The total number of loans in forbearance fell from 1.67% of servicers’ portfolio volume to 1.41% in December 2021, according to the Mortgage Bankers Association’s (MBA) Loan Monitoring Survey. The pace of monthly forbearance exits is at its lowest point since MBA began tracking exits in June 2020. MBA estimates 705,000 homeowners are currently in forbearance plans. Independent mortgage banks saw a 0.28% decline from 1.94% to 1.66%, while depositories saw a 0.28% drop from 1.52% to 1.24%. The share of forborne Fannie and Freddie loans fell to 0.68%, down by 8 basis points, while Ginnie Mae loans fell from 2.10% to 1.63%, down 47 basis points. PLS and portfolio loans in forbearance dropped by 51 basis points to 3.43%.…
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…
Over a three-year period, between 4% and 6% of all monthly listings across the country were offered directly by their owners, a new report from Zillow found. Homes listed as “For Sale By Owner” (FSBO) are advertised and sold directly by owners without an agent’s help. Roughly 63,000 homes for sale in September 2021 were FSBO, while in 2021 overall 24% of rural sellers did not use an agent. For comparison, 16% of suburban sellers did not use an agent, along with 20% of urban sellers. The report found that FSBOs are most common in rural areas. They were also more affordable overall. The median list price for an FSBO was $292,810, while the median price for a home sold…
The national delinquency rate continued to improve at a slow but steady pace last month, with especially impactful declines for loans overdue by 30 days or more, according to Black Knight’s October 2021 “first look” report. Delinquencies dropped another 4.25% at the end of October to 3.74%. The decline was pushed by significant changes in longer delinquencies. Loans 30 or more days past due dropped by 82,000, bringing their total below 2 million for the first time since the beginning of the pandemic. Serious delinquencies also saw huge drops, declining by 10%, or 127,000 loans. Black Knight attributes that dip to the first wave of homeowners in forbearance beginning to make payments again. The report predicts more improvement in this…
