Servicing

Borrowers accepting federal loan modifications saw payments on principal and interest reduced between 27% and 33%, according to estimates by the Federal Reserve Bank of Philadelphia.

The current patchwork approach to financing the retrofitting of low-income apartment buildings is one of the key issues that should be addressed, the company’s report found.

The state has distinct loss mitigation policies, and particularly complex rules for foreclosures scheduled to fully restart when its ban ends — and other states could write similar rules.

Average per-loan charges last year were little changed despite the addition of a new temporary fee for refinancing. Those for loan-to-value ratios above 80%, home-purchase financing and adjustable-rate mortgages only rose slightly.

But the number remaining was still more than twice as high as pre-pandemic, according to Black Knight.

However, the serious delinquency rate dropped to a point significantly below the market-wide average, and much of the foreclosure activity allowed to proceed did so with new consumer protections in place.

With resources provided through the Homeowner Assistance Fund, the $1 billion plan will help cover homeowners’ past-due payments and comes after New York unveiled a similar assistance package earlier this month.

Further declines occurred in November, albeit at a slower pace than in October, according to a new loan performance report from the Mortgage Bankers Association.

The Servicemembers Civil Relief Act includes extra protections aimed at preventing foreclosure for homeowners in the military.

The 2.5 million-member personal-finance app has saved consumers $100 million-plus since its founding in 2015, and could add a similar amount on an annualized basis to fee income.