What the shift toward deferrals means for mortgage servicing
National Mortgage News
In-depth analysis, strategy and data spanning the entire residential mortgage industry. An Arizent brand.
Payment deferrals that became widely utilized in the government-sponsored enterprise market during the pandemic are gaining on modifications, suggesting part of the pandemic's legacy in foreclosure prevention will be a more diversified set of strategies. Annual numbers for deferrals surpassed mods for the second year in a row during 2023, with the former totaling 84,358 and the latter at 57,041, according to new fourth-quarter data the Federal Housing Finance Agency released this week. But deferrals haven't overtaken mods in the long run yet, pointing to the latter's historical and continuing importance in loss mitigation.
Lenders saw overall application volumes flatline last week as potential homebuyers appeared willing to take a wait-and-see approach in hopes of greater affordability, the Mortgage Bankers Association said. The MBA's Market Composite Index registered its second consecutive decrease, inching down a seasonally adjusted 0.7% for the seven days ending March 22. In the prior survey, applications had dropped by 1.6%, while on a year-over-year basis, volumes came in 13.4% lower. The 30-year conforming fixed-rate average for mortgages with balances below $766,550 in most markets, slid 4 basis points to 6.93% from 6.97% the previous week.?
Figure Technology Solutions, a newly created umbrella company for Figure Lending LLC, is plowing ahead with going public, a move that has been forecasted by stakeholders since late last year. It has "confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the "SEC"), relating to the proposed initial public offering of its equity securities," the company said Wednesday. This form is required for registering companies that want to be listed on a national exchange. No determination has been made regarding the number of shares to be offered and the price range for the proposed offering.
领英推荐
Ginnie Mae issuers will soon be required to make certain document submissions through Ginnie Mae Central as part of its technology upgrade program. This includes audited financial statements, the agency disclosed in All Participant Memorandum 24-04, dated March 26. The Mortgage Collaborative, a cooperative organization that among other things provides its members with secondary marketing power, said its members lauded the change during its Spring meeting this week. Mortgage-backed securities issuers starting after May 13 will no longer use the Independent Public Accounting module and the Financial Report Review Agent in the Ginnie Mae Enterprise Portal.
An Ohio jury sided with Equity Resources in a trade secrets suit lodged against Revolution Mortgage. As a result, Equity is entitled to a little over $70,000 worth of damages. The suit filed three years ago accused three former loan officers of diverting numerous leads, loans and files from Equity to their new employer. The Ohio-based lender accused Revolution of knowing about what was unfolding and enriching itself because of it. The jury on March 22 sided with Equity's claims that there was a misappropriation of trade secrets and that Revolution, whose conduct was "willful and malicious," tortiously interfered with business relationships.
Sign up here to receive the National Mortgage News complete newsletter — delivered to your inbox daily.