Wednesday , 6 January 2021

Around The Web

Making Forbearance More Effective

Editor’s note: This story originally appeared in the November edition of DS News.  Mortgage forbearance is still a reality for many borrowers and servicers, more than six months after the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) took effect on March 27. Under the CARES Act, mortgage servicers must offer up to 12 months of forbearance, in up to 180-day increments, to … The post Making Forbearance …

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Housing-Starts Increase ‘May Soon Pause’

The U.S. Census Bureau released its construction statistics for October—which shows permits, starts, and completions—recorded a 4.9% increase in housing starts in October compared to September. Fannie Mae’s Chief Economist Doug Duncan points out that the increase was driven by single-family housing starts, which rose 6.4%, the sixth consecutive monthly increase. At 1.18 million annualized units, this … The post Housing-Starts Increase …

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Smaller-Scale Property Investors Feel Mounting Fiscal Pressure

Smaller-scale landlords report feeling increasing pressure due to the COVID-19 pandemic and related forbearance plans and eviction moratoria. A co-study by Urban Institute and Avail, a platform that periodically surveys its landlords and tenants, showed 35.2% of the surveyed property owners did not receive 100% of rent payments for September, and 38.1% did not expect … The post Smaller-Scale Property …

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Two Industry Veterans Lead Law Firm’s Expansion

Philadelphia, PA-based Brock & Scott, PLLC announced the expansion of its default law practice into Pennsylvania and New Jersey. Rosemarie Diamond and Jay Jones, two recognized industry veterans with a combined 45-plus years protecting creditors’ rights in the states of Pennsylvania, New Jersey, Georgia, and Florida, have joined Brock & Scott, according to a press … The post Two Industry …

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What Servicers Should Do When Foreclosure Moratoria Lift

Editor’s note: This story originally appeared in the November edition of DS News. Steve Bailey, Senior Managing Director and Chief Mortgage Operations Officer at PennyMac Financial Services, Inc.,  has held a variety of roles and responsibilities since joining PennyMac in 2010. He is responsible for directing Loan Servicing and Portfolio Strategies. PennyMac has grown its servicing portfolio from $2.5 billion … The post What Servicers …

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Economic Health Depends on Response to COVID-19 Resurgence

The near-future state of the U.S. economy is predicated on how policymakers and the public respond to the increasing number of COVID-19 cases, according to the latest commentary from the Fannie Mae Economic and Strategic Research (ESR) Group. The ESR Group is predicting consumer spending will be impacted by the resurgence of the virus, although … The post Economic Health …

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