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.
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In its mission to deliver service for the life of each loan and beyond, Cornerstone has established its mortgage subservicing business to empower smart homeownership and sustainable growth for its clients.
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The MBA reports that nationwide forbearance volume continues to drop, however the impact of Hurricane Ian may change that trend as servicers continue to report on the devastation from the storm.
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Despite the overall national forbearance rate nearing the 1% mark, the rate of forbearance exits reached another low since MBA began tracking exits in June 2020.
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The number of homeowners in forbearance plans fell further in December, as the MBA estimates that just 705,000 U.S. homeowners are currently in some stage of forbearance.
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In his new role, Blair, a 30-year mortgage industry veteran, will oversee the onboarding of new clients and servicing portfolios at LoanCare.
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