Servicing

The current volume of distressed mortgages is now down by more than 70% from its peak pandemic level.

Those leaving forbearance or other relief plans generally had higher credit utilization rates, were more likely to have mortgages, and experienced lower levels of bank card delinquencies, according to TransUnion.

Common Securitization Solutions has disbanded a group of independent board members originally brought on in early 2020 to look into using the government-sponsored enterprises’ platform to serve a broader market.

The agreement with affiliate partner ForumPay would allow buyers to convert digital assets at a fixed rate and transfer them directly into escrow.

The change could reduce the workout activity expected to spike around what had been final cut-off dates set for this fall.

With COVID-19 protections about to end for thousands, more distressed borrowers are opting for deferral as they exit their plans.

While record price appreciation led to trillions of dollars in equity, forborne borrowers still face the risk of losing their properties, according to Black Knight.

There is $900 million in debt on the land alone, including the $150 million junior loan that is for sale by Jones Lang LaSalle.

Non-depositories in the business also will have to submit annual reports and retain records for four years after they stop servicing the loan.

Although over 1.5 million forborne borrowers remain, a fifth could exit their plan in the next week, according to Black Knight.