Distressed

For some, including National MI and Essent, the improvement is taking place faster than expected.

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

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 Fed’s decision to lower rates amid a pandemic proved serendipitous for home lenders who benefited from a refinance boom last year, but they may need to make adjustments in the coming months.

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

A real estate firm focused on gentrifying neighborhoods is showing cracks after a group of its apartment buildings in New York’s Upper West Side and Harlem filed for bankruptcy.

Recipients can’t charge penalties for, or engage in, evictions solely for nonpayment, must provide a written notice of tenant rights, flexibility in repayment and, where applicable, 30-day vacate notices.

The availability of financing hasn’t been an issue to date, but it still could be.

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

The FHA’s deadline was extended as part of its latest renewal of other coronavirus-related contingencies. The move follows a request from state regulators to provide ample notice of the forbearance program’s expiration.