Tag Archives: U.S. Department of Labor (DOL)

Marina Walsh, CMB, MBA’s VP of Industry Analysis, reported that “FHA delinquencies rose 10 basis points compared to year ago levels. … As the economy slows and labor market cools, homeowners with FHA loans are likely to feel the distress first.”

The Housing Supply Expansion Act would reform a 1930s-era labor law by reducing labor costs and administrative burdens on residential construction contractors.

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.

Nationwide, the overall delinquency rate dropped for the 18th consecutive month on an annual basis, as CoreLogic reports that approximately 1.4 million loans nationwide were in some stage of delinquency.

While overall mortgage servicers’ portfolio volume of loans in forbearance continues to dwindle, Ginnie Mae loans in forbearance increased in August, with approximately 360,000 U.S. homeowners currently in forbearance plans.

MBA reports the overall forbearance rate in June nearly plateaued, with just a four-basis-point month-over-month decline, as approximately 405,000 homeowners in the U.S. remain in forbearance plans.

The number of U.S. loans in forbearance fell once again, with as an estimated 590,000 homeowners remaining in forbearance plans nationwide.

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.

With nearly 835,000 homeowners in forbearance plans, a recovering economy has hastened the pace of those entering permanent loan workout solutions.

he number of Americans currently in forbearance plans hit approximately 1.5 million homeowners this week, as forbearance volume dove 15 basis points from the previous week.