If not for the surge in originations and refi income, the delinquencies and defaults seen this spring could have caused some mortgage companies to fail, according to Federal Reserve Governor Michelle Bowman.
Only one bank said it “very frequently” offers a reduction in interest rates or principal owed, according to a recent Federal Reserve survey. The most frequently offered relief option for portfolio loans: payment deferrals.
As originations surge, the mortgage employment picture continues to brighten — that's good news for the rank-and-file but potentially bad news for the C-suite.
The share of loans in the seriously delinquent category increased during the third quarter. Loan performance was worst among FHA mortgages. (Includes data chart.)
In order to settle a class-action lawsuit, the nation’s largest servicer said it will provide forbearance only to borrowers who request assistance verbally, in writing or through electronic means.
Nonbanks gained ground on depository institutions among the top 50 participants in the servicing market. Several large banks were content to let their portfolios decline. (Includes two data charts.)
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