Servicing

The decision provides more clarity to noteholders in the state about when the six-year statute of limitations to bring a foreclosure action begins.

Independent mortgage banker recovery drove the weekly decrease in forbearance share, according to the Mortgage Bankers Association.

Moratorium extensions helped drive a weekly increase in forbearances, according to Black Knight.

But distress could be compounded in a limited number of state and local areas that have been left out of the broader boom in the market, an Urban Institute report found.

Both in terms of interest expense and the sheer cost of dealing with consumers, the mortgage industry is out hundreds of millions of dollars due to this unfunded mandate from Congress, analyst Chris Whalen says.

The Federal Housing Finance Agency's recent allowance of a 3-month extension of CARES Act forbearances stands to upend the trend in plan exits.

With President Biden extending the moratorium, foreclosures hit an all-time low at the start of 2021 as millions of delinquent borrowers avoided entering the process, according to Attom Data Solutions.

The agreement would generate $250 million in proceeds, which the nonbank mortgage company plans to use to pay down and refinance existing debt, while also investing in its servicing and origination businesses.

Gains in consumer financial stability helped to decrease the rates of distressed home loans, but job creation is needed to make recovery sustainable, a CoreLogic report found.

While loan performance is improving in aggregate, some borrowers remained unaware of the relief available or were unable to access it, according to the Research Institute for Housing America.