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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 68 November 2024 J O U R N A L the data and information needed to find housing. We're expanding on that foun- dation by helping consumers get con- nected to the right resources, helping to reduce the barriers they face to securing affordable housing. Partnering with HUD on their 'Let's Make Home the Goal' campaign and increasing access to quality credit counseling services is an important step to help bridge the homeownership gap and build generational wealth for more families." New Rule to Expand Counseling Offerings Effective October 16, the Moderniz- ing the Delivery of Housing Counseling Services final rule now allows HUD-ap- proved housing counseling agencies to use alternative communication methods, such as meeting virtually and by phone, to engage and educate home- buyers and renters seeking support. This will increase accessibility for people who have problems using in-person services for a variety of reasons, such as linguistic, physical, or geographic limita- tions, or barriers such as transportation and childcare costs. This is also more cost-effective for the housing counseling agencies, remov- ing the need for maintaining multiple facilities for in-person meetings. Agen- cies that are not able to provide these options are required to refer impacted clients to other agencies. Feedback from the industry and public indicated an overwhelming preference to be able to provide online education and counsel- ing virtually or by telephone. FHFA UPDATES NMDB RESIDENTIAL MORTGAGE DASHBOARD THROUGH Q2 T he Federal Housing Finance Agency (FHFA) updated the National Mortgage Database (NMDB) Aggregate Statistics series to include new quarterly data on the loan performance of residential mortgages until Q2 of 2024. Additionally, the FHFA made a new interactive dashboard tool for data visualization available to cus- tomers that makes it easier to view loan performance information. "The new dashboard makes it easier for the public to quickly access and re- view mortgage performance statistics at the national and state levels and for the 100 largest metropolitan areas," said Dr. Anju Vajja, Deputy Director for FHFA's Division of Research and Statistics. "The NMDB quarterly data releases allow the public to monitor and more closely examine the data to identify emerg- ing mortgage market trends as they develop." Through the conclusion of Q2 of 2024, the quarterly loan performance of outstanding residential mortgages is displayed in the NMDB Residential Mortgage Performance Statistics. Highlights From the Study Include: • By the end of the second quarter of 2024, approximately 0.1% of all mortgages that were outstanding were either in the foreclosure, bankruptcy, or deed-in-lieu stages. This figure is far lower than the peak of 3.5% recorded in the fourth and first quarters of 2010 and 2011, and it has remained constant from previous quarters. • A further 0.6% of all mortgages that were in existence were past due by 90 days or more, but they were not subject to a deed-in-lieu, foreclosure, or bankruptcy procedure. The largest percentage of loans that are 90 days or more past due is found in Louisiana (1.3%), Mississippi (1.1%), and the District of Columbia (1.1%). • By the conclusion of Q2 of 2024, some 0.6% of all outstanding loans were in forbearance. The three metro regions with the greatest rates of forbearance are Houston-The Woodlands-Sugar Land, Texas (3.7%), Louisville- Jefferson County, KY-IN (4.7%), and Dallas-Plano-Irving, Texas (5.3%). The NMDB program enables FHFA to meet the statutory requirements of section 1324(c) of the Federal Hous- ing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008, to conduct a monthly mortgage market survey. For CFPB, the NMDB program supports policymaking and research efforts and helps identify and understand emerging mortgage and housing market trends.