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The number of homeowners in active forbearance plans fell again this past week. Black Knight estimates there are now 4.6 million people remaining in the plans which mortgage servicers are required to provide as part of the CARES Act package of COVID-19 economic relief. Those plans allow homeowners who claim a financial impact from the pandemic to temporarily skip or make partial mortgage payments. The June 16 count represents 8.7 percent of all active mortgages, down by 57,000 and 0.1 percentage point from the previous week. It is 158,000 fewer plans than at the peak during the week of May 22. The current plans represent just over $1 trillion in unpaid principal ($1,012 billion). Some 6.8 percent of all GSE-backed loans and 12.1 percent of all FHA/VA loans are currently in plans. While the
The number of homeowners in active forbearance plans fell again this past week. Black Knight estimates there are now 4.6 million people remaining in the plans which mortgage servicers are required to provide as part of the CARES Act package of COVID-... (read more)
Mortgage rates improved modestly today as investors remain cautious amidst rising coronavirus stats in several states. The experience of those states is fueling broader concern about a 2nd wave of the disease that may logically follow less efficient ... (read more)
Lots in the news. Congratulations to the California MBA (and the MBA and lenders everywhere, since nearly 25% of residential loans come from California) which made news by being victorious in defeating AB 2501 . Kansas has added Alabama to its quaran... (read more)
The dominance of conventional lending continued to grow in May . Ellie Mae's Origination Insight Report says those loans made up 82 percent of originations during the month, up from 81 percent in April and 70 percent at the end of 2019. The FHA share... (read more)
Freddie Mac's Economic and Housing Research Group says say that, heading into summer, the housing market is rebounding from the COVID-19 pandemic's damage faster than expected. Purchase demand is recovering, and any home price response has, so far, b... (read more)
Putting MBS Underperformance in Perspective
Rates are low. Unless coronavirus wins, rates should continue to gradually move higher, but not in a straight line. At times (like today), we may see the mort... (read more)
Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc.