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Forbearance Update: How the Trends Are Changing

first_img  Print This Post Home / Daily Dose / Forbearance Update: How the Trends Are Changing Subscribe Servicers Navigate the Post-Pandemic World 2 days ago September 9, 2020 1,690 Views Sign up for DS News Daily 2020-09-09 Christina Hughes Babb About Author: Phil Hall Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Forbearance Update: How the Trends Are Changing The Best Markets For Residential Property Investors 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago The total number of loans now in forbearance reached 7.16% of servicers’ portfolio volume for the week ending August 30, down slightly from the 7.20% level recorded one week earlier, according to the latest Mortgage Bankers Association (MBA) Forbearance and Call Volume Survey.The new survey determined that 3.6 million homeowners are now in forbearance plans. Progress continued to be made on the government-sponsored enterprise front, with the share of Fannie Mae and Freddie Mac loans in forbearance falling for the 13th consecutive week in a row to 4.80%, an 8-basis-point decline, while the forbearance share for portfolio loans and private-label securities (PLS) took a 1 basis point dip to 10.43% and the share of loans in forbearance for depository servicers tumbled 9 basis points to 7.40%.,However, Ginnie Mae loans in forbearance inched up by 4 basis points for the second consecutive week to 9.62% while the share of loans in forbearance for independent mortgage bank (IMB) servicers was unchanged at 7.41%.“The share of Ginnie Mae loans in forbearance increased again this week, as the current economic crisis continues to disproportionately impact borrowers with FHA and VA loans,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “As a result, IMB servicers, which have roughly one-third of their portfolio with Ginnie Mae, had a forbearance share that was unchanged, while depositories, which have a larger share of GSE and portfolio loans, saw a decrease.”The MBA also reported that 35.76% of total loans in forbearance are in the initial forbearance plan stage, compared to 63.29% that are in a forbearance extension. The remaining 0.94% were listed as forbearance re-entries.Total weekly forbearance requests as a percent of servicing portfolio volume was 0.09%. a scant decrease from the 0.10% of the prior week. As a percent of servicing portfolio volume, forbearance-related calls remained unchanged at 7.2% and the average speed to answer increased from 2.2 minutes to 2.4 minutes.Fratantoni added that the current situation is not expected to dramatically change in the near future.“The labor market continued to heal in August, with strong job growth and a large decline in the unemployment rate,” he observed. “However, the economy still faces an uphill climb and remains far away from full employment. High unemployment, and jobless claims consistently around 1 million a week, continue to cause financial strain for some borrowers, and especially for those who work in industries hardest hit by the pandemic.” Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. Share 1Save Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Previous: Expanding Diversity Into the C-Suite Next: State-By-State, the Desire to Relocate Demand Propels Home Prices Upward 2 days agolast_img read more

Universities propose closing DB scheme of largest UK pension fund

first_imgThe union representing university staff has warned that “chaos” would ensue if the row over the scheme were not resolved.Responding to UUK’s proposals, the University and College Union (UCU) said they “were a bolt from the blue” and that it would ballot members for industrial action. The strike ballot will open on 27 November.UUK said the threat of industrial action was “premature and disappointing as there is an agreed series of imminent meetings between UUK and UCU to discuss USS pension benefit reform”.“Employers have been requesting discussions with UCU on reforms to USS benefits for the last six months to deal with the significant funding challenges facing USS,” the organisation added.UCU general secretary Sally Hunt said the employers’ proposal was “categorically the worst proposal I have received from universities on any issue in 20 years of representing university staff”.The union pointed to analysis commissioned by USS that it claimed showed that most universities have the ability to pay extra in order to safeguard existing benefits.Alistair Jarvis, chief executive of UUK, countered this, saying: “Most universities can’t afford to pay more into pensions without diverting money from other central areas, such as teaching or research, reducing their positive impact.“Increasing contributions could damage the high standards that students, research funders and others rightly expect.  It could even undermine the sustainability of some institutions.”A spokesman for USS said: “Very low prospective returns across all asset classes have created very challenging circumstances for all pension providers. USS’s primary duty is to ensure pensions already promised to its members are secure, and that pensions offered in future can be met with a high degree of confidence. It has been impartial and objective in its analysis and is now working with employers and union representatives as they determine future benefits. Benefits members have earned to date are secure and protected in law.”Frank Field, Labour politician and chair of the Work and Pensions Select Committee, has urged all parties to safeguard university finances to avoid pension costs being passed on to current and future students. UK universities have proposed closing the defined benefit (DB) section of the Universities Superannuation Scheme (USS), the country’s largest pension fund.Future benefits should be provided by the defined contribution (DC) section of the £60bn scheme, Universities UK (UUK) announced today after tabling the proposal at a joint negotiating committee.“This proposal would tackle the scheme’s financial deficit and rising future costs whilst ensuring that it continues to offer attractive pensions benefits to members,” it said.USS reported an official deficit of around £5bn following its 2017 actuarial valuation, but other valuations have put the shortfall as high as £12bn-£17bn. It said the cost of funding future pension benefits had increased by 35% and that contribution increases of six to seven percentage points could be required.last_img read more