David Deem 714-997-3486 Dave@DeemTeam.com The total number of loans now in forbearance decreased by 6 basis points to 2.15% of servicers' portfolio volume as of Oct. 24, 2021. According to the Mortgage Bankers Association's (MBA) latest Forbearance and Call Volume Survey, 1.1 million homeowners are in forbearance plans.   The breakdown:   - The share of Fannie Mae and Freddie Mac loans in forbearance decreased 3 basis points to 0.97%. - Ginnie Mae loans in forbearance decreased 7 basis points to 2.65% - Portfolio loans and private-label securities (PLS) declined 8 basis points to 5.13% - Independent mortgage bank (IMB) servicers decreased 6 basis points relative to the prior week to 2.43% - Loans in forbearance for depository servicers decreased 4 basis points to 2.07% The takeaway:   "For the first time since March 2020, the share of Fannie Mae and Freddie Mac loans in forbearance dropped below 1%. A small decline for this investor category was matched by similarl...

  David Deem 714-997-3486 Dave@DeemTeam.com The   Mortgage Bankers Association's   (MBA) latest Forbearance and Call Volume Survey reported forbearance loans decreased by 4 basis points to 3.87% of servicers' portfolio volume as of June 27, 2021.   According to the MBA, there are an estimated 1.9 million homeowners in forbearance plans right now.   The breakdown:   - By investor type, Ginnie Mae loans in forbearance decreased from 5.13% to 5.10% - Fannie Mae and Freddie Mac loans in forbearance decreased from 2.02% to 1.99% - The share of other loans in forbearance decreased from 7.97% to 7.92%   What it means:   This is the first time since last March that Fannie and Freddie loans in forbearance dropped below the 2% threshold. And the MBA predicts that strong job growth in June should provide "a springboard" for more improvements next month.   "The share in every investor type and almost every loan category dropped as well, bringing the numb...

  David Deem 714-997-3486 Dave@DeemTeam.com Earlier this year when the nation pressed pause on the economy and unemployment rates jumped up significantly, many homeowners were immediately concerned about being able to pay their mortgages, and understandably so. To assist in this challenging time, two  protection  plans were put into place to help support those in need. First, there was a pause placed on initiating foreclosures for government-backed loans. This plan started on March 18, 2020, and it extends at least through December 31, 2020. Second, homeowners were able to obtain  forbearance  for up to 180 days, followed by a potential extension for up to another 180 days. This way, there is a relief period in which homeowners have the opportunity to halt payments on their mortgages for up to one year. Not Everyone Understands Their Options The challenge, according to Matt Hulstein,  Staff Attorney  at non-profit  Chicago Volunteer Legal Services...

David Deem 714-997-3486 Dave@DeemTeam.com It's been a bit of an up-and-down scenario in the mortgage space since the coronavirus hit. While in general mortgage applications are down, according to the   Mortgage Bankers Association   (MBA), applications for new homes have increased YoY. Additionally, with unemployment a continued problem amid the health crisis, forbearance has become the only solution for many Americans with a mortgage. While forbearance rates have decreased, some of that can be attributed to servicers adding delinquent loans to their portfolios.   Here's the latest news: Applications   According to the MBA's Weekly Mortgage Application Survey for the week ending Sept. 11, mortgage applications are down 2.5 percent on a seasonally adjusted basis from the previous week (reflecting an adjustment for the Labor Day holiday). Unadjusted, the Index decreased 13 percent compared to the previous week, and the Refinance Index decreased 4 percent (30 percent hi...

David Deem 714-997-3486 Dave@DeemTeam.com Mortgage applications increased 2.7 percent from the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 22. The refinance index stayed relatively flat, decreasing only 0.2 percent from the previous week; however, it is 176 percent higher YoY. The seasonally adjusted Purchase Index increased 9 percent from the previous week. The Breakdown – Share of Total Applications FHA Applications – 11.2 percent, down from 11.5 percent VA Applications – 12. percent, down from 13.4 percent USDA Applications – 0.6 percent, down from 0.7 percent "The housing market is continuing its path to recovery as various states reopen, leading to more buyers resuming their home search. Purchase applications increased 9 percent last week—the sixth consecutive weekly increase and a jump of 54 percent since early April. Additionally, the purchase loan amount has increased steadil...

David Deem 714-997-3486 Dave@DeemTeam.com To help homeowners who are in COVID-19-related forbearance, the Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac (the Enterprises) are making available a new payment deferral option. The payment deferral option allows borrowers, who are able to return to making their normal monthly mortgage payment, the ability to repay their missed payments at the time the home is sold, refinanced, or at maturity. "For homeowners in forbearance due to COVID-19, payment deferral allows them to make up missed forbearance payments when they sell their home or refinance," said FHFA Director Mark Calabria. "This new forbearance repayment solution responsibly simplifies options for homeowners while providing an additional tool for mortgage servicers. Borrowers who can pay their mortgage should, because missed payments remain an obligation that will ultimately have to be repaid." In response to the ...