Forbearances rose for the first time since 2022 last month but foreclosures remain few and far between. The Mortgage Bankers Association recently reported that the total number of loans in forbearance increased to 0.23% as of June 30. This puts approximately 115,000 homeowners in forbearance plans. Government loans in particular saw weakness in the performance…
Mortgage loan delinquencies dropped to 3.45% of all loans outstanding in Q3 2022, once again breaking the record for the lowest point since 1979. According to MBA’s National Delinquency Survey, delinquencies were down 19 BPS from Q2 and 143 BPS from a year earlier. Foreclosure starts and loans in the process of foreclosure also fell…
The number of loans in forbearance fell 11% in April from 1.05% of servicers’ portfolio volume to 0.94%, according to the Mortgage Bankers Association’s (MBA) Loan Monitoring Survey. MBA now estimates that 470,000 homeowners remain in forbearance plans. Of Fannie and Freddie loans, the number in forbearance dropped 6 basis points to 0.43%. Ginnie Mae…
Good Morning! Today is Friday, April 29. Russian missiles struck Kyiv. President Biden asked Congress for an additional $33 billion to aid Ukraine, which would more than triple U.S. spending on the war. The F.D.A. plans to ban sales of menthol cigarettes. The Mortgage Note Reports Rates Fall Back: Mortgage rates declined for the first time after a weeks-long…
Foreclosure activity rose in all 50 states in Q1 2022, with foreclosure starts and bank repossessions reaching their highest numbers in two years, according to ATTOM’s Q1 2022 Foreclosure Market Report. A total of 78,271 U.S. properties had a foreclosure filing during Q1, up 39% from Q4 2021 and 132% YOY. March alone saw 33,333…
Good Morning! Today is Wednesday, April 13. New York Lt. Gov. Brian Benjamin was indicted on public corruption charges stemming from an alleged bribery scheme. Police named a “person of interest” related to the attack on a subway train in Brooklyn that left at least 23 people injured. The Mortgage Note Reports New Delinquency Low: Delinquencies dropped…
Good Morning! Today is Friday, April 8. The Senate confirmed Judge Ketanji Brown Jackson to the Supreme Court. She will be the 116th justice and first Black woman on the Court. The New York attorney general asked a judge to hold Trump in contempt for not turning over documents in an investigation. The Mortgage Note Reports Mortgage…
Early April exits offset two weeks of rising forbearance starts and re-starts, resulting in plan volumes dropping below 700,000 for the first time since the pandemic began, according to Black Knight’s blog, Vision. Overall, forbearances fell by 63,200 plans last week. GSE plans fell by 24,500 (-11%), followed by FHA/VA (-21,800, -8.1%) and loans held…
Good Morning! Today is Thursday, April 7. More than 2,000 Ukrainians have made their way to the U.S. border from Mexico. Some Biden administration officials tested positive after attending a black-tie event in Washington. The Supreme Court reinstated a Trump administration rule limiting states’ power to enforce the Clean Water Act. The Mortgage Note Reports Love…
Homeowners facing foreclosure can now stall proceedings while waiting to receive federal aid. The Federal Housing Agency (FHA) announced that Freddie Mac and Fannie will require servicers to suspend foreclosure activities for up to 60 days if the servicer has been informed that the borrower applied for assistance through the Homeowner Assistance Fund. “FHFA is…
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