Foreclosure starts jumped in 24 states in April
Most of the activity covered vacant and abandoned properties or commercial loans, according to Attom Data Solutions.
Distressed
Commercial mortgage performance improves again, but worries remain
Short-term late payment rates rose again and later stage delinquencies remain at elevated levels compared to those prior to the pandemic, the Mortgage Bankers Association said.
Where foreclosure vulnerability is concentrated in the U.S.
While government protections currently shield most borrowers and delay process timelines, a growing backlog is likely to hit some areas of the country worse than others.
One year later, commercial mortgages are doing better than expected
Thanks to a series of government measures, the pandemic did not cause the massive wave of distressed debt flooding the market that many expected, but certain property types remain vulnerable.
Fannie Mae, Freddie Mac may broaden options for deep distress
Though the government-sponsored enterprises have some of the lowest forbearance rates in the market, they expect to contend with a significant population of borrowers who face steep financial setbacks after the pandemic ends.
Average foreclosure timelines near length not seen since 2017
Also, even with bans in place, the total number of filings keeps inching up due to actions taken on vacant properties.
Mortgages in forbearance see steepest drop-off in 6 months
However, the decline in Black Knight’s numbers may stem from a previous deadline that policymakers have since extended.
March commercial mortgage performance was strongest in nearly a year
However, the number of borrowers who failed to remit payment but were not yet 30 days overdue increased.
As CDC extends eviction ban, servicers face range of outcomes
About 3.4 million renters believe themselves to be at risk of eviction, but when the moratorium ends, the actual number may be between 130,000 and 660,000, according to a Zillow report published Monday.
Distressed borrower communication rules on track for now: CFPB
The Consumer Financial Protection Bureau’s acting director has said he could rethink the pending Fair Debt Collection Practices Act rules, but a report released Monday indicated they’re moving ahead for the time being.
Mortgage delinquencies creep down in December
As an improving job market aided financial stability for borrowers, 2020 ended with drops in delinquent home loans, a CoreLogic report found.
FHFA announces extension of multifamily COVID-related mortgage relief
The agency will allow an additional three months of forbearance for multifamily property loans backed by Fannie Mae and Freddie Mac, as long as tenant protections are offered.
Zombie foreclosures dwindle in 1Q but could be on ‘thin ice’
While foreclosure moratoria keep the overall numbers down, zombie foreclosure rates jumped in the majority of states, according to Attom Data Solutions.
Serious mortgage delinquencies remain high as overall rate declines
Servicers could be dealing with approximately 1.8 million distressed properties when the latest forbearance extension ends in June, Black Knight said.
Biden extends mortgage forbearance and foreclosure protections
While the Mortgage Bankers Association hailed the move, some experts say it could negatively impact housing inventory.
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.
Mortgage insurers log fewer delinquencies but pace slows at legacies
Meanwhile at Essent, more loans exited the inventory in January than in December.
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.
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.
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