Morning Roundup (1/17/2022)– Commercial, Multifamily Delinquencies Down In Q4 2021

Good Morning! Today is Monday, January 17. It’s Martin Luther King Day, and markets are closed. Martin Luther King Jr.’s family will lead a march for voting rights today in DC as congressional Democrats vow to press ahead with legislation. The public can begin ordering free at-home rapid Covid-19 tests through a new government website on Wednesday. Four hostages at a Texas synagogue were freed on Saturday, and their captor killed. And in mortgage and housing news… C&M Delinquencies Fall: Delinquency rates for commercial and multifamily mortgages fell during Q4 2021, according to the MBA. Affordability Down: Housing affordability fell slightly in November, according to NAR’s Housing Affordability Index. Home Sales Fell In December: The stock shortage drove home sales…

Morning Roundup (1/14/2022)– Forbearance Exits Remain High, Rates Hit 3.45%

Good Morning! Today is Friday, January 14. The Supreme Court blocked the Biden administration from enforcing a vaccine-or-testing mandate for large employers. Australia canceled Novak Djokovic’s visa for a second time, days before the Australian Open. The leader of the far-right Oath Keepers militia was charged with seditious conspiracy in the Capitol riot investigation. And in mortgage and housing news… Forbearance Exits Remain High: Of single-family homeowners who entered Covid-19 related forbearance, 89% have now exited their plans, according to Black Knight. Rates Climb Again: Mortgage rates jumped significantly this week, up to an average of 3.45% from 3.22%, Freddie Mac reported. Vice Chairwoman: President Biden will nominate Sarah Bloom Raskin, a former top Treasury Department official, to serve as…

Forbearance Exits Remain High

Of single-family homeowners who entered Covid-19 related forbearance, 89% have now exited their plans. Active forbearance plans dropped by 43,000 (-8%) in the first week of January, according to Black Knight’s blog, Vision. The number of loans in forbearance fell across all categories, led by a 22,000 (-8%) drop in forborne loans held by portfolios and PSLs. Forbearances on FHA/VA loans fell by 17,000 (-16%) and GSE loans fell by 4,000 (-1.6%). The number of active plans is down 100,000 (-12%) from last month. An additional 155,000 plans are up for extension or removal in January. However, less than a third are expected to expire, meaning exit volumes will lessen moving forward. New plan starts rose again, reaching their highest…

Morning Roundup (1/13/2022)– Foreclosure Filing All-Time Low, Mortgage Applications Up

Good Morning! Today is Thursday, January 13. Donald Trump endorsed booster shots and said politicians who hid their vaccination status were “gutless.” Kevin McCarthy, the top House Republican, said he would not cooperate with the House committee investigating the Capitol riot. More than 8,000 unionized employees at Kroger’s King Soopers stores in Denver went on strike on Wednesday. And in mortgage and housing news… Mortgage Applications Up: Mortgage loan application volume rose 1.4% from last week, though refis once again fell, MBA reported. All-Time Low: ATTOM’s Year-End Foreclosure Market Report found foreclosure filings dropped to an all-time low in 2021, down 95% from a peak of nearly 2.9 million in 2010. Forty-Year High: The BLS’s Consumer Price Index reported that…

Foreclosures Activity Hits Record Low

ATTOM Data Solution’s Year-End 2021 U.S. Foreclosure Market Report found foreclosure filings dropped 29% from 2020 and were down 95% from a peak of nearly 2.9 million in 2010. It is the lowest level since ATTOM began tracking filings in 2005. Properties with foreclosure filings–default notices, scheduled auctions, and bank repossessions– made up 0.11% of all U.S. housing units, down from 0.16% in 2020. “The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company.  The report is heartening from a broad view of foreclosure filings in the US. However, it found that filings increased as protections expired, pushing rates closer to pre-pandemic levels. A total of…

Morning Roundup (1/7/2022)– Rates Climb To Highest Level Since May 2020

Good Morning! Today is Friday, December 7. President Biden accused Donald Trump of spreading a “web of lies about the 2020 election.” The Supreme Court will hear arguments today in cases challenging the Biden administration’s vaccine mandates. Canada’s ban on conversion therapy takes effect today. And in mortgage and housing news… Rates Climb: Mortgage rates rose to their highest level since May 2020, up to an average of 3.22%, Freddie Mac reported. Forbearances Improve: Active forbearance plans dropped by 8% in the first week of January, according to Black Knight’s blog, Vision.  December Jobs: The US economy added just 199,000 jobs in December, far below economists’ expectations of 422,000 gains. FHFA Changes Explained: The FHFA this week announced loan-level price…

Forbearances Plans Drop In First Week Of 2022

Active forbearance plans dropped by 73,000 (-8%) in the first week of January, according to Black Knight’s blog, Vision.  The number of loans in forbearance fell across all categories, led by a 30,000 plan decrease in FHA/VA loans (-10%). Forbearances on loans held by portfolios and PSLs fell by 17,000 (-8%) and GSE loans fell by 27,000 (-19%). The number of active plans is down 123,000 (-13%) from last month. Additional declines are expected with 61,000 plans still listed as extension/removal in December 2021, of which 25,000 are expected to expire. An additional 186,000 plans are up for extension or removal in January, though less a third are expected to expire. Forbearance plan starts ticked up once again, continuing a…

Morning Roundup (12/21/2021)– ESR Boosts 2021 Expectations, Lowers 2022

Good Morning! Today is Tuesday, December 21. President Biden will give a speech today outlining his plans to combat the Omicron variant. Omicron accounts for about 75% of new cases in the US. The E.P.A. will require new cars to get 55 miles per gallon starting in 2026. And in mortgage and housing news… Forbearances Improved In November: The total number of loans in forbearance fell from 2.06% of servicers’ portfolio volume to 1.67% in November, according to MBA’s Loan Monitoring Survey. ESR Expectations Change: Commentary from Fannie’s ESR Group showed the year ending on a strong note, with 2021 total home sales for rising 7.1%, but lowered its prediction for 2022’s GDP due to inflation concerns. CFPB, DOJ Warning…

MBA: Forbearances Fell To 1.67% In November

The total number of loans in forbearance fell from 2.06% of servicers’ portfolio volume to 1.67% in November, according to the Mortgage Bankers Association’s (MBA) Loan Monitoring Survey. MBA estimates 835,000 homeowners are currently in forbearance plans. Independent mortgage banks saw a 0.34% decline from 2.28% to 1.94%, while depositories saw a 0.5% drop from 2.02% to 1.52%. The share of forborne Fannie and Freddie loans fell to 0.76%, down by 16 basis points, while Ginnie Mae loans fell to 2.10%, down 42 basis points. PLS and portfolio loans in forbearance dropped by 106 basis points to 3.94%. “The share of loans in forbearance in November declined – albeit at a slower pace than October – as borrowers continued to…

Morning Roundup (12/17/2021)– Rates Up Slightly, Forbearances Rise

Good Morning! Today is Friday, December 17. France is banning travel to and from Britain due to high levels of Omicron infection. A federal judge overturned Purdue Pharma’s opioid settlement, ruling that members of the Sackler family could not receive protection from civil lawsuits. Haiti announced that the last of the 17 kidnapped US missionaries have been freed. And in mortgage and housing news… Buying Houses With Friends: As the number of homes purchased by people with different last names increases, it is being reported that Millennials are choosing to buy single-family houses with their friends. Rates Up Slightly: Mortgage rates rose slightly over the last week, up from an average of 3.10% to 3.12%, Freddie Mac reported Thursday. Forbearances…