Forbearance Exodus Continues

first_img Demand Propels Home Prices Upward 2 days ago Previous: Activist Legal Names Chris Pummill President of Operations Next: Woman-Owned Consultancy Service Aims to be Trusted Advisor About Author: Eric C. Peck Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Subscribe in Daily Dose, Featured, Foreclosure, Journal, News ATTOM Data Solutions Fannie Mae Forbearance Freddie Mac Mike Fratantoni Mortgage Bankers Association (MBA) RealtyTrac 2021-05-17 Eric C. Peck Related Articles Tagged with: ATTOM Data Solutions Fannie Mae Forbearance Freddie Mac Mike Fratantoni Mortgage Bankers Association (MBA) RealtyTrac Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago 12 days ago 718 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Home / Daily Dose / Forbearance Exodus Continues Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago This week, the Mortgage Bankers Association (MBA) reports that the number of U.S. homeowners in forbearance programs dropped to 2.1 million, a share of 4.22% in servicers’ portfolio volume, down 14 basis points from last week’s share of 4.36%.”More homeowners exited forbearance in the first full week of May, leading to a 14-basis-point decrease in the forbearance share—the 11th straight week of declines. The rate of new requests dropped to four basis points, which is the lowest level since last March,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Of those in forbearance extensions, more than half have been in forbearance for more than 12 months.”In terms of investor type, the share of Fannie Mae and Freddie Mac loans in forbearance decreased eight basis points, from 2.32% to 2.24%. Ginnie Mae loans in forbearance decreased 21 basis points, from 5.82% to 5.61%, while the forbearance share for portfolio loans and private-label securities (PLS) decreased by 29 basis points, from 8.55% to 8.26%. The percentage of loans in forbearance for independent mortgage bank (IMB) servicers decreased 16 basis points to 4.42%, and the percentage of loans in forbearance for depository servicers declined 12 basis points to 4.35%.By stage, 11.9% of total loans in forbearance are in the initial forbearance plan stage, while 83.0% are in a forbearance extension. The remaining 5.1% are forbearance re-entries.The recent ATTOM Data Solutions and RealtyTrac’s U.S. Foreclosure Market Report found that a total of 11,810 U.S. properties had foreclosure filings—default notices, scheduled auctions, or bank repossessions—which was down 1% month-over-month and down 17% year-over-year. The study also found that nationwide one in every 11,636 housing units had a foreclosure filing in April.Of the cumulative forbearance exits for the period from June 1, 2020, through May 9, 2021:27.1% resulted in a loan deferral/partial claim.24.9% represented borrowers who continued to make their monthly payments during their forbearance period.15% represented borrowers who did not make all of their monthly payments and exited forbearance without a loss mitigation plan in place yet.14.2% resulted in reinstatements, in which past-due amounts are paid back when exiting forbearance.9.8% resulted in a loan modification or trial loan modification.7.4% resulted in loans paid off through either a refinance or by selling the home.The remaining 1.6% resulted in repayment plans, short sales, deed-in-lieus or other reasons.”The opening of the economy, as the successful vaccination effort continues, should lead to further reductions in the forbearance share,” said Fratantoni. “However, many homeowners continue to struggle. Borrowers who are reaching the end of their forbearance term should reach out to their servicer to review their options.”Weekly servicer call center volume increased from the previous week from 7.8% to 8.0%, with the average call length time having decreased slightly from 8.1 minutes to 7.9 minutes. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Forbearance Exodus Continues  Print This Post Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily last_img read more

5 ways to lose your audience

first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Dana Dobson Dana Dobson is an award-winning public relations expert, keynote speaker and author of, “How to Reach Millions with Artful PR.” Over her 30-year career, she has developed winning PR and … Web: dana-dobson.com Details Has your credit union’s appeal to large audiences been trailing off lately? Are you getting fewer and fewer “likes” or “shares” on your content — none, maybe? We can blame changing algorithms, insufficient SEO, and the ever increasing shrieking noise of the online marketplace. But if your sales have been flat since Q1 2018, then consider something else — you, yourself may be to blame.There are lots of ways to attract an audience, but there are even more ways to drive them off. I call them “audience repellents.” Here are five that I see most often with credit unions:1. Bragging and Humble BraggingWhereas, “bragging” is a self-inflicted wound, and “humble bragging” is pouring lemon juice on it.We don’t like braggarts at a cocktail party, so it stands to reason we don’t like a business braggart, either. Humble bragging is bragging online about your credit union’s accomplishments, but pretending to be modest while you’re doing it.A business humble brag usually starts with the words, “We’re just thrilled to announce that…,” Or, “We’re so humble and honored to have…” We all like attention for our business achievements, but when bragging is the main substance of almost all of your public interaction, and you feel you have to brag to get people to notice you, you become repellent in the minds of your audience.I don’t think perpetual braggers are deliberately trying to turn people off. You might think that your audiences will be impressed and even love you more. But actually, the opposite is true!There is a Harvard business study that proves that people dislike and lose respect for companies and individuals who brag, and especially who humble brag. So, lighten up on bragging and opt for achieving “3rd party credibility.” People believe what other people say about you, not what you say about yourself. Send out a press release so that the media can make your announcement. If you’ve won an award from an entity, let the entity make the announcement on your behalf. Hide it on your website somewhere.Just resist the urge to run out into the town square and shout, “Look at me! Look at me!”2. Failure to Connect and EngageYou can visit many financial institution social media business pages, websites and posts and see nothing but brags and self-serving sales messages, as if social media itself was created just so marketers could advertise for free. You will also observe that there’s not much of an audience there, either.To attract an audience, you need to make the bulk of your communications strategy about delivering the information they want, not what you want. If someone’s not interested in you as an organization or as a solo professional, they certainly won’t care about your sales agenda.3. Failure to Understand Your AudienceI learned this the hard way, back when we were trying to make our rock band famous. More often than not, in order to pay the rent, we had to play gigs to please audiences who were more into hearing Top 40 music than any of my original tunes.Once we were booked as an opening act for David Brenner, and his audience comprised the blue hair casino crowd who lived for Frank Sinatra and yelled “turn it down!” when their grandkids had the radio on.Anxious to show off on a big stage, my band played mostly our original rock tunes. After each one, all we got were golf claps. But when we played “The Rose” at the end, back then a top-of-the-charts ballad, we got a standing ovation.There’s something to be said for “givin’ ’em what they want.”3. Giving Up too SoonIt takes time, and lots of repetition, to get people to notice you. Unless, of course, you’ve just landed a jet in the Hudson River without killing anyone.And by time, I mean months, even years. There was a saying long ago: “Just when you’re getting sick of your own messaging is when people start paying attention.”Keep your communications frequent, relevant to your audience and consistently value-driven.4. Your Website Isn’t Media FriendlyNever forget that the “media” is one of your most important audiences. The people most likely to tell others about you and give you mass exposure are journalists, editors, TV producers, radio talk show hosts, podcast hosts, and thousands of bloggers. They’re always looking for experts to interview.To research your credit union and judge whether you’re credible, they’ll look at your website. If you don’t have an online pressroom providing the kind of information a journalist needs to do his/her job, they’ll probably blow you off. Either that, or they’ll search LinkedIn for your leadership’s LinkedIn profiles. No LinkedIn profiles?They will move on to another company or expert who has their act together. It wasn’t you.5. Failure to be Passionate about Your BrandAn audience-attracting credit union regularly expresses genuine passion for something greater than itself. Apple has a passion for beautiful design. Nike is passionate about athletes. Harley Davidson is passionate about freedom and adventure. Ben & Jerry’s passion is about the earth and the environment. Perhaps your credit union’s passion is about healthcare, law enforcement or a community.Get your positioning team back together and commit yourself heart and soul to ONE ideal you can stand behind. Your passion is a magnet for people who share your values, because it inspires trust and a sense of loyalty.A business without authentic passion resorts to humble bragging.I am thrilled and honored that you have read this post.last_img read more