around clarity for loan eligibility and understanding options for their borrowers once the forbearance period ends.
GSEs extend coronavirus forbearance for multifamily mortgages, renters
Multifamily borrowers with loans from Fannie Mae and Freddie Mac will get an extended break for coronavirus-related hardships if they continue to give their tenants relief as well.
5 ways mortgage companies may be able to maintain liquidity
Nonbank servicers have been seeking more sources of cash since the coronavirus disrupted markets and elevated forbearance rates. These are some strategies they may be able to use.
Smaller banks have more risk from coronavirus-affected CRE mortgages
For banks with assets between $10 billion and $100 billion, the average exposure is 165% of capital.
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