Delinquency rates generally went higher in the second quarter, and forbearance counts continued to climb. With MSR sales down, larger servicers generally ceded ground to smaller firms. (Includes three data charts.)
At a congressional hearing, Democrats on a House subcommittee detailed instances where mortgage servicers provided initial relief for only 90 days compared to a 180-day mandate under the CARES Act.
Independent mortgage companies for the first time serviced more than half of the single-family loans in agency MBS at midyear. But many high-ranked servicers saw declines in their agency servicing portfolios. (Includes two data charts.)
Non-agency mortgages aren’t covered under the CARES Act, leaving servicers of such loans to rely on a combination of standards set by the GSEs and individual MBS contracts.
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