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COVID-19 | Special Report
MORTGAGE
LEADERS
FORM COVID-19
INDUSTRY
TASK FORCE
To support homeowners and address the
industry impact that COVID-19 may have,
under the direction of the National Mortgage
Servicing Association (NMSA), leaders from
across the mortgage industry are joining
forces to create the COVID-19 Mortgage
Industry Task Force (ITF) to coordinate on
processes, procedures, and policies related to
the crisis.
Wes Iseley, Senior Managing Director,
Carrington Mortgage Holdings, Chairman,
NMSA, said, "It's important during crises like
this that our industry work together to help
our customers in unison. It is our goal to work
with the relevant government agencies in
order to develop best practices that will enable
all parties to get through this difficult period."
More than 25 mortgage banks and
nonbank servicers, legal professionals,
and service providers will take part in the
coalition.
Leadership from the Legal League 100
is also providing context to the discussions,
represented by Legal League 100 Chair
Roy Diaz, Managing Shareholder of Diaz
Anselmo Lindberg, P.A.
While the Mortgage Industry Task Force
is part of widespread and ongoing response
to COVID-19, the housing market is well-
positioned to weather this storm. e market
remains in a sustained period of historically
low foreclosures. CoreLogic reported last
month that the nation's delinquency rate
was 3.9% in November 2019—the lowest
November reading in more than two decades.
e share of delinquent mortgages
in November historically peaked in 2009
at 11.5%. Since March 2018, the overall
delinquency rate each month has been lower
than the pre-crisis period from 2000 to 2006.
e rate averaged 4.7% during that time.
"It's important during
crises like this that
our industry work
together to help our
customers in unison.
It is our goal to work
with the relevant
government agencies
in order to develop
best practices
that will enable
all parties to get
through this difficult
period."
—Wes Isley, Senior Managing Director,
Carrington Mortgage Holdings
