Consumer lending

While distressed mortgage rates continued the fall’s short-term slide, serious delinquencies are three times higher than the year-ago total, according to CoreLogic.

Fitch and Trepp reported that overall commercial mortgage-backed security delinquencies were down, while the MBA reported a slight increase.

A new path forward for digital banks and their customers.

A slowdown in the increase of loans exiting forbearance “implies that those who were able to absorb the shock of the pandemic and get back on their feet, may have already done so,” said Andy Walden, Black Knight economist.

The largest U.S. shopping center became delinquent on its debt last year after its owner Triple Five Group began skipping mortgage payments, citing hardships from the COVID-19 pandemic.

A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.

While the balance of newly delinquent loans fell by 50% from November, the ratings agency warned that many borrowers will likely struggle to bring loans current under ongoing pandemic conditions.

The CFPB issued two rulemakings in 2020 that the financial services industry and consumer advocates hoped would finally clarify key issues over how collectors contact debtors and deal with legacy debts. But both sides want the incoming Biden administration to make further changes.

Reports indicate distressed owners would rather surrender their hotel or retail properties instead of negotiate workouts on delinquent loans as the pandemic spread carries on.

With limited plan removals due to the holidays, mortgages in coronavirus-related forbearance rose by 15,000, according to Black Knight.

About 4,400 loans started the foreclosure process in November, alongside 176,000 mortgages in active foreclosure.

Demand for home purchases and car loans would need to increase substantially to make up for what's expected to be a sharp drop in refinancing revenue.

The new bill ordering $600 stimulus checks and $25 billion in emergency rental assistance won't be enough to help millions of Americans struggling to make housing payments, according to industry watchers.

The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.

With infection rates rising and unemployment claims increasing since Thanksgiving, mortgages in coronavirus-related forbearance rose by 37,000 last week, according to Black Knight.

The percentage of seriously delinquent loans hit 5.8% in the third quarter, up from 1.5% a year earlier but down from 6.8% in the second quarter.

While 12,000 mortgages exited forbearance, the most borrowers entered forbearance protection in a week since early September, according to Black Knight.

While distressed mortgage rates crept down overall, serious delinquencies still tripled year-ago rates in September, according to CoreLogic.

Citigroup's realty arm is sponsoring a $1.06 billion RMBS of highly seasoned mortgage loans with troubled histories. All of the loans were acquired via a Fannie whole-loan auction.

Mortgage delinquencies dropped to the lowest level since March but, particularly at the seriously delinquent level, they're still much higher than pre-coronavirus rates, according to Black Knight.