Loss mitigation

Kalahari Resorts defaulted on a $347 million mortgage originated by JPMorgan Chase

Coronavirus-related mortgages in forbearance grew 20 basis points between May 11 and May 17, according to the Mortgage Bankers Association.

The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.

As the growth rate in forbearance requests downshifts, a vast stockpile of loans await modifications.

To deal with the crunch, servicers should combine cloud and digital workflow automation technologies.

Total forbearance driven by the coronavirus rose by 25 basis points, which suggests it is still growing but at a slowing pace, according to the Mortgage Bankers Association.

Eligible borrowers can add the forborne payments to the end of their loan term.

The joint site describes potential strategies for both homeowners and renters economically affected by COVID-19.

Specialized Loan Servicing will pay more than $1 million to settle Consumer Financial Protection Bureau allegations that it foreclosed on protected consumers and failed to send required evaluation notices in 2014.

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