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In this Issue |
May 2020 Edition |
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State News & EventsLegislative Update |
 Dear WMBA Members,As I sit down write this final Presidents brief, I'm amazed at how fast this year has passed and I'm humbled and honored to have been part of a great leadership team at WMBA. I will be ending my year as WMBA President and looking forward to one more year on your Executive Committee as Immediate Past President. The past year has been eventful to say the least. From another great Golf outing at the Grand Geneva, to a packed house for Best in Business, a successful Mortgage Bootcamp, numerous educational events, several new members, and that COVID thing. I would like to take a moment to thank several people that have put in tremendous effort to keep our organization on track. First, Heather and Gale of Morgan Data have been enormously helpful in running the day to day operations of the WMBA including our special events and keeping our website full of valuable information. Thank you for all you do. Buddy Julius and Ryan Murray of our lobbyist partner “The Firm” have done an exceptional job keeping the WMBA visible and relevant with both our lawmakers in Madison and our partner industry associations. I have learned firsthand the importance of political involvement and have quickly come to realize the importance of raising money in our PAC and Conduit accounts. There is never a bad time to consider even a small donation to either of the WMBA political accounts. These funds make a significant difference in helping the WMBA further our legislative agenda and profile within the Capitol! I am deeply thankful for our executive committee, board of directors, committee chairs and chapter representatives. This is where the heavy lifting of our organization takes place. These people are the ones who make our organization run, help educate our members and create an atmosphere of networking and idea sharing. Thank you to all of you. If you are not currently active, please consider getting involved with one of our chapters or committees to get the full benefit of your membership in the WMBA. Finally, thank you to the WMBA membership for the opportunity to represent our organization. Our association of Mortgage Professionals is a powerful and amazing group of people. Now more than ever we will make a difference in the communities we work in. Keep up the exceptional work and take great pride in what you do! Best wishes, Leo Spanuello  Leo Spanuello WMBA President 2019-2020 Regional Mortgage Sales Manager North Shore Bank lspanuello@northshorebank.com 262-787-6872 |
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2020 Statewide Peer Chat
A new feature on the member website page is a discussion forum where you can add your comments to a posted topic or suggest another topic. There are currently three topics posted including:
- eClosings - Remote Online Notarization
- Closings at your bank or company
- How are you effectively managing your remote staff?
You can find the Peer Chat at: https://wmba.wildapricot.org/MemberChat/
2020 NEW Online Event Calendar
Check out the new Online Event Calendar on the WMBA website that will include Statewide events, Board Meetings, Chapter Events and Educational Events. If you have an event to add, use the Suggest Event feature to give us the details to add to the calendar.
The calendar can be found at: http://wimba.org/Events
Milwaukee Chapter Event Highlights
Voting ends today, May 29th for the three open Board of Directors positions on the Milwaukee Chapter Board. Watch for the listing of new Directors on the Milwaukee Chapter webpage.
Madison Chapter Event Highlights
Voting ends today, May 29th for the five open Board of Directors positions on the Madison Chapter Board. Watch for the listing of new Directors on the Madison Chapter webpage.
‘Zombie’ Property Stats Hold Steady Amid Foreclosure Moratorium
May 27, 2020
ATTOM Data Solutions, Irvine, Calif., said the percentage of “zombie” properties—vacant properties facing foreclosure—held steady in the second quarter as nationwide moratoria on foreclosures kept activity to a minimum.
The company’s second-quarter Vacant Property and Zombie Foreclosure Report showed that 1.5 million residential properties in the United States are vacant, representing 1.5 percent of all homes. Nearly 258,000 homes are in the process of foreclosure, with 7,650, or 3 percent, sitting empty as so-called ‘zombie foreclosures’ in the second quarter. The percentage of zombie foreclosure properties is down slightly from 3.1 percent in the first quarter.
ATTOM said the total count of properties in the process of foreclosure (258,024) in the second quarter is down 8.8 percent from the first quarter (282,767). The 7,652 zombie properties represent one of every 13,000 homes in the nation’s stock of 99.2 million residential properties.
Todd Teta, chief product officer with ATTOM Data Solutions, said the second-quarter foreclosure and zombie property numbers have dropped since the first quarter amid a federal prohibition against lenders foreclosing on government-backed mortgages until at least June 30,. The ban, which affects about 70 percent of home loans in the United States, was enacted under the CARES Act and extended this month to help borrowers affected by the coronavirus pandemic.
“The foreclosure and zombie-property picture hasn’t changed much in the second quarter of this year as most lenders are barred from taking action against homeowners who are falling behind on their mortgages. We are in a holding pattern across the country as long as the moratorium continues,” Teta said. “At some point, that will have to be lifted, so that banks can make their own decisions about whether to continue delaying foreclosures while the economy recovers. When that will happen is unknown, but that’s the point when we will see if foreclosure activity will remain at very low levels or rise.”
Key report findings:
–7,652 residential properties facing possible foreclosure have been vacated by their owners nationwide in the second quarter. States where the percentage of zombie foreclosures are above the national average of 3 percent include Ohio (6.7 percent), New Mexico (5.5 percent), Indiana (4.8 percent), Illinois (4.7 percent) and Iowa (4.5 percent). The lowest rates – all less than 1.3 percent – are in South Dakota, Idaho, New Hampshire, Utah, New Jersey, Connecticut and Colorado.
–New York continues to have the highest actual number of zombie properties (2,158), followed by Florida (1,136), Ohio (877), Illinois (868) and New Jersey (302).
–Among 158 metropolitan areas with at least 100,000 residential properties, Peoria, Ill., continues to have the highest percentage of zombie foreclosures at 12.9 percent, followed by Cleveland (11 percent); Syracuse, N.Y. (8.9 percent); St. Louis (7.8 percent) and Honolulu (7.8 percent).
–Among major metro areas with at least 500,000 residential properties, the lowest zombie foreclosure rates are in San Francisco (0.6 percent); Austin, Texas (0.8 percent); Philadelphia (1.1 percent); Phoenix (1.3 percent) and Boston (1.4 percent).
-The top zombie foreclosure rates in counties with at least 500 properties in foreclosure include Cuyahoga County (Cleveland), Ohio (12.8 percent); Broome County (Binghamton), N.Y. (10.1 percent); Saint Clair County, Ill. (outside of St. Louis) (9.5 percent); Onondaga County (Syracuse), N.Y. (9.3 percent) and Madison County, Ill. (outside of St. Louis) (8.9 percent).
–The highest levels of vacant investor-owned homes are in Indiana (8.4 percent), Kansas (6.6 percent), Ohio (6.3 percent), Minnesota (6.1 percent) and Mississippi (5.8 percent).
–The highest overall vacancy rates for all residential properties continue to be in Kansas (2.6 percent), Tennessee (2.6 percent), Mississippi (2.6 percent), Oklahoma (2.6 percent) and Indiana (2.5 percent). The lowest remain in New Hampshire (0.4 percent), Vermont (0.4 percent), Delaware (0.5 percent), Idaho (0.6 percent) and North Dakota (0.7 percent).
MBA: Share of Mortgage Loans in Forbearance Increases to 8.36%
May 26, 2020
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey showed loans now in forbearance increased to 8.36% of mortgage servicer volume as of May 17, up from 8.16% the week before. MBA now estimates 4.2 million homeowners are in forbearance plans.
The report said mortgages backed by Ginnie Mae again saw the largest overall share of loans in forbearance by investor type (11.60%) and the largest increase from the previous week (34 basis points). Loans in forbearance for depository servicers rose to 9.13%, while loans in forbearance for independent mortgage bank servicers increased to 8.11%. Over the past four weeks, the difference between the percentage of loans in forbearance for depository servicers compared to IMB servicers has narrowed, from 135 basis points as of April 19 to 102 basis points as of May 17.
“Although job losses continue at extremely high rates, mortgage servicers are reporting only modest increases in the share of loans in forbearance as of May 17,” said Mike Fratantoni, MBA Senior Vice President and Chief Economist. “The decline in employment and income is hitting FHA and VA borrowers harder, leading to 11.6 percent of Ginnie Mae loans currently in forbearance.”
Fratantoni noted forbearance requests declined from a week ago. “And while call volume picked up, servicers appear well staffed for this volume, as wait times and abandonment rates dropped,” he said.
Key findings of the MBA Forbearance and Call Volume Survey – May 11 to May 17:
• Total loans in forbearance grew relative to the prior week: from 8.16% to 8.36%. This 20-basis-point weekly increase was the smallest increase reported since the week of March 9.
o By investor type, the share of Ginnie Mae loans in forbearance increased relative to the prior week: from 11.26% to 11.60%.
o The share of Fannie Mae and Freddie Mac loans in forbearance increased relative to the prior week: from 6.25% to 6.36%.
o The share of other loans (e.g., private-label securities and portfolio loans) in forbearance increased relative to the prior week: from 9.26% to 9.54%.
• Forbearance requests as a percent of servicing portfolio volume (#) dropped across all investor types for the sixth consecutive week relative to the prior week: from 0.32% to 0.28%.
• Weekly servicer call center volume:
o As a percent of servicing portfolio volume (#), calls increased from 7.8% to 8.6%.
o Average speed to answer decreased relative to the prior week from 2.0 minutes to 1.6 minutes. o Abandonment rates decreased from 5.3% to 4.6%.
o Average call length increased from 6.7 minutes to 7.0 minutes.
• Loans in forbearance as a share of servicing portfolio volume (#) as of May 17:
o Total: 8.36% (previous week: 8.16%)
o IMBs: 8.11% (previous week: 7.85%) o Depositories: 9.13% (previous week: 8.99%)
The Forbearance and Call Volume Survey covers May 11-17 and represents nearly 77% of the first-mortgage servicing market (38.3 million loans).
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