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.
Distressed
Hotel mortgage delinquencies rise in December, but retail improves
Fitch and Trepp reported that overall commercial mortgage-backed security delinquencies were down, while the MBA reported a slight increase.
Forbearances climb for third week in a row
With limited plan removals due to the holidays, mortgages in coronavirus-related forbearance rose by 15,000, according to Black Knight.
Manhattan gentrifier stumbles with rental apartment bankruptcies
A real estate firm focused on gentrifying neighborhoods is showing cracks after a group of its apartment buildings in New York’s Upper West Side and Harlem filed for bankruptcy.
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.
Foreclosures drop to new all-time low in November
About 4,400 loans started the foreclosure process in November, alongside 176,000 mortgages in active foreclosure.
Foreclosure wave unlikely in 2021, BTIG says
The company expects a good year ahead for mortgage insurers, assuming that rising employment, higher home prices and payment timing deferrals will help them to mitigate risk.
Holiday season’s COVID-19 spread leads to climbing forbearances
With infection rates rising and unemployment claims increasing since Thanksgiving, mortgages in coronavirus-related forbearance rose by 37,000 last week, according to Black Knight.
Spiking COVID cases lead to increase in new forbearance starts
While 12,000 mortgages exited forbearance, the most borrowers entered forbearance protection in a week since early September, according to Black Knight.
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.
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.
FHA extends endorsements of mortgages in forbearance through year-end
The extension of the FHA’s willingness to conditionally endorse loans with suspended payments came amid a renewed push by public and private entities to spread awareness of the CARES Act option.
Small landlords are suffering most in rental sector: Harvard confirms
The center’s annual study shows the extent to which larger multi-unit properties are insulated from distress.
Delinquencies keep falling in October, but still double 2019’s rate
Mortgage delinquencies dropped to the lowest level since March but, particularly at the seriously delinquent level, they're still much higher than pre-coronavirus rates, according to Black Knight.
Forborne mortgages have similar traits to those likely to default
A Freddie Mac study of loans in forbearance from 2017 and 2020 found that, over both periods, borrowers had low credit scores and high debt-to-income ratios.
Fannie, Freddie extend purchases of mortgages in forbearance
There have been several extensions of the policy since it was put into place as a way to sustain originations amid a wave of forbearance allocated to borrowers with government-related loans.
Delinquencies fall in Q3 but ‘no guarantee it will continue’
The overall mortgage delinquency rate improved in the third quarter as the economy got healthier while late-stage delinquencies hit a decade high, according to the Mortgage Bankers Association.
Rise in mortgage foreclosures reflects unemployment, COVID-19 woes
While moratoria keep foreclosures low compared to last year's rates, October activity jumped 20% from September, according to Attom Data Solutions.
Equity-rich homes outnumber those seriously underwater nearly 5 to 1
Growing equity levels increased the share of equity-rich and pulled borrowers out from underwater in the third quarter, according to Attom Data Solutions.
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