Mortgage defaults

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

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

The global hospitality industry is facing the worst downturn in its history, and New York, the epicenter of the coronavirus outbreak in the U.S., is poised for a painful recovery.

Homeowners hurt by coronavirus were told they could delay their mortgage payments without facing consequences. Now, some are learning they’re at risk of being shut out of the housing market.

By the end of the first quarter, the number of borrowers 30 days late on their mortgage increased by 59 basis points.

After over two years of falling delinquency rates, the burgeoning unemployment following the coronavirus economic shutdown will bring a surge of outstanding mortgages.

Rick Thornberry is looking to the lessons from the Great Recession and applying them to current conditions.

Three of the four had fewer new notices of delinquency for the quarter, but that should change going forward.

But it is still looking to conserve capital to cover future delinquencies and will likely halt dividends to the parent company.

With unemployment mounting, new mortgage forbearance requests could sharply increase in early May when payments are due.