Share of Mortgages in Forbearance Drops

first_img  Print This Post Share Save forbearance plans housing market 2020 2020-07-14 Mike Albanese in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago The number of mortgages currently in forbearance declined for the fourth consecutive week, according to new data released by the Mortgage Bankers Association (MBA).As of July 5, the MBA estimated 4.1 million homeowners are in forbearance plans. Mortgage servicers’ portfolio volume of loans in forbearance reached 8.18%, a 21-basis-point drop from the 8.39% level in the previous week.The MBA also reported the share of Fannie Mae and Freddie Mac loans in forbearance shrank for the fifth consecutive week, taking a 10-basis-point drop to 6.07%, while Ginnie Mae loans in forbearance evaporated by 116 basis points to 10.56%. More declines were recorded with depository servicers, who had 8.80% of their loans in forbearance, while independent mortgage banks saw their levels drop to 8.10%.“The share of loans in forbearance continues to decrease, as more workers are brought back from temporary layoffs,” said Mike Fratantoni, MBA’s SVP and Chief Economist.However, the forbearance percentage in bank portfolio loans and private-label securities took an 85-basis-point upswing from 10.08% to 10.93%. Fratantoni attributed this increase to “a notable shift in the location of many FHA and VA loans, which have been bought out of Ginnie Mae pools–predominantly by bank servicers–and moved onto bank balance sheets. As a result, there was a sharp drop in the share of Ginnie Mae loans in forbearance, and an offsetting increase in the share of portfolio loans in forbearance.”Fratantoni added that as a result of the buyouts, servicers would now be able to “stop advancingprincipal and interest payments, and to work with borrowers in the hope that they can begin paying again before they are re-securitized into Ginnie Mae pools.” He stated 43% of loans in forbearance are currently in an extension period following their initial term, while more than 10% of borrowers entered into a deferral plan to exit forbearance, down from 16% one week earlier.The MBA also highlighted weekly servicer call center volume as of July 5, noting the percentage of calls increased from 6.8% to 7.8%. And while the average speed to answer calls was up from 1.6 minutes to 2.5, abandonment rates increased from 5.0% to 7.3%. Servicers Navigate the Post-Pandemic World 2 days ago About Author: Phil Hall Tagged with: forbearance plans housing market 2020 Previous: Effective Foreclosure Prevention in a Crisis Next: OCC Debuts Program to Expand Financial Inclusion Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Home / Daily Dose / Share of Mortgages in Forbearance Drops Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago July 14, 2020 948 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share of Mortgages in Forbearance Drops Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily last_img read more

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NY Post: Epstein Failed to Check in With NYPD as a Registered Sex Offender

first_imgThe New York Post is reporting that convicted pedophile Jeffrey Epstein never checked in with the NYPD as a registered sex offender in compliance with the order from a Manhattan judge nine years ago. Espstein is a Level 3 sex offender (the worst-of-the-worst) and was ordered to report in every 90 days. But he didn’t, not once, according to the Post. Epstein’s defense attorneys argue that his New York home, a $77 million Upper East Side townhouse, is not his primary address and that mitigates the check-in requirement to the “Sex Offender Monitoring Unit” (SOMU) despite the judge’s orders.Since he plead guilty to prostitution charges and was labeled a sex offender, Epstein should have reported in person to verify his address with the NYPD 34 times before he was arrested Saturday on federal child sex-trafficking charges.Violating requirements of the state’s 1996 Sex Offender Registration Act — including checking in with law enforcement — is a felony punishable by up to four years in prison for a first offense.Subsequent violations carry a sentence of up to seven years each.Epstein registered as a sex offender in New York after the controversial 2008 plea bargain he struck in Florida amid allegations he sexually abused scores of underage girls in his Palm Beach mansion. However, he plead guilty to a single prostitution charge.Several current and former high-ranking NYPD officials were shocked to learn from The Post that the department had given Epstein a pass on his periodic check-ins, with one saying, “It makes no sense.”The NYPD maintains that Epstein, 66, wasn’t required to check in with New York cops because he claims his primary residence is a private island, Little St. John, in the US Virgin Islands.But state Supreme Court Justice Ruth Pickholz considered and rejected that very argument by defense lawyer Sandra Musumeci during the Jan. 18, 2011, hearing.An NYPD spokesman added that this took place years ago, before much of the current leadership at the NYPD was in place.Meanwhile, Epstein has a bail hearing connected to sex trafficking charges today in Lower Manhattan.He is currently being held without bail after his arrest last weekend on accusations he abused dozens of girls in his New York and Florida homes. His defense is expected to propose a bail package and prosecutors will then have a few days to respond before another hearing on Monday.last_img read more

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