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.

The new measures will help borrowers in COVID-19-related relief avoid foreclosures at the end of their forbearance period.

Within the mortgage industry, brokers appear to be the majority of borrowers under the Paycheck Protection Program, with 601 companies submitting successful applications.

HUD Secretary Ben Carson told lawmakers he will cooperate with an inquiry into whether a new policy prevents DACA recipients from receiving federally backed mortgage loans.

Lawmakers questioned Federal Housing Finance Agency Director Mark Calabria on a wide range of issues, including extending the timeline, and expanding the scope, of the eviction moratorium.

Forbearance requests leveled off near the end of May but the share of borrowers missing payments while in forbearance increased.

Coronavirus-triggered social distancing has given an added impetus to the mortgage industry’s digital transformation efforts. The adoption of remote online notarization may be the key.

During a House committee roundtable, the Mortgage Bankers Association requested Congress for a funding facility for servicers and legislation to help lenders with mortgages that entered forbearance soon after closing.

A $3 trillion stimulus bill passed by the House has set the stage for negotiations with Senate Republicans.

The MBA has urged FHA to clarify whether borrowers who had opted for HAMP in the past 24 months are eligible for partial claims.