Mortgage Bankers Association

Unemployment is high. Credit is tight. And scientists are warning that a dangerous second wave of the coronavirus is coming. But somehow, U.S. mortgage companies are having one of their best years in history.

The number of loans going into coronavirus-related forbearance ground down to a growth rate of 2 basis points between June 1 and June 7, according to the Mortgage Bankers Association.

Mortgage applications increased 9.3% from one week earlier, fueled by low mortgage rates and the release of pent-up demand, according to the Mortgage Bankers Association.

Looming economic uncertainties forced mortgage lenders to tighten underwriting standards in May.

The number of loans going into coronavirus-related forbearance slowed to a rate of 7 basis points between May 25 and May 31, according to the Mortgage Bankers Association.

Independent mortgage banks started 2020 strong after three quarters of high profits, according to the Mortgage Bankers Association.

Purchase mortgage application volume continued its upswing as consumers acted on record low rates, but high unemployment and low inventory could hold home buying activity back in the future, the Mortgage Bankers Association said.

Culture scores at the lender are equal or higher than before lockdown.

Coronavirus-related remote work has elevated the need to find a dedicated source of funding for managing and developing real estate finance industry data standards, according to the Mortgage Bankers Association.

Coronavirus-related mortgages in forbearance grew 10 basis points between May 18 and May 24, according to the Mortgage Bankers Association.

Steps have been taken to manage coronavirus-related liquidity risks to the housing finance system, but some remain, according to Mortgage Bankers Association President and CEO Robert Broeksmit.

Mortgage applications increased 2.7% from one week earlier, as purchase volume is now outpacing the prior year's activity, according to the Mortgage Bankers Association.

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

The MBA also said it has been lobbying for a measure that would enable cash-out refinances in forbearance to be sold to the GSEs.

Mortgage applications decreased 2.6% from one week earlier, as tighter underwriting drove the refinance index to its lowest level since March, according to the Mortgage Bankers Association.

The Mortgage Bankers Association's forecast anticipates tremendous coronavirus stimulus-related debt coming on to the market.

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

Director Mark Calabria, who abandoned the Fannie and Freddie capital proposal written by his predecessor, said he expects a revised framework to be ready “very soon.”

Total forbearance driven by the coronavirus rose by 25 basis points, which suggests it is still growing but at a slowing pace, according to the Mortgage Bankers Association.

Pent-up demand is already pushing buyers to a gradual return to the market, the report asserts.