04 Aug, 2020

Update for Lenders Looking to Close Mortgage Loans Electronically

Ginnie Mae announced a major step in modernizing its platform, allowing so-called “digital collateral” or electronic promissory notes and other loan files as collateral in its securities. Six weeks after a Ginnie Mae executive said the agency was “just around the corner” from beginning to accept eNotes in its...

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14 Jul, 2020

What Lenders Can Do to Clear Conditions Faster

What Lenders Can Do to Clear Conditions Faster

The housing market is currently witnessing a major surge, thanks to record-low mortgage rates. According to the Mortgage Bankers Association’s seasonally adjusted index, mortgage applications to purchase a home was a remarkable 21% higher than one year ago. At a time like this, it is likely that underwriters may...

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10 Jul, 2020

Foreclosure Prevention Actions Helping Troubled Homeowners

Foreclosure Prevention Actions Helping Troubled Homeowners

I think the last 2-3 months has seen a big change in the mortgage industry with low-interest rates and the pandemic. Who would have imagined that we will see such high forbearance volumes? Of course, because of the pandemic, people should not be losing their homes. The good news...

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09 Jun, 2020

Mailbox Can Streamline Default Operations for Servicers

Mailbox Can Streamline Default Operations for Servicers

The mortgage industry has been deeply impacted by the Covid-19 pandemic. Black Knight reported that nearly 4.1 million homeowners are in forbearance programs, representing 7.7% of all active mortgages. With the increase in the number of forbearance requests, servicers will need to have a process in place so that...

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26 May, 2020

Lending and Servicing in a New World – Navigating the Changing Landscape

Lending and Servicing in a New World: Navigating the Changing Landscape

Lenders and Servicers need to stay abreast of market changes, understand them well, and adapt their business practices to suit the new normal. While this has always been true, it is even more so, amid the current COVID-19 pandemic situation. Handling complexities? For several lenders, the uncertainty of the...

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18 May, 2020

Mortgage Loans in Forbearance Rising Rapidly – What Can Servicers Do to Manage the Deluge?

Mortgage Loans in Forbearance Rising Rapidly - What can Servicers do to Manage the Deluge?

The Mortgage Bankers Association’s (MBA) in a recent release revealed that the total number of loans now in forbearance increased to 7.91% of servicers’ portfolio volume. According to MBA’s estimate, almost 4 million homeowners are now in forbearance plans. With unemployment rising from historical lows in early 2020 to...

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05 May, 2020

Appreciating Our Covid-19 Hero – Viju Davis

Appreciating our Covid-19 Hero - Viju Davis

Covid-19 has officially been designated a pandemic by the World Health Organization (WHO). Originating from Wuhan, the coronavirus has affected every person and place like a global tsunami. It’s proven to be not just a health crisis, but also a social, economic, and political crisis. Today we have a...

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28 Apr, 2020

No Lump Sum Required at the End of Forbearance, as per FHFA

No Lump Sum required at the End of Forbearance

In a recent article, the Federal Housing Finance Agency (FHFA) has confirmed that borrowers in forbearance with a Fannie Mae or Freddie Mac (the Enterprises)-backed mortgage are not required to repay the missed payments in one lump sum. This indeed is valuable news for homeowners, and they should no...

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24 Apr, 2020

Enterprises to Purchase Qualified Loans in Forbearance to Keep the Lending Flowing

FHFA Purchasing Loans in Forbearance that Were Previously Ineligible

Earlier this week, Federal Housing Finance Agency (FHFA) in a release, announced that enterprises will purchase qualified loans in forbearance to keep the lending flowing. This move comes in to support homeowners and mortgage lenders. FHFA has said that they are approving the purchase of certain single-family mortgages in...

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17 Apr, 2020

Ways for Servicers to Manage COVID-induced Delinquencies

Ways for Servicers to Manage COVID-induced Delinquencies

The ongoing coronavirus pandemic is posing a significant challenge. Experts are not in a position to quantify or project the delinquency numbers, as per a recent report in Black Knight’s Mortgage Monitor. “Trying to gauge the impact of COVID-19 on mortgage performance is as much an art right now...

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