The highest year-over-year gains were reported in Phoenix (12.7%), Seattle (11.7%), and San Diego (11.6%). Meanwhile, New York (6.0%), Chicago (6.3%) and Las Vegas (6.4%) lagged behind...
Still, the overall share of ARMs is declining. The loans accounted for 7.5% of first-lien originations in the first nine months compared to 10.8% for full year 2019.
FHA Chief Dana Wade believes a foreclosure crisis will not present itself in the near future due to FHA providing “so many” relief options to borrowers. Meanwhile, she suggested the MI be spun off from HUD.
HUD could face challenges in ensuring that complete data is received from servicers regarding loans in forbearance, necessary for the processing of future claims.
The agreement comes at a curious time: Servicing prices have suffered during the pandemic but are beginning to improve. In other words, bargains may be hard to find.
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