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Short Takes: Few Loans in Forbearance / AI Chatbots in Servicing / S&P Downgrades 5 Regional Banks

August 22, 2023
Brandon Ivey
Some 195,000 mortgages were in forbearance as of the end of July, according to the Mortgage Bankers Association.
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Layoffs at Realty/Mortgage Franchiser RE/MAX

August 21, 2023
Paul Muolo
RE/MAX also faces mounting legal bills as various antitrust class action cases are heard this fall and next year...
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Originations Increase Across Mortgage Products in Second Quarter

August 18, 2023
John Bancroft
Mortgage originations increased by 35.7% on a quarterly basis to an estimated $340 billion in the second quarter.
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Freedom to Pay CFPB $1.75 Million for Illegal Referrals

August 18, 2023
Sam Manas
The CFPB reached settlements with Freedom Mortgage Corporation and Realty Connect, a real estate brokerage. The firms will pay a total of around $2 million for various allegations around illegal referrals.
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Servicers, Government Agencies Respond to Maui Wildfires

August 18, 2023
Monica Hogan
According to early estimates by the office of Hawaii Gov. Josh Green, D, on the number of homes in Maui County that might have been impacted, 5,200 mortgages were owned by Freddie Mac, 9,800 by Fannie Mae and 2,400 by Ginnie Mae, including 1,300 FHA mortgages and 927 VA loans.
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Losses on Mortgage Banking Narrow in Second Quarter

August 18, 2023
Brandon Ivey
Each mortgage originated in the second quarter of 2023 generated an average pre-tax net loss of $534, compared to a loss of $1,972 per loan in the first quarter, according to the MBA.
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Short Takes: Interest Rates Expected to Decline / Small Cuts to Staff / Home Prices in California Rebound / Fay Servicing Upgraded

August 18, 2023
Brandon Ivey
Industry economists project that interest rates on mortgages will peak during the third quarter...
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Cook County Loses Appeal of Lawsuit Against BofA

August 17, 2023
Brandon Ivey
According to the Supreme Court, damages for violations of the Fair Housing Act can't extend beyond the first step of the improper activity.
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Shellpoint Loses Some Share in Non-Agency MBS Servicing

August 17, 2023
James Dohnert
Shellpoint handled servicing on $3.10 billion in non-agency MBS issued in the second quarter of this year, a 33.2% decline from the previous quarter.
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Energy Efficiency Proposal a Concern for Lenders, Homebuilders

August 17, 2023
Monica Hogan
The Departments of Agriculture and Housing and Urban Development recently issued a proposal for new energy standards for new construction.
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