FHFA extends Fannie and Freddie mortgage payment deferral program
Eligible borrowers can add the forborne payments to the end of their loan term.
Servicing
5 questions for Radian’s CEO on preparing for an onslaught of defaults
Rick Thornberry is looking to the lessons from the Great Recession and applying them to current conditions.
CFPB gets earful from consumers about mortgage servicers
Complaints to the bureau hit an all-time high in April. More than one in five said servicers wouldn't grant deferrals, forced borrowers into forbearance or violated other requirements of the coronavirus relief law.
Coronavirus stifles Ocwen’s momentum in 1Q, casts shadow on future
After ending 2019 on a high note, Ocwen Financial posted an income loss in the first quarter due to the unexpected costs and volatility created by COVID-19.
Stand-alone MIs have strong 1Q, but coronavirus makes the future murky
Three of the four had fewer new notices of delinquency for the quarter, but that should change going forward.
Bankers forced to play guessing game as loan deferrals mount
Lenders that scrambled to grant forbearance as the coronavirus pandemic took hold are unsure about the extent of potential losses.
How Fannie Mae’s advance cap has impacted the market so far
Some benefits are materializing from Fannie Mae's pledge to limit servicers' exposure to principal-and-interest advances the way Freddie Mac does, but counterparties of both GSEs remain exposed to other concerns.
Distressed job market pushes mortgage forbearance requests higher
The total coronavirus-related mortgages in forbearance grew by 55 basis points, in lockstep with rising unemployment claims, according to the Mortgage Bankers Association.
S&P: Auto loan extensions exceeded $4B in March
Over 236,000 prime and subprime vehicle-loan borrowers received payment deferrals of between 30 and 120 days during the early economic turmoil of the coronavirus pandemic, according to the ratings agency.
By
Glen Fest
Homeowners seeking mortgage payment relief pass 3.8 million
About 7.3% of U.S. mortgages entered forbearance plans in April, providing temporary relief to more than 3.8 million borrowers who have lost income during the coronavirus pandemic.
CMBS delinquency rate sees biggest jump in nearly three years
Delinquencies in U.S. commercial mortgage-backed securities jumped in April, with the economy battered by the coronavirus pandemic.
CFPB chief operating officer plans move to the FHFA
The Consumer Financial Protection Bureau's chief operating officer will take a similar position at the Federal Housing Finance Agency, fulfilling one of the multiple recruiting goals the FHFA announced in January.
Waiting for loan modifications is ‘like watching a tsunami build’
The government-sponsored enterprises are focusing on how loans can be repaid after the federal forbearance period ends, and projections for loan modification volumes suggest the larger industry should, too.
Mnuchin says U.S. has no plans for mortgage servicer lifeline
The Treasury secretary said recent government moves will help the firms get through the risk of millions of borrowers missing their loan payments.
State attorneys general urge FHFA, HUD to expand mortgage payment help
The bipartisan coalition of AGs said homeowners should be allowed to wait until the end of a loan term to make payments they skipped because of the coronavirus.
Servicers of private student loans offer relief to borrowers
More than a dozen firms have struck agreements with nine states to provide forbearance to customers struggling to make payments in the midst of the coronavirus pandemic.
FHFA tries to cut liquidity-strained mortgage servicers some slack
The agency said it is aligning policies for Fannie Mae- and Freddie Mac-backed loans in forbearance so that servicers are only responsible for advancing four months of missed payments.
Banks see coronavirus-related forbearance requests triple in 2 weeks
Surging unemployment from COVID-19 shutdowns brought a rapidly rising tide of forbearance requests, according to the Mortgage Bankers Association.
Mortgage servicers remain hopeful U.S. will deliver coronavirus relief
Federal backing for firms facing a deluge of missed mortgage payments is still on the table despite recent comments by an official who questioned the need to help the industry.
Key Democrats urge Mnuchin, Powell to rescue mortgage servicers
The letter written by Rep. Maxine Waters, D-Calif., and Sen. Sherrod Brown, D-Ohio, was seen as a boost to Wall Street lobbying efforts seeking to quell the fallout of the coronavirus crisis on the mortgage market.
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