Loans in Forbearance Hit Two-Month Low

first_imgHome / Daily Dose / Loans in Forbearance Hit Two-Month Low Related Articles Tagged with: Forbearance Mortgage Bankers Association Mortgages The Best Markets For Residential Property Investors 2 days ago July 21, 2020 1,715 Views in Daily Dose, Featured, Foreclosure, News The total number of loans in forbearance fell by 38 basis points to 7.8% as of July 12, 2020, with the Mortgage Bankers Association (MBA) estimating 3.9 million homeowners are still in forbearance plans.The MBA’s prior report found 8.18% of loans were in forbearance. Its latest survey covers the period from July 6 through July 12 and represents 75% of the mortgage market or 37.3 million loans.Loans guaranteed by the GSEs that are in forbearance fell for the sixth consecutive week to 5.64%, which is a 43-basis-point drop. Ginnie Mae loans in forbearance fell 30 basis points to 10.26%.”The share of loans in forbearance dropped to its lowest level in over two months, driven by an increase in the pace of exits as more homeowners have been able to get back to work,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “The decline in the forbearance share was broad-based, with decreases for GSE, Ginnie Mae, and portfolio/PLS loans.”Fratantoni added that nearly half of the borrowers remaining in forbearance plans are now in an extension of the original term.“The pace of new forbearance requests remains quite low compared to earlier in the crisis, but we are watching carefully for any increases due to either the pick-up in COVID-19 cases or the cessation of enhanced unemployment insurance benefits at the end of this month,” he said.The Federal Housing Finance Agency (FHFA) announced earlier this month that Fannie Mae and Freddie Mac will extend several loan origination flexibilities until August 31. These flexibilities were set to expire on July 31, 2020.Extended flexibilities include:Alternative appraisals on purchase and rate term refinance loans;Alternative methods for documenting income and verifying employment before loan closing; andExpanding the use of power of attorney and remote online notarizations to assist with loan closings.In June, the FHFA announced the GSEs would extend their single-family moratorium on foreclosures and evictions until at least August 31. The moratorium applies to all GSE-backed mortgages and was set to expire on June 30.”To protect borrowers and renters during the pandemic we are extending the Enterprises’ foreclosure and eviction moratorium. During this national health emergency no one should worry about losing their home,” said Director Dr. Mark A. Calabria. Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Loans in Forbearance Hit Two-Month Low Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Rent Prices Report Slowest Growth Since 2010 Next: FHFA Proposes Housing Goals for Fannie Mae, Freddie Mac The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Mike Albanese Share Save Forbearance Mortgage Bankers Association Mortgages 2020-07-21 Mike Albanese  Print This Post Subscribelast_img read more

Two independent estate agencies snapped up by rivals on same day

first_imgThe shakedown within the property industry continues apace with two agencies snapped up by rivals on the same day.These are Seel and Co, one of Wales’ oldest independent estate agencies which has been acquired by rival Jeffrey Ross, and Hunters, whose Exeter branch has bought local firm Forte Lettings & Property Management Limited.Both announcements were made late yesterday, and point to the accelerating rate at which estate agencies are consolidating.Seel & CoCardiff-based Seel & Co was established in 1898 by the great great grandfather of current Managing Director Tony Seel, who is to stay on at the firm as a consultant ‘for a period of time’ along with its 22 other employees.“For some time now I have been contemplating the next stage in the development of Seel and Co and I am delighted with this outcome,” Tony told local media.“Finding the right match for Seel and Co hasn’t been an easy task but I believe that in Ross we have found a person whose values and approach to business mirror those of our own. I am looking forward to seeing Seel and Co move forward and grow.”Forte LettingsThe other sale is Exeter firm Forte Lettings & Property Management Ltd, which has been sold to Hunters by its founder Kim Forte, who established the agency five years ago.“Due to changes in Kim’s personal circumstances, with the welcome news of a family addition, Kim decided to sell the business whilst at the same time agreeing to join Hunters in order to ensure continuity of customer relationships and optimum service,” a statement from Hunters says.Forte Lettings Seel & Co Jeffrey Ross industry consolidation Hunters September 25, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » Two independent estate agencies snapped up by rivals on same day previous nextAgencies & PeopleTwo independent estate agencies snapped up by rivals on same day121-year-old Seel & Co in Cardiff and five-year-old Forte Lettings in Exeter have both been sold to larger rivals for undisclosed sums.Nigel Lewis25th September 201901,313 Viewslast_img read more