Mortgage Bankers Association

Ginnie Mae is offering temporary relief related to its acceptable delinquency-rate threshold in response to issuers' need to fulfill the forbearance requirements in the coronavirus rescue package.

While overall mortgage application volume remained flat, purchase activity continued to rebound — and that should be the case through the remainder of the spring, according to the Mortgage Bankers Association.

By the end of the first quarter, the number of borrowers 30 days late on their mortgage increased by 59 basis points.

The number of mortgages in coronavirus-related forbearance rose by 37 basis points as the unemployment rate soared, according to the Mortgage Bankers Association.

Many originators stopped making riskier products, including jumbo loans and low credit score offerings, during April.

Purchase mortgage activity rose for the third consecutive week, although the total volume was flat compared with the previous seven-day period, according to the Mortgage Bankers Association.

The total coronavirus-related mortgages in forbearance grew by 55 basis points, in lockstep with rising unemployment claims, according to the Mortgage Bankers Association.

Even though mortgage application volume decreased from one week earlier, lenders had their best week for purchase business since the coronavirus shutdown began, according to the Mortgage Bankers Association.

The number of loans in forbearance increased by a full percentage point over the past week, according to the Mortgage Bankers Association.

The Federal Housing Finance Agency has promised to take care of advances on principal and interest payments for coronavirus forbearances after four months, but servicers remain concerned about other responsibilities.