Servicing

Kalahari Resorts defaulted on a $347 million mortgage originated by JPMorgan Chase

University Bancorp decided to shutter its wholesale mortgage lending business after it struggled to hire and train employees remotely.

Forecasts about the pandemic's impact on the mortgage market have grown less dire after forbearance requests by homeowners nearly leveled off in the first half of May.

Coronavirus-related mortgages in forbearance grew 20 basis points between May 11 and May 17, according to the Mortgage Bankers Association.

The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.

Loans with coronavirus-related forbearance have to be reported as current to the credit bureaus but there’s a ripple effect from them that has implications for credit reports and underwriting.

As the growth rate in forbearance requests downshifts, a vast stockpile of loans await modifications.

Mortgage industry hiring and new job appointments for the week ending May 22.

The lenders also are receiving warrants to purchase New Residential stock.

To deal with the crunch, servicers should combine cloud and digital workflow automation technologies.