Servicing

Forborne mortgages stemming from the coronavirus outbreak reached their lowest level since late March 2020, according to the Mortgage Bankers Association.

Depressed margins and a $219 million hit to its servicing rights fair value translated to a lower bottom line at the wholesaler.

In a best-case scenario, the money could wipe out almost one-third of the pandemic-related increase in missed payments, but it won’t exclusively be used for that purpose.

Financial institutions will have until early October to weigh in about new risk-based capital requirements for nonbanks.

The agency developed measures taking effect Aug. 31 that, among other things, will allow lenders to prioritize foreclosures of the most impaired loans and then focus on modifying salvageable ones.

The share of late payers who did not ask for COVID-19-related relief varied widely at 16 servicers surveyed by the the Consumer Financial Protection Bureau.

The two-pronged agreement also will add Figure's mortgage servicing rights onto Sagent's platform.

Trends on loans 90 days or more late on their payments reinforce other indicators showing the pandemic-driven growth in late payments is moderating, according to a new CoreLogic report.

Nearly half the country saw foreclosure starts rise year-over-year during the final month of the moratorium, according to Attom Data Solutions.

The company attributed its second quarter loss to competitive pricing pressures and GSE-imposed charges.