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...

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...

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...

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...

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...

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...

Servicing loans is much more than retaining a portfolio and collecting payments; it’s about meeting the evolving needs of your customers and delivering an improved borrower experience. The current Covid-19 pandemic is causing significant social, economic and personal disruption. Most companies have 90-100% of staff operating remotely. The availability...

The last few weeks have been very distressing, with all the news related to the Covid-19 pandemic. I hope you are staying safe and positive amid all the uncertainty. We have never experienced anything close to what we are seeing with the Covid-19 pandemic. Without any doubt, it is...

COVID-19 has brought in a difficult situation for all of us and everyone can feel the impact all around. As the virus continues to spread across the globe, it is not only impacting your health, but also your pockets. In a very short span of time, COVID-19 has brought...

The process of mortgage origination is time-consuming and intensive. It is in the best interest of lenders to work with mortgage processing partners who offer a variable pricing option for the mortgage process. On average, a loan can take about 35 to 40 days to close. During this period,...