Loss mitigation

The decision provides more clarity to noteholders in the state about when the six-year statute of limitations to bring a foreclosure action begins.

With President Biden extending the moratorium, foreclosures hit an all-time low at the start of 2021 as millions of delinquent borrowers avoided entering the process, according to Attom Data Solutions.

While the annual total marks a 16-year low, the numbers are likely to change dramatically once government moratoria expire, according to Attom Data Solutions.

The forbearance rate rose behind slowed economic recovery, according to the Mortgage Bankers Association.

The company was accused of sending borrowers erroneous loan modification information between 2014 and 2018.

The key to preparation today lies in process automation that far surpasses pre-pandemic solutions for default servicing, Clarifire CEO Jane Mason says.

The forbearance rate continued its improvement, but the surge of COVID-19 cases could lead to more borrowers needing mortgage relief, according to the Mortgage Bankers Association.

The November foreclosure rate represented an 80% decline from the year before, according to Attom Data Solutions.

The surge of COVID-19 cases slowed economic recovery and hampered improvements in the forbearance rate, according to the Mortgage Bankers Association.

The economic fallout from COVID-19 has highlighted systemic concerns about commercial real estate exposure, business debt and short-term wholesale funding, the Financial Stability Oversight Council said in an annual report.