Commercial mortgage originations in 3Q way down from one year ago
And an uptick from second-quarter numbers is attributed to seasonality rather than any upswing in the economy.
Distressed
Forbearance rate hits seven-month low
The forbearance rate improved to the a level not seen since early April, but getting back to pre-COVID levels will require employment gains or additional government stimulus measures, according to the Mortgage Bankers Association.
Mr. Cooper safeguards its profits with Ginnie Mae-related financing
The origination boom generated another profit for the company in the third quarter, when also it obtained a novel source of liquidity to support its servicing operations.
The slowing decline of forbearances reflects an uneven recovery
A booming housing market contrasts with a slow-to-improve job market, making for lopsided improvement in the number of troubled mortgages, according to numbers from the Mortgage Bankers Association.
Mortgage servicers seek to reach distressed borrowers ‘ghosting’ them
As of the end of July, there were more than 1 million past-due mortgages not in forbearance plans, and the majority likely would have qualified for forbearance under the CARES Act.
Ocwen slips back into the red for the third quarter
Minus various expenses including corporate, legal and servicing rights valuation, Ocwen had adjusted pretax income of $13.5 million.
Steep drop in forbearance rates logged as loans exit CARES Act plans
The overall forbearance rate was under 6% for the first time since April as another large swath of loans fell out of CARES Act coverage, according to the Mortgage Bankers Association.
Borrowers missed $19.4B in third-quarter mortgage payments
As financial distress mounted, 12.4% of mortgagors missed payments across the second and third quarters of 2020 — and it could get worse, according to a study from the Mortgage Bankers Association.
July’s 120-day delinquencies doubled Great Recession’s peak
While overall mortgage delinquency rates slowly descend, serious delinquencies — especially loans past 120 days due — jumped in July, according to CoreLogic.
Big drop in forbearances credited to CARES Act-related plans expiring
Forbearance rates dropped below 7% for the first time in six months, but the decrease is largely due to the ending of the initial six-month term of forbearance granted by the legislation, according to the Mortgage Bankers Association.
$1B affordable housing fund launched to counter private equity buys
Three nonprofits look to create or preserve 10,000 units, vowing to fight off firms like Blackstone and Colony Capital, which bought up foreclosed homes after Great Recession.
Fannie and Freddie loans drive forbearance rate’s steady descent
GSE mortgages in forbearance fell for the 17th straight week, spearheading the overall downtrend, according to the Mortgage Bankers Association.
Forbearance activity rises for first time in six weeks
Over 3.6 million borrowers sit in coronavirus-related forbearance with portfolio and private-label securitized loans driving the week's increase, according to Black Knight.
Life insurers may see mortgage losses above fiscal crisis levels
Delinquencies will rise due to the severe effects of the pandemic on the commercial property sector, Fitch said.
Cuomo extends eviction, foreclosure protections to 2021
Gov. Andrew M. Cuomo on Monday announced he will extend the eviction moratorium — set to expire Oct. 1 — to next year, continuing protections for tenants as well as homeowners who have been unable to pay rent and mortgage during the public health crisis.
2021 home equity gains unlikely as delinquencies poised to rise
More defaults will lead to an increase in distressed sales, and that will drive down prices, CoreLogic said.
Forbearance rate takes biggest plunge in a month
After flattening over the three prior weeks, the number of loans going into coronavirus-related forbearance dove at a rate not seen since early August, according to the Mortgage Bankers Association.
Forbearances decline overall, but share of Ginnie Mae loans increased
"The current economic crisis continues to disproportionately impact borrowers with FHA and VA loans," said Mike Fratantoni, the MBA's senior vice president and chief economist.
Forbearances remain flat for the first time in 10 weeks
For the first time since June 7, the number of loans going into coronavirus-related forbearance didn't decrease from the week before, according to the Mortgage Bankers Association.
Blackstone gets back into rental houses with Tricon deal
Blackstone Group, which led Wall Street's initial foray into the single-family rental business, is making a new investment in suburban houses at a time when the COVID-19 pandemic is pressuring traditional commercial real estate.
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