Mortgage

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2.3 million homeowners still aren’t making their monthly mortgage payments The share of mortgages in forbearance continues to retreat from last summer’s highs, but roughly 2.3 million homeowners are still taking a hiatus from their monthly mortgage payments, according to the latest numbers from the Mortgage Bankers Association (MBA). The MBA’s weekly Forbearance and Call Volume Survey showed the forbearance rate dropping for the seventh week in a row, to 4.5 percent as of April 11, 2021. That’s 18 times higher than the 0.25 percent rate before the pandemic, but…

In 2021, all housing professionals must be focused on the 3 P’s: Process, Profitability and Purchase. PPP may have meant something different in 2020, but this year the 3 P’s are the guiding light to long-term mortgage success and domination. The ratios flipped last year. Strong purchase lenders that historically did 70% purchase business, originated 70% refinance. And while that refi wave continues to drive some unbelievable production numbers – now is the time for mortgage professionals to focus on the purchase business that will be critical to success over…

After years of gains in educational attainment, employment, and wages, women have increased their rates of both homeownership and headship (the number who are heads of households). Now the Urban Institute (UI) says the pandemic may have put those advances at risk. Jung Hyun Choi, Laurie Goodman, and Jun Zhu write in UI’s Urban Wire blog that 30 years ago a male partner in married, heterosexual households was generally the main breadwinner and considered the household head. Then, between 1990 and 2019, as the marriage rate declined, the share of…

Black Knight reports that the number of loans in forbearance programs declined last week for the sixth straight time and it was the largest drop in six months. As of April 6, the number of loans in active plans was 2.312 million or 4.4 percent of all homeowners with mortgages. This is down by 228,000 from the previous Tuesday, a 9 percent drop in a single week. A company spokesperson said the decrease was not unexpected. It was driven largely by those who entered the program shortly after it was…

Spring 2020 was ravaged by a pandemic. The housing industry made the best of it – figured out remote work, adopted technology and charged forward with a resilient mindset. This perseverance was rewarded with a robust Summer, Fall and Winter purchase AND refi market. But what does this seasonal anomaly mean for Spring and Summer 2021? A demographic tsunami and new technologies may forever change seasonal buying patterns. Click on the buttons below to view the full sessions on-demand. The full session videos are only available to HW+ members. Not a…

Earlier this month the Urban Institute pointed out that the unprecedented low interest rates of the pandemic era have not benefitted everyone. Their research showed that tightening credit access has meant that low income homeowners, and those with high loan to value (LTV) ratios or low credit scores have largely been left out of the rush to refinance. The Federal Housing Finance Agency (FHFA) has now announced a new refinancing option to address that situation. FHFA says it has directed the GSEs Fannie Mae and Freddie Mac to implement an…

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that…

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that…

By Bankrate Staff Jan. 1, 2021 Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Consumer ratings and reviews are individual, subjective opinions of reviewers, and not those of Bankrate. We do not endorse the accuracy…