Tag Archives: Forbearance

MortgagePoint speaks with mortgage servicing execs from BOK Financial, Carrington, the NMSA, PHH Mortgage Corporation, and Servbank about the unusual times and unusual opportunities the industry faces midway through 2023.

Overall mortgage performance was on the upswing in the first quarter of 2023, as the OCC reported banks serviced approximately 12 million first-lien residential mortgage loans with $2.7 trillion in unpaid principal balances—representing 22% of all residential mortgage debt outstanding nationwide.

The MBA reports nationwide forbearance volume has reached levels not seen since March 2020, attributed to a strong jobs market and the array of loss mitigation options introduced since that time.

The MBA reports that approximately 255,000 homeowners remained in forbearance plans through April, as mortgage servicers have provided forbearance options to nearly 7.8 million Americans since April 2020.

According to a new report from First American, the Potential Home Sales Model for March revealed it is unlikely that the recent banking crisis will materially impact residential mortgage availability.

The MBA reports that pandemic-related loss mitigation options have pushed forbearance levels lower, as mortgage performance remains strong with post-forbearance workouts increasing in March.

Julia R. Gordon, Assistant Secretary for Housing and Federal Housing Commissioner of HUD, speaks to MortgagePoint about recent changes such as FHA’s mortgage insurance premium reductions, an ongoing commitment to improving IT infrastructure, and how the arc of her career brought her to her current role.

The MBA reports that servicers’ portfolio volume in February dropped four basis points to 0.60% month-over-month, as approximately 300,000 homeowners nationwide remain in forbearance plans.

The GSE reported a Q4 loss in revenue, with a $12.9 billion annual net income and $1.4 billion fourth quarter 2022 net income, with net worth reaching $60.3 billion.

HUD Secretary Marcia L. Fudge has announced that more than 1.8 million FHA borrowers received a forbearance due to a hardship created or exacerbated by COVID-19.