“In many cases, Wells stopped accepting electronic mortgage payments after it placed homeowners into the unwanted forbearance, causing those who were current on their loans to become delinquent without their knowledge and through no fault of their own,” said Kellett & Bartholow.
Gripes about mortgage applications hit a historical high, jumping 29.9% sequentially to 1,609 in 3Q20. The nine-month reading registered a stunning 124.6% spike year-over-year.
On Friday, Black Knight Financial released its forbearance tally, saying the measurement declined 137,000 units for the seven-day period ending Nov. 3. Roughly 2.9 million mortgagors are in some type of COVID-related relief program or 5.45% of those with a first lien...
The calculus is straightforward: With that much capital tied up in equity, it’s difficult to see how the GSEs could generate adequate returns to attract investors.
Moreover, the "back to the office" quandary became even more pertinent Monday morning, given the positive news surrounding the Pfizer coronavirus vaccine.
The result was that nonbanks at the end of September accounted for 49.1% of the top-50 market, a measurement that includes a substantial volume of subservicing.
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