Coronavirus-related forbearance requests accelerate most at banks
The volume of COVID-19 forbearance requests has risen rapidly as operational processing has improved and hold times have contracted, according to the Mortgage Bankers Association.
Loss mitigation
Senators urge oversight council to provide relief to mortgage servicers
A bipartisan group of lawmakers wrote in a letter to the Treasury secretary that the Financial Stability Oversight Council should create a liquidity facility to deal with a flood of forbearance requests brought on by the coronavirus pandemic.
Mortgage forbearance requests surged as coronavirus spread
The share of borrowers seeking payment relief rose more than tenfold as COVID-19 concerns grew and authorities encouraged the practice, according to the Mortgage Bankers Association.
Here’s how much servicers may have to advance due to coronavirus
Servicers' obligations to advance or temporarily absorb unpaid funds could range from $3 billion to $13 billion per month, according to Black Knight.
Fannie Mae’s risk management advances support stable earnings in 3Q
A risk management model revision that decreased single-family loan-loss allowances and a strong mortgage lending environment contributed to consistent earnings results at Fannie Mae in the third quarter.
Judge dismisses CFPB’s case against Ocwen, but will let it refile
A federal judge in Florida dismissed the Consumer Financial Protection Bureau's lawsuit against Ocwen Financial Services, stating the agency improperly asserted an excessive number of claims without specifying the particular count to which they applied.
Foreclosure activity plummets while streak of declines ends
Foreclosure activity fell 21% in July compared to a year ago and rose 6% from June after twelve consecutive months of declines, according to Attom Data Solutions.
Freddie Mac updates servicing data corrections, modification policies
Freddie Mac is automating a manual form submission process used to correct post-settlement and real estate owned data, and adding policy changes aimed at accommodating electronic signatures on loss mitigation documents.
The GSEs’ distressed mortgage volume remains high in five states
Although the performance of the government-sponsored enterprises' single-family loans continues to improve, the deeply delinquent totals remain significant in states with court-processed foreclosures.
NPL sales at Fannie Mae and Freddie Mac slowing at a more gradual pace
The government-sponsored enterprises sold fewer nonperforming loans in the first half, but the drop-off in the number of sales year-to-year is less severe than it was in 2017 as a whole.
FHA revises loss mitigation options for hurricane victims
The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information.
Servicing deal payment returns Ocwen Financial to profitability
Ocwen Financial Corp. got back in the black during the first quarter after selling New Residential Investment Corp. $110 million in economic rights to mortgage servicing.
New due diligence firm looks to change a static industry
A new due diligence firm created by a trio of former Clayton Holdings executives wants to shake up a static business model.
Credit scores in reperforming loan securitizations drifting lower
The weighted average FICO credit scores of securitized reperforming loans are deteriorating a little, according to a DBRS study of the bonds.
Credit Suisse relief plan could downsize RMBS settlement amount
Credit Suisse's plan for consumer relief in a multibillion-dollar Department of Justice settlement related to residential mortgage-backed securities could reduce the costs involved, according to the settlement monitor's first report.
