The $413.3 million commercial MBS backed by a portfolio of hotels was originally announced in February but postponed due to market volatility caused by the coronavirus pandemic.

Ginnie Mae will soon start accepting electronic promissory notes and other digitized loan files as collateral for its MBS program.

The number of pandemic-induced foreclosures may not be as high as following the 2008 housing crisis due to the different nature and condition of the current economic downturn, according to industry experts.

The new measures will help borrowers in COVID-19-related relief avoid foreclosures at the end of their forbearance period.

United Wholesale sold $5.74 billion of jumbos to unaffiliated non-agency buyers in 2019.

Nearly 8% of mortgages in the MBS are in forbearance, though all of the borrowers are current on their payments.

Lenders don’t have to provide re-verification of borrower employment to HUD within 10 days of the mortgage note.

Changes to FHA’s claims without conveyance of title procedures include updated appraisal requirements and enhanced discounts applied to appraised values.

For borrowers who qualify for an Interest Rate Reduction Refinance Loan, a number of approval requirements have been temporarily waived.

MBA’s June 28 tally shows Ginnie Mae-backed loans in forbearance declined by 11 basis points to 11.72%.