Servicers Navigate the Post-Pandemic World 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Coronavirus Forbearance May 15, 2020 1,628 Views Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Coronavirus Forbearance 2020-05-15 Seth Welborn Previous: Law Professionals Discuss Safety Measures for Servicers Next: Mortgage Service Company Partners to Debuts Coating System Related Articles Share Save Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Close to 9% of all active mortgage loans are in forbearance as of this week, according to the latest data from Black Knight’s McDash Flash. That amounts to a total of 4.7 million homeowners now in forbearance, which is up from 4.5 million loans reported one week ago.The latest numbers have been enhanced to include loans that were in forbearance but not previously reported as “COVID-19-related.”About 7% of mortgage loans backed by Fannie Mae and Freddie Mac are now in forbearance, while 12.4% of FHA and VA-backed loans are in forbearance. Just over 9% of portfolio and privately securitized loans are also in forbearance.In terms of loan numbers, that’s 27.9 million GSE loans, 12.1 million FHA and VA loans, and 13 million other mortgage loans.In total dollar amount across all loan types, the total unpaid principal balance on loans in forbearance is $1 trillion.Meanwhile, servicers must continue to advance principal and interest payments along with tax and insurance payments on behalf of these loans.Servicers are on the hook for $3.6 billion per month in payments for government-backed loans in forbearance along with $1.5 billion in taxes and insurance each month.On top of that, mortgage servicers will miss out on $2.1 billion from portfolio loans and privately securitized loans.Black Knight noted that the Federal Housing Finance Agency will cap principal and insurance payments at four months for loans backed by the GSEs. However, this still amounts to $8.8 billion in advances to cover GSE loans currently in forbearance.Perhaps a slight breath of relief for servicers might come from the fact that the pace of loans entering forbearance appears to be on a downward trend, according to Black Knight’s data.Over the past week, about 26,000 loans entered forbearance each day. This is 85% fewer loans per day than recorded in early April.Looking forward, Black Knight estimates there would be 4.9 million loans in forbearance by the end of this month if the number of loans entering forbearance declines by 10% per day moving forward. By the end of June, there would be 5 million loans in forbearance, accounting for 9.4% of all active mortgages in this scenario.Under a “more pessimistic scenario” with the two-week average going forward and a 10% decline beginning in mid-June, 5.4 million loans would be in forbearance at the end of this month, according to Black Knight’s calculations. This would account for 10.1% of all active mortgage loans.By the end of June, 6.3 million loans could be in forbearance under this scenario, accounting for close to 12% of all mortgage loans. Print This Post in Daily Dose, Featured, Foreclosure, Market Studies, News Home / Daily Dose / Pace of Loans Entering Forbearance Slows Servicers Navigate the Post-Pandemic World 2 days ago Subscribe About Author: Krista F. Brock Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Pace of Loans Entering Forbearance Slows Data Provider Black Knight to Acquire Top of Mind 2 days ago
Participants who choose the winner will have the chance to win a Kentucky Derby VIP Experience. The virtual Derby will be shown May 2 on NBC during a special broadcast featuring the 2015 Kentucky Derby, when American Pharoah began his Triple Crown run.___German clubs are being urged not to bank on ticket sales for much of next season.League CEO Christian Seifert says “we don’t know if there will be games without fans in February or March still. We asked the club to plan without spectator income for the first part of next season.”German clubs are hoping to resume games next month after a two-month shutdown because of the coronavirus pandemic and to finish in time for many players’ contracts to end June 30. But a restart needs agreement from regional governments. ___West Ham manager David Moyes has been delivering fruit and vegetables to elderly residents in his village during soccer’s lockdown amid the coronavirus outbreak.The former Manchester United coach says he saw a sign in the window of a local shop asking for volunteers to be delivery drivers.Moyes answered the call and says “all I was doing was dropping (the packages) at the door, knocking and then going away. It was beautiful big boxes of fruit and veg.”He also had to ask some residents for payment if they hadn’t done so online. Seifert says most of the league’s broadcast partners have agreed to pay up front to help clubs continue operating until the end of June. Some of that money may have to be paid back if the 2019-20 season can’t be finished.___UEFA says it will allow leagues to determine the final places for Champions League and Europa League qualification on “sporting merit” if they can’t resume during the coronavirus pandemic.The governing body of European soccer says qualification from a “prematurely terminated domestic competition” can be rejected if “there is a public perception of unfairness in the qualification of the club.”UEFA says it is ideal for countries to complete seasons but acknowledges that might not be possible because of government orders banning sporting events. Share This StoryFacebookTwitteremailPrintLinkedinReddit The Latest on the effects of the coronavirus outbreak on sports around the world:___Colorado athletic director Rick George said he and 11 head coaches will take pay cuts for the upcoming fiscal year in light of the budget impacts caused by the coronavirus pandemic. Associated Press The SUNY Chancellor Esports Challenge was organized by SUNY Canton, the site of SUNY’s first varsity esports program, and co-sponsored by Extreme Networks. Each college can enter two teams of students to compete in “Fortnite” by Epic Games, “Super Smash Bros Ultimate” by Nintendo, or “Rocket League” by Psyonix. The top prize for each game is $2,000, to go to the winning team’s student emergency fund. A $5,000 grand prize will go to the SUNY campus with the best overall score.“Sports are a great unifier, be it on or off the field,” Extreme Networks Chief Operating Officer Norman Rice said in a statement. “In times where we aren’t able to come together in stadiums, fields, and arenas to cheer our favorite athletes, esports competition is an ideal way to keep students engaged with each other.”___ Serena Williams’ coach, Patrick Mouratoglou, and 2019 Australian Open semifinalist Stefanos Tsitsipas are starting an auction to raise money for tennis players ranked outside the top 100 and in need of financial help during the coronavirus pandemic.Mouratoglou and Tsitsipas tweeted about Beyond 100 Support on Thursday.They say the funds will go to professionals in both men’s and women’s tennis.Most tennis players only make money when they are able to enter tournaments. But all tennis events are suspended at least until mid-July because of the COVID-19 outbreak.___ That was the decision when the heads of Japanese professional baseball and soccer met in online meetings.Japanese baseball commissioner Atsushi Saito says “my feelings that I want to start the season without spectators haven’t changed.”Baseball and soccer officials both agreed nothing could begin until a state of emergency was lifted in Japan. The earliest that can happen is May 6. They are expected to wait until that date before moving forward.The J-League’s top two soccer divisions were suspended in February. Japanese baseball played some preseason games without fans before all play was stopped.___ A long-standing agreement between UEFA and the European Club Association guarantees clubs at least 200 million euros (216 million) from Euro 2020 revenues to compensate for releasing players to national duty in the 2018-20 cycle.Payments were due after Euro 2020 but are now sending much-needed cash to clubs after the coronavirus outbreak forced the tournament to be postponed by one year.The highest-earning club will get 630,000 euros ($680,000) calculated pro rata per player named on a national team’s match sheet. That club was not identified.UEFA says 2.7 million euros ($2.9 million) of the money will go to clubs after the 16-nation Euro 2020 playoffs later this year.Players selected for the Euro 2020 tournament will earn at least 130 million euros ($140 million) more for their clubs from UEFA. UEFA also accepts “insurmountable economic problems” could make finishing seasons “impossible because it would put at risk the long-term financial stability of the domestic competition and/or clubs.”UEFA’s own club competitions remain incomplete.___German soccer could resume on May 9 if regional politicians sign off on the league’s plan.The state governors of Bavaria and North Rhine-Westphalia have said May 9 would be acceptable but other state officials have signaled they would prefer the middle or end of May. The Latest: Colorado AD and 11 coaches taking pay cuts ___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 ___Churchill Downs will recognize the first Saturday in May with a “Kentucky Derby at Home” online party, highlighted by a virtual Derby featuring 13 former Triple Crown winners in an effort to raise $2 million for COVID-19 relief.The 146th Kentucky Derby was postponed from May 2 to Sept. 5 because of public health concerns about pandemic, the first time horse racing’s marquee event won’t run on its traditional day since 1945. The computer-generated Derby created by Inspired Entertainment will feature past Triple Crown champions using data algorithms, including historical handicapping information for each horse to determine the probability of potential finishing positions.“Our fans will be captivated by the realistic view of the virtual race,” Churchill Downs president Kevin Flanery said in a release, “and we can debate, as we do each year, our favorite to win.”Fans can choose their horse on www.KentuckyDerby.com starting April 30 and donate to COVID-19 relief efforts. Churchill Downs will match donations up to $1 million for the Team Kentucky Fund and Direct Relief. The New York Jets and team chairman and CEO Christopher Johnson and his family are making an additional $2 million donation to support the COVID-19 relief response in New York and New Jersey.The Johnson family and the Jets last month made a joint $1 million donation to multiple local United Way agencies to help combat the pandemic.The latest contribution, announced by the Jets on Thursday, will provide funding to organizations that are focused primarily on food insecurity, first responders and regional relief.“No region in the country has been affected by COVID-19 more than ours and because of that, our resolve has only grown,” Johnson said in a statement. “These organizations continue to nourish the vulnerable and target the needs of those on our front lines. At no time has being a good teammate ever mattered more.”The $1 million contribution from the Johnsons and the Jets last month supported the United Way of New York City’s COVID-19 Community Fund, the United Way of Northern New Jersey’s ALICE Recovery Fund and the United Way of Long Island’s United Together: A Response Fund for COVID-19. The salaries for George along with football coach Karl Dorrell, men’s basketball coach Tad Boyle and women’s basketball coach JR Payne will be reduced by 10%. The other eight varsity head coaches will have their salaries reduced by 5%.“It’s the right thing for all of us to do,” George said Thursday in a statement. “There are a lot of unknowns ahead of us, and while we don’t exactly know yet the financial impacts for the upcoming year, for them to agree and voluntarily take pay cuts is important at this time for our student-athletes and the overall direction of all our sports programs and support areas.”___New York’s public university system announced plans Thursday for an esports tournament that will have students competing for $20,000 in prize money for their schools’ student emergency funds. State University of New York Chancellor Kristina Johnson said the three-week tournament beginning Monday will help students impacted by the coronavirus pandemic. The health crisis has forced SUNY’s 64 campuses and universities to shift to remote instruction for the remainder of the academic year and forced many students out of jobs. April 23, 2020 Three more Diamond League meetings will not go ahead as scheduled because of the coronavirus pandemic.The Prefontaine Classic in Eugene, Oregon, on June 7 and the meet in Paris on June 13 have both postponed with no new dates set. The Bislett Games in Oslo on June 11 will be rebranded as the Impossible Games and turned into an exhibition event.The first nine scheduled events of the 15-meet season have all now either been postponed, rescheduled or downgraded. The Anniversary Games in London on July 4 are now the earliest scheduled competition of the season.There is a larger window to reschedule meets in the second half of the year because the Tokyo Olympics have been postponed to 2021.Organizers said the meet in Oslo would still offer prize money from a $50,000 contribution by World Athletics. It will feature 400-meter hurdles world champion Karsten Warholm attempting a world record in the rarely raced 300 hurdles. League CEO Christian Seifert says “if the state governors and the federal government decide that this day is May 9, then we would be ready on May 9.”Seifert says games could be held with a limit of 213 people in the stadium and up to 109 in the surrounding area.___UEFA is sharing almost 70 million euros ($75.5 million) among 676 clubs that released players for European Championship qualifiers and Nations League games in the past two years.UEFA says it’s releasing the money early to help “in light of the current crisis and the financial difficulties many clubs are facing” during the coronavirus pandemic. ___The German anti-doping agency says it plans to test soccer players if the season resumes in empty stadiums.NADA spokeswoman Eva Bunthoff tells The Associated Press the agency has “developed concepts” for urine and blood tests at games.The German league hopes to resume next month after a two-month shutdown because of the coronavirus pandemic.Bunthoff adds the agency is talking with the German soccer federation and the men’s league. She says “most important are the security measures to make sure there is a proper prevention system in place to prevent infections with the virus.“ Moyes says one incident “with this particular older lady, I think it was 16.80 pounds ($20.70) for one box of fruit and veg. She gave me a 20-pound note and said, ‘Here son, just keep the change.’”The Premier League has been suspended since March 13. That was the day after Arsenal manager Mikel Arteta tested positive for the virus.Moyes had to self-isolate after that because he had come into close contact with Arteta days earlier.___It’s still not clear when baseball or soccer will resume in Japan but it will likely be without fans when it does.
Sean Nugent is in favour of this happening as he believes that the aims of the GPA and the recently established Club Players Association aren’t necessarily on the same page.The CPA is currently recruiting members in Tipp and across the country.Sean hopes the two groups will eventually come together.