forbearance
FHFA announces further extension of COVID-related mortgage relief
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The agency will allow an additional three months of forbearance for loans backed by Fannie Mae and Freddie Mac, giving homeowners up to 18 months to suspend payments due to the pandemic.
Should You Stop Paying Your Student Loans in Forbearance?
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The possibility of student loan forgiveness is on the horizon, so should you stop making payments on your own loans? That depends, but let’s take a look at where we stand so far: On the campaign trail, then-candidate Joe Biden promised to wipe out at least $10,000 for student loan borrowers. Now that he’s president, […]

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Forbearances Post Typical Mid-Month Increase
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Posted To: MND NewsWire

Black Knight reports a second increase in the number of loans in pandemic related forbearance plans in as many weeks. Forborne loans rose by 21,000 during the week ended February 23 after falling below 2.7 million for the first time since last April earlier this month. The company said such mid-month increases have been typical in recent months. At of the end of the reporting period there were 2.7 million homeowners in active plans, 5.1 percent of those with a mortgage, and representing an aggregate unpaid balance of $537 billion. The largest increase in active plans was among those serviced for bank portfolios and private label securities (PLS) which grew by 16,000 loans or 2.4 percent growth. The number of VA an FHA loans in forbearance rose by 7,000 or 0.6 percent. The combined Fannie Mae...(read more)

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Fannie/Freddie COVID Programs Extended to Match FHA, VA Deadlines
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Posted To: MND NewsWire

Deadlines for COVID-19 related relief for borrowers with Fannie Mae and Freddie Mac (GSE) mortgages were extended by the Federal Housing Finance Agency (FHFA) for the second time in a little over two weeks. The agency said the new changes were made to bring GSE programs into alignment with the deadlines for the similar FHA and the VA programs which the White House had extended last week. The moratorium on foreclosures of GSE mortgages was changed from a March 31 expiration to June 30 as was the moratorium on evictions. The latter applies only to GSE owned real estate (REO) that was foreclosed or taken through a deed-in-lieu. FHFA also announced another three-month extension of COVID-19 forbearance. The available period during which borrowers impacted by the pandemic can defer or make reduced...(read more)

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Borrowers With Fannie Mae, Freddie Mac Mortgages Can Receive Up to 18 Months of Forbearance, Regulator Says
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The FHFA also amended its separate payment deferral option for homeowners so they can now miss up to 18 months of payments.

The post Borrowers With Fannie Mae, Freddie Mac Mortgages Can Receive Up to 18 Months of Forbearance, Regulator Says appeared first on Real Estate News & Insights | realtor.com®.

Delinquency Rate Lowest in COVID Era; but Lingering Risks Remain
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Posted To: MND NewsWire

Loan performance continued to improve in January although the number of delinquencies remains significantly elevated from pre-pandemic levels. Black Knight's first look at the month's loan performance data has both good news and some that is disquieting. The good news is a 121,000-loan decline in the number of loans that are 30 or more days past due but not in foreclosure when compared to the prior month. This reduced the national delinquency rate to 5.85 percent, the first time the rate has been under 6 percent since the pandemic hit in March 2020. The number of seriously delinquent loans, those 90 or more days past due but not in foreclosure, was reduced by 56,000 loans. Black Knight includes loans that are in active forbearance plans in its delinquency numbers if they are non-current. However...(read more)

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Three solutions for homeowners in forbearance
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While the Biden administration has pushed the foreclosure and forbearance
Serious mortgage delinquencies remain high as overall rate declines
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Servicers could be dealing with approximately 1.8 million distressed properties when the latest forbearance extension ends in June, Black Knight said.
Mr. Cooper bets on future servicing earnings as 4Q profits run high
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As its mortgage origination volume delivered another quarter of strong earnings, Mr. Cooper’s banking on its "enormous backlog" of REO orders to generate further profitability once the foreclosure moratorium is lifted.
Mortgage Application Volume Continues Decline
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Posted To: MND NewsWire

The volume of mortgage applications for both home purchase and refinancing fell for the third straight time during the week ended February 19. The Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of that volume, dropped 11.4 percent on a seasonally adjusted basis. It was the largest single week decline since the week ended April 3, 2020. On an unadjusted basis the index was down 10.0 percent. The Refinancing Index decreased 11 percent from the previous week but was still 50 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 68.5 percent of total applications from 69.3 percent the previous week. The seasonally adjusted Purchase Index dropped 12 percent and was 8 percent lower before adjustment. Activity was 7 percent...(read more)

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