Mortgages

Evaluations for payment reduction still represent a relatively small share of home retention actions but their uptick could add incrementally to servicers’ workloads.

The strength of the housing market helped to increase forbearance exits while minimizing new requests, according to the Mortgage Bankers Association.

While purchasing power rose due to low rates and increasing income, “homebodies” suppressed inventory, according to First American.

Errors created in the loan manufacturing process were partly responsible for the increase in 2020, according to an analysis by Aces Quality Management.

Contract closings decreased 0.9% from the prior month to an annualized 5.8 million, according to data out Tuesday from the National Association of Realtors.

The company plans on trading on the New York Stock Exchange under the ticker symbol BLND

While usage of this process in mortgage closings picked up steam last year, only 34 states have permanent laws in place and two do not permit it at all.

So far companies plan on using roughly the same number of employees as they shift from handling payment suspensions to assessing borrowers who have seen long-term declines in their incomes.

Experts expect only a small uptick in distressed mortgages, either through default or inability to refinance, which will create some opportunity for debt buyers

Also: Homespire, Nations Lending, CapStar make new hires across the country, housing market conditions relax (a bit) in May

The Consumer Financial Protection Bureau at press time had promised to take the sudden nature of the new holiday’s implementation into consideration as it consulted with other agencies on the issue.

Announced the day before the first federally recognized Juneteenth holiday, the Black Homeownership Collaborative has a seven-point initiative to improve upon racial equality in home buying in the next nine years.

The new calculation of borrowers’ monthly obligations will allow for a higher debt load from tuition, potentially opening eligibility to more Black applicants, according to public officials.

The deal will add $7.8 billion in reverse mortgage subservicing to Ocwen $6.7 billion portfolio.

About 20% of the pandemic-related delinquent borrowers are up for review by the end of June, which could lead to vast improvement or deeper financial strife, according to Black Knight.

The data also showed that more purchase loans were made to low- and moderate-income borrowers last year, but fewer refinances.

Signs from the Fed regarding tapering and interest rate hikes could spell the end to the year’s low rates.

Investors appear to support the notion that lending to borrowers who don’t have traditional incomes could be a growth engine for lenders as other sources of volume weaken.

Demand was strongest at the high end of the market, which pushed loan amounts up for the fourth straight month.

As home prices set new records, a shift in consumer attitude led to fewer bidding wars and a growing number of listings, according to Zillow and Redfin.