The number of pandemic-induced foreclosures may not be as high as following the 2008 housing crisis due to the different nature and condition of the current economic downturn, according to industry experts.
After an initial public offering involving Quicken Loans and affiliated companies is completed, founder Dan Gilbert will retain 79% of the voting power in the common stock of the new entity, Rocket Companies.
Within the mortgage industry, brokers appear to be the majority of borrowers under the Paycheck Protection Program, with 601 companies submitting successful applications.
Delinquencies are leveling off and forbearance requests have declined. On the other hand, expanded unemployment benefits are ending and cases of coronavirus infection are increasing.
Mortgage firms need to reassess their fair lending programs to check for discrimination based on sexual orientation and gender identity, according to industry attorneys.
Banks and thrifts continued to cede share in the servicing of single-family MBS to nonbanks. The retained portfolios of depository institutions grew at half the rate of overall mortgage debt outstanding. (Includes two data charts.)
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