Author bio section

I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

The number of mortgages hitting forbearance has come down for a 6th consecutive week. The speed of fall has slowed down though. Forbearances triggered by the Coronavirus declined by 6 basis points  (7.8% to 7.74%) between 13th and 19th July, confirms the Mortgage Bankers Association. For the independent mortgage providers, the loans sitting in forbearance climbed to 7.85% from 7.83%.

The MBA’s senior vice president (and chief economist) Mike Fratantoni suggested, “Although the GSE portfolio of loans in forbearance should continue to improve, Ginnie Mae’s portfolio saw an uptick of both loans in forbearance and borrowers requesting forbearance.”. He further added, “The high level of unemployment claims in recent weeks may be playing a role, as weakness would likely impact Ginnie Mae’s portfolio first.”

Forborne conforming mortgage loans fell to 5.49% from 5.64%. Meanwhile, Ginnie Mae forbearance numbers rose by 1 basis point. Nearly $20 billion of over-90-days-past Ginnie Mae loans have been bought by investors (like Wells Fargo) leading to many FHA and VA loans turning into portfolio loans. This has brought a spike to the percentage of forborne portfolio loans. 

In terms of the servicing portfolio volume, the requests for forbearance sat at 0.13%. It is a straight three weeks of no movement. Call center volume, in terms of servicing portfolio volume, has meanwhile shot up to 9% from 8.3%.

Related Posts

  • 94
    The Mortgage Bankers Association reveals that the coronavirus-related mortgage forbearance growth had its biggest drop of 8 basis points over the June 22-June 28 week. For the last week of June, nearly 4.2 million mortgages were under forbearance; this is 8.39% of the total loans outstanding. The percentage is less…
    Tags: forbearance, loans, mortgage, servicing, numbers, weeks, ginnie, mae, news, programs
  • 94
    A significant part of active forbearance plans slated to expire in June has not been extended, leading to the biggest weekly drop  (435,000) in the volume of mortgage borrowers under forbearance.  Andy Walden, Black Knight’s Economist and Director of Market Research, suggested that "this latest decline in the number of…
    Tags: forbearance, mortgage, loans, news, programs
  • 85
    FAIRFIELD COUNTY  • 1 Unit - $601,450 • 2 Unit - $769,950 • 3 Unit - $930,700 • 4 Unit - $1,156,650 HARTFORD COUNTY • 1 Unit - $484,350 • 2 Unit - $620,200 • 3 Unit - $749,650 • 4 Unit - $931,600 LITCHFIELD COUNTY • 1 Unit - $484,350 •…
    Tags: mortgage, news, programs
  • 84
    Conforming (also called Conventional) loan limits for all but one Connecticut (CT) counties went up for 2020 to $510,400. See below the list of all counties in Connecticut with 2020 loan limits for 1, 2, 3, and 4 Unit properties. FAIRFIELD COUNTY  • 1 Unit – $601,450• 2 Unit –…
    Tags: mortgage, news, programs
  • 83
    2022 CONFORMING LOAN LIMITS CONNECTICUT (CT)2022 Conforming Limit Connecticut is $647,200 and goes up to $695,750 for high-cost counties for one-unit properties. 2022 Conforming Limit Connecticut for 2-unit properties is $828,700 and goes up to $890,700 for high-cost counties. 2022 Conforming Loan Limits for Fairfield County 1  Unit – $695,750 2 Unit – $890,700 3…
    Tags: mortgage, news, programs