The new policy applies to borrowers who can afford to resume making their regular monthly mortgage payments, but are unable to cover the remittances they missed during forbearance...
One California-based loan broker who received notification of the rollout said he plans to try the program even though he hasn’t table-funded through UWM in a while.
The biggest surge was in the Ginnie Mae program, where 818,657 loans were classified as 30- to 60-days past due as of the end of April, or 7.02% of the overall Ginnie portfolio. That was up 352,397 loans from the end of March.
According to figures compiled by Inside Mortgage Finance, consumers owe $11.168 trillion on their first liens. If the new MBA forbearance reading is applied to that number, $883.3 billion of mortgages are in need of assistance, temporary or otherwise.
GSE and government-insured loans accounted for 86.1% of the market in early 2020, a period that featured a historic nosedive in mortgage interest rates and frenetic volatility caused by the pandemic...
In addition, Fannie and Freddie have helped reduce face-to-face interactions during the closing process by expanding the use of powers of attorney and remote online notarizations.
Fannie Mae, Freddie Mac and Ginnie Mae pumped out a record $236.8 billion of single-family MBS in April. The previous record was $232.1 billion, set in June 2009.
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