Servicing

The collateral in the $338 million also includes a large subset of mortgages (45% of the pool) that are considered "dirty current" loans with recent delinquent status.

The nonprofit, formed with the encouragement of government agencies to address borrower hardships in 2007, uses a model that has been challenged by the current crisis.

Lenders and servicers' biggest pandemic challenges revolve around clarity for loan eligibility and understanding options for their borrowers once the forbearance period ends.

Multifamily borrowers with loans from Fannie Mae and Freddie Mac will get an extended break for coronavirus-related hardships if they continue to give their tenants relief as well.

The number of loans going into coronavirus-related forbearance edged down slightly, with the growth rate dipping 1 basis point between June 15 and June 21, according to the Mortgage Bankers Association.

First American's Loan Application Defect Index is higher on a month-to-month basis for the first time since February 2019.

The company formally reported a nearly $65 million loss in the first quarter as the coronavirus affected its operations in March.

Compared with the week prior, approximately 83,000 more loans from all investor types became forborne.

Nonbank servicers have been seeking more sources of cash since the coronavirus disrupted markets and elevated forbearance rates. These are some strategies they may be able to use.

Mortgage industry hiring and new job appointments for the week ending June 26.