Forbearances Ending at a Faster Pace

Posted To: MND NewsWire

Black Knight said its weekly forbearance survey found the number of mortgages in active forbearance decreasing at an accelerated rate. Those mortgages fell by 2.6 percent or 95,000 loans over the last week, bring the decline over the last month to 357,000 loans. It was the fifth straight week of improvement and Black Knight noted that since peaking in late May, the total number of forbearances has fallen by 1.17 million or 24 percent. As of September 22, 3.6 million homeowners remain in COVID-19-related forbearance plans, or 6.8 percent of all active mortgages, down from 7 percent last week. Together, they represent $751 billion in unpaid principal. Some 78 percent of those remaining loans have had their terms extended at some point since March. There are 1.1 million plans still set to expire…(read more)

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Forbearances Ending at a Faster Pace
Forbearances Ending at a Faster Pace

70% of Freddie's Portfolio Suggests Refis Aren't Dead

Posted To: MND NewsWire

Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 27.7 percent in August compared to a 20.0 percent gain in July. The portfolio balance at the end of the period was $2.533 trillion compared to $2.476 trillion the prior month and $2.275 trillion a year earlier. The growth rate for the year to date is 13.0 percent. Purchases and Issuances totaled $131.140 billion and Sales were ($898) billion. The July numbers were $116.83 billion and ($3.803) billion, respectively. Single-family refinance loan purchase and guarantee volume was $87.200 billion in August compared to $77.700 billion in July, representing a 70 percent share of total single-family mortgage portfolio purchases and issuances compared to 72 percent the previous month. Purchases in Freddie…(read more)

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70% of Freddie's Portfolio Suggests Refis Aren't Dead
70% of Freddie's Portfolio Suggests Refis Aren't Dead

FHFA's Official Report on Q2 Mortgage Relief Numbers

Posted To: MND NewsWire

In its 2 nd quarter Foreclosure Prevention and Refinance Report the Federal Housing Finance Agency (FHFA) says it has helped almost 4.7 million distressed homeowners since it became conservator of the GSEs Fannie Mae and Freddie Mac in August 2008. Over 250,000 of them took place in the second quarter of this year as the pandemic caused millions of job layoffs. The 12-year record of homeowner assistance includes helping 3.99 million homeowners stay in their homes and completion of 2.42 million loan modifications. For 2020 through the end of the second quarter the GSEs completed 30,764 loan modifications, 38 percent of which were on loans originated prior to 2009. Sixty-five percent of this year’s mods were extend-term only. FHFA said increases in home prices over the last few years have increased…(read more)

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FHFA's Official Report on Q2 Mortgage Relief Numbers
FHFA's Official Report on Q2 Mortgage Relief Numbers

New Home Sales Crush Forecasts, Soaring to 14-Year Highs

Posted To: MND NewsWire

Once again new home sales exceeded expectations, this time by a lot. Sales of newly built homes rose 4.8 percent in August, to a seasonally adjusted annual rate of 1.011 million. That puts sales an astounding 43.2 percent higher than they were the previous August. It was the sixth straight month of rising sales. After such a string of increases, analysts had expected sales to pull back a bit. Those polled by Econoday were looking for the number to come in between 820,000 and 950,000 with a consensus of 875,000. Perhaps they would have come up with a better forecast had they known that the July number from the Census Bureau and Department of Housing and Urban Development, would be upgraded substantially. The original estimate of 901,000, was revised to 965,000. On a non-adjusted basis, sales…(read more)

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New Home Sales Crush Forecasts, Soaring to 14-Year Highs
New Home Sales Crush Forecasts, Soaring to 14-Year Highs

Serious Delinquencies Grow, but Fewer Overall Missed Payments in August

Posted To: MND NewsWire

As the COVID-19 crisis dragged into its sixth month in August the total number of mortgage delinquencies continued to ebb, but the rate of decline appears to be slowing. Black Knight, in its first look at the month’s loan performance data, found the national delinquency rate down 3 basis points to 6.88 percent. There were 13,000 fewer delinquent loans in August than in July, a total of 3.68 million that were 30 or more days past due but not in foreclosure. Black Knight considers loans in forbearance plans as delinquent even if servicers are not reporting them as such to the credit bureaus. The share of borrowers with a single missed payment had already fallen below pre-pandemic levels. In August, the sum of all early-stage delinquencies (those 30 and 60 days past due) fell 9 percent, dropping…(read more)

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Serious Delinquencies Grow, but Fewer Overall Missed Payments in August
Serious Delinquencies Grow, but Fewer Overall Missed Payments in August

Ending Fannie/Freddie Conservatorship Still a Top Priority for FHFA

Posted To: MND NewsWire

Mark Calabria, Director of the Federal Housing Finance Agency (FHFA) is stepping up his agency’s actions to spring Fannie Mae and Freddie Mac (the GSEs) from their decades long federal receivership. Most recently he called on the mortgage industry to give feedback on FHFA’s strategic plan which includes steps to do so. FHFA’s strategic plan for fiscal years 2021 to 2024 lays out the framework for three key goals over the next few years: Ensure safe and sound regulated entities through world-class supervision. Foster competitive, liquid, efficient, and resilient national housing finance markets. Position the Agency as a model of operational excellence by strengthening the workforce and infrastructure. The third objective of goal 1 is to “Responsibly end the conservatorship” of the GSEs. In his…(read more)

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Ending Fannie/Freddie Conservatorship Still a Top Priority for FHFA
Ending Fannie/Freddie Conservatorship Still a Top Priority for FHFA

FHFA Says 2-Month House Price Gain was Largest Ever

Posted To: MND NewsWire

Home prices rose another 1.0 percent in July, bringing the year-over-year gain to 6.5 percent according to the House Price Index (HPI) produced by the Federal Housing Finance Agency (FHFA). The agency also revised its previously reported 0.9 percent price change for June 2020 to 1.0 percent. All nine of the census divisions posted both month-over-month and annual price gains. Monthly changes ranged from an 0.6 percent increase in the West North Central division to 2.0 percent in New England. The 12-month changes were lowest in the West South Central division at 5.4 percent and the Mountain and the East South Central divisions tied for first place with increases of 7.7 percent . “U.S. house prices posted a strong increase in July,” said Dr. Lynn Fisher, FHFA’s Deputy Director of the Division…(read more)

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FHFA Says 2-Month House Price Gain was Largest Ever
FHFA Says 2-Month House Price Gain was Largest Ever

Mortgage Application Gains Resumed Post-Labor Day, Forbearances at Recent Lows

Posted To: MND NewsWire

Mortgage application activity rebounded last week from the previous week’s Labor Day holiday lull. The Mortgage Bankers Association’s (MBA’s) Market Composite Index, a measure of mortgage loan application volume, increased 6.8 percent on a seasonally adjusted basis and 18 percent unadjusted during the week ended September 18. The prior week’s results included an adjustment to account for the holiday-shortened work week. Both refinancing and purchasing application volumes were strong. The Refinance Index increased 9 percent from the previous week and was 86 percent higher than the same week one year ago. The refinance share of applications constituted 64.3 percent of the total, up from 62.8 percent a week earlier. The seasonally adjusted Purchase Index added 3 percent and the unadjusted index…(read more)

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Mortgage Application Gains Resumed Post-Labor Day, Forbearances at Recent Lows
Mortgage Application Gains Resumed Post-Labor Day, Forbearances at Recent Lows

Home Sales Surge to Best Levels in 14 Years

Posted To: MND NewsWire

Existing home sales continued on a roll for the third consecutive month, hitting the highest level in August since December 2006. The National Association of Realtors® (NAR) said sales of pre-owned single-family houses, townhomes, condos, and cooperative apartment were at a seasonally adjusted annual rate of The August numbers came on top of a 24.7 percent rise the prior month and 20.7 percent growth in June. Since May, when the market began to recover from its 3-month long pandemic related tailspin, the pace of sales has risen by 2.2 million units. Analysts had been bullish in their forecasts for the August numbers and didn’t miss by much. Those polled by Econoday had expected sales in the range of 5.56 million to 6.44 million with a consensus of 5.97 million units. “Home sales continue…(read more)

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Home Sales Surge to Best Levels in 14 Years
Home Sales Surge to Best Levels in 14 Years

Homeowner Equity Surged in Q2

Posted To: MND NewsWire

There was another big surge in the amount of equity on the balance sheets of American homeowners in the second quarter of this year. CoreLogic reports that the 4.3 percent gain in home prices over the past year sent home equity shooting up by 6.6 percent. The report shows U.S. homeowners with mortgages (which account for roughly 63 percent of all properties) saw an average gain in equity from the second quarter of 2019 of $9,800. The collective nationwide increase was $620 billion. This is especially important at this point, as equity may provide some insulation for homeowners during the pandemic. During the housing boom millions of buyers used low down payment mortgages and there was an epidemic of cash-out refinances, leaving many homeowners with little equity. When prices began to fall,…(read more)

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Homeowner Equity Surged in Q2
Homeowner Equity Surged in Q2