Distressed

The company formally reported a nearly $65 million loss in the first quarter as the coronavirus affected its operations in March.

Compared with the week prior, approximately 83,000 more loans from all investor types became forborne.

The government-sponsored enterprises had been considering tightening counterparty requirements for nonbanks, but in light of COVID-19's spread, they've reconsidered that.

The mortgage company will provide up to $17 million in forgiveness to settle charges that modifications it applied to distressed government-related loans were not in keeping with state servicing regulations.

The number of loans going into coronavirus-related forbearance dropped, with the growth rate falling 7 basis points between June 8 and June 14, according to the Mortgage Bankers Association.

Compared with the week prior, approximately 57,000 fewer loans from all investor types were forborne.

Blackhawk Community Credit Union sold the buildings it acquired in lieu of foreclosure to Rock Renaissance Partnership for $165,000.

Starwood Capital Group missed two monthly payments on securitized debt tied to five shopping malls anchored by bankrupt department stores including Sears and J.C. Penney.

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.

A Clever Real Estate survey found a significant share of new borrowers are not making their full payment.