Those top three banks increased their mortgage banking income by a combined $1.35 billion — or nearly 60% of the industry’s $2.29 billion increase during the third quarter.
MBA’s Michael Fratantoni: “The job market data for November showed an economic recovery that was slowing in response to the latest surge in COVID-19 cases. It is not surprising to see the rate of forbearance exits slow, as households that needed forbearance assistance in October may be in even greater need now.”
Mr. Cooper will pay a total of $91.3 million to settle allegations by 51 state attorneys general and the Consumer Financial Protection Bureau over servicing violations since 2014.
Nearly 30% of borrowers with loans in the deal have received forbearance or a deferral. The servicer, Citadel, will not make advances on delinquent payments.
A few weeks back, Caliber CEO Sanjiv Das was part of an online panel on affordable housing. The other panelists: former President Bill Clinton and Atlanta Mayor Keisha Lance Bottoms...
MBA's Marina Walsh: “Soaring production revenues – led by strong secondary marketing gains – drove these results and more than offset an increase in production expenses.”
But the stratagem comes with costs. According to FHFA estimates, Fannie and Freddie will face between $1.1 billion and $1.7 billion in additional charges due to the extension. That’s on top of the estimated $6 billion the two have already incurred.
MBA's Mike Fratantoni: “For the second week in a row, the share of loans in forbearance has increased, driven by a rise in new forbearance requests..."
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