Tag Archives: Loan Modifications

MBA forecasts that unemployment increases, a rise in property taxes, the resumption of student debt payments, and the potential for natural disasters will impact loan performance in the future months. Here’s what September’s forbearance data reveals.

The FHFA’s latest Foreclosure Prevention and Refinance Report for the second quarter found that, to date, more than 6.8 million struggling homeowners have been assisted by Fannie Mae and Freddie Mac during conservatorship.

The OCC has issued its findings on the performance of first-lien mortgages in the federal banking system during Q2, as 97.3% of mortgages were found current and performing at the end of the quarter, compared to 97.6% in Q1.

The share of mortgage loans in forbearance fell to 0.39% of servicers’ portfolio volume in July, as the MBA reported that nearly two-thirds of borrowers still in forbearance were due to the effects of COVID-19.

The FHFA reports that since the start of Fannie Mae and Freddie Mac conservatorship in September 2008, the GSEs have recorded 6.7 million-plus foreclosure prevention actions to date nationwide.

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.

In addition, a new report notes that Fannie Mae and Freddie Mac completed 58,268 foreclosure prevention actions in Q1 2023. Click through to read the other data from the GSEs’ Q1 2023 Foreclosure Prevention and Refinance Report.

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.

A new white paper from Aspen Grove Solutions delves into how technology can reduce the risk of enforcement actions, consent orders, and curtailments for mortgage servicers in today’s marketplace. (Sponsored Content)

In order to assist struggling borrowers amid an erratic mortgage rate environment, the FHA has proposed a plan to assist borrowers through temporary reductions to monthly mortgage payments for up to five years.