According to the latest McDash Flash Forbearance Tracker from Black Knight, nearly 7.3% of U.S. mortgages have entered mortgage forbearance plans in April, that's more than 3.8 million borrowers who are unemployed as a result of the COVID-19 pandemic. Together, they account for $841 billion in unpaid principal and includes 6.1% of all GSE-backed loans and 10.5% of all FHA/VA loans.
And as the industry has seen record-low rates, the latest unemployment report from the U.S Department of Labor has found that the six-week total of new unemployment claims stands at more than 30 million, approximately one-fifth of the entire work force in the nation.
According to Black Knight, at today’s level, mortgage servicers would need to advance a combined $3 billion/month to holders of government-backed mortgage securities on COVID-19-related forbearances. Another $1.5 billion in lost funds will be faced each month by those with portfolio-held or privately securitized mortgages (some 6.7% of these loans are in forbearance as well).
ATTOM reported decrease of 55.3% in the first quarter – the smallest level in more than two years.
ATTOM released its Q1 2024 U.S. Home Sales Report, revealing that profit margins for U.S. home sellers on median-priced single-family home and condo sales in the United States decreased to 55.3% in the first quarter – the smallest level in more than two years.
The decline...
New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.
The Consumer Financial Protection Bureau (CFPB) today published new supervisory highlights describing the regulator's recent actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. The CFPB has also announced that it is working to addre...