{"id":414325,"date":"2023-11-13T13:01:54","date_gmt":"2023-11-13T18:01:54","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=414325"},"modified":"2023-11-13T13:23:12","modified_gmt":"2023-11-13T18:23:12","slug":"opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/","title":{"rendered":"Opinion: IMB servicers do a better job than banks on loss mitigation"},"content":{"rendered":"\n

Fifteen years ago, the TARP bailout bill<\/strong><\/a> <\/strong>was signed into law.\u00a0$700 billion in taxpayer funds were authorized to help stabilize the economy in free fall in the wake of the Lehman<\/strong> bankruptcy and a mortgage market meltdown.<\/p>\n\n\n\n

The original plan \u2014 to buy up troubled mortgage assets \u2014 was quickly abandoned in favor of actions like capital infusions for banks and the bailout of our auto companies.\u00a0For our nation\u2019s homeowners beleaguered by toxic mortgages and underwater loans, Treasury<\/strong> created a plethora of programs \u2014 with acronyms like HAMP, HARP, FHA Short Refi and the Hardest Hit Fund.\u00a0<\/p>\n\n\n\n

Some worked well, others not so much.\u00a0Quickly building a loss-mitigation system in the midst of a crisis was a challenge.\u00a0We had not experienced such a level of defaults and foreclosures since the Great Depression.\u00a0Moreover, instead of the longstanding prevalence of banks holding loans in portfolio, we needed to develop de novo <\/em>standardized loss-mitigation programs for new-fangled structures called mortgage-backed securities.<\/p>\n\n\n\n

The good news is that this period of experimentation with mechanisms to keep defaulted borrowers out of foreclosure has evolved and been refined over the last 15 years into effective, standardized loss-mitigation programs that both keep borrowers in their home and reduce losses on the underlying home.\u00a0And key federal agency mortgage loan programs like FHA<\/strong>, VA,<\/strong> and Fannie Mae<\/strong> and Freddie Mac<\/strong> have fully embraced them.\u00a0Government is often criticized \u2014 but here we used lessons learned to build a better mousetrap.<\/p>\n\n\n\n

The linchpin of these efforts is the partial claim. The concept is simple.\u00a0A homeowner loses their job and falls behind on their payments, then gets back on track when they secure a new job.\u00a0<\/p>\n\n\n\n

Commonly, the homeowner lacks the funds to cover payments missed while jobless.\u00a0The default action for such borrowers is foreclosure<\/a>.\u00a0But not only does the borrower lose their home, a foreclosure also significantly inflates loan loss levels. And this on a loan where the borrower is once again capable of making the monthly payments.<\/p>\n\n\n\n

Under a partial claim, the underlying mortgage loan program advances the funds for the missed payments, and structures the advance as a second lien, with repayment tacked on to the end of the existing loan term.\u00a0This tool is ideal for a situation like COVID-19, where a short-term crisis boosted defaults arising from a temporary loss of a job or income (and Congress offered these borrowers forbearance<\/a>).\u00a0<\/p>\n\n\n\n

A second critical component of successful loss-mitigation efforts is the job of servicers, which execute the programs directly with borrowers.\u00a0I was working on the House Financial Services Committee in 2008, handling phone calls from irate borrowers who could not get banks to even return their phone calls, much less help them with their loan.\u00a0Moreover, banks actually had financial incentives not<\/u><\/strong> to use loss mitigation tools, since they could accelerate or increase losses on second lien home equity loans they held.<\/p>\n\n\n\n

In the 15 years since then, nonbank independent mortgage banks (IMBs) \u2014 which is what our Community Home Lenders of America<\/strong><\/a> (CHLA) members are \u2014 have taken over a significant portion of the mortgage business from the banks.\u00a0The record conclusively shows that IMB servicers are now doing a much better job than the banks did in 2008 to work with defaulted borrowers and implement loss mitigation to keep borrowers in their home.\u00a0So, not only have loss-mitigation options like partial claims improved, but their execution is much better.<\/p>\n\n\n\n

How did this work during COVID?\u00a0 The answer was just fine, thank you.\u00a0Take Federal Housing Administration (FHA) single-family loans. FHA\u2019s 2022 Annual Report<\/strong><\/a> noted that FHA helped more than 1 million homeowners in 2022 who were behind on their mortgage payments obtain an FHA COVID-19 Forbearance and\/or an FHA COVID-19 Recovery option to stay in their homes.\u00a0The percentage of serious FHA delinquencies fell from 11% at the height of COVID to less than 5% at the end of the last fiscal year.<\/p>\n\n\n\n

And FHA, under Commissioner Julia Gordon, continues to refine the partial claim tool to improve it.\u00a0Last year, FHA launched a new partial claims payoff portal<\/strong><\/a> to streamline information about partial claims payments and also announced a 40-year loss mitigation option<\/strong><\/a>.<\/strong>\u00a0 In May of this year, FHA announced a new partial claim option<\/strong><\/a> <\/strong>that could obviate the need for servicers to buy loans out of pools, a move CHLA applauded, since it would avoid costly re-pooling in a rising mortgage rate market.<\/p>\n\n\n\n

Fannie Mae and Freddie Mac have also developed strong loss-mitigation tools. In March of this year, FHFA announced new enhanced payment deferral policy<\/strong><\/a> for borrowers facing financial hardship.\u00a0FHFA Director Thompson noted that Fannie and Freddie have \u201ccompleted more than one million COVID-19 payment deferrals during the pandemic, helping borrowers nationwide to stay in their homes.\u201d<\/em><\/p>\n\n\n\n

The Department of Veterans Affairs (VA) should also be commended for its proactive response to COVID-19 in its guaranteed mortgage loan program.\u00a0Additional flexibilities adopted by VA included more options in its home retention waterfall, allowing borrower deferments, and creating a VA Partial Claim Program<\/strong><\/a> <\/strong>and a\u00a0refund modification<\/strong><\/a> option.<\/p>\n\n\n\n

VA is also developing a Servicing Purchase Program (VASP), where the VA would purchase the loan from the servicer, modify it to a very low rate, and service the loan directly for the remaining life of the loan.<\/p>\n\n\n\n

The 2008 Housing Crisis was a nightmare.\u00a0But there was one silver lining.\u00a0Like a Phoenix rising from the ashes, not only did our economy and housing markets recover, but our homeowner retention programs born in this period have become an unparalleled success.\u00a0And that is a story that must be told.<\/p>\n\n\n\n

Scott Olson is the Executive Director of the\u00a0Community Home Lenders of America\u00a0<\/strong><\/em>(CHLA)and was the Housing Policy Director for the House Financial Services Committee at the time of the 2008 Housing Crisis.<\/em><\/p>\n\n\n\n

This column does not necessarily reflect the opinion of HousingWire\u2019s editorial department and its owners.<\/em><\/p>\n\n\n\n

To contact the author of this story:
Scott Olson at\u00a0scottolson@communitylender.org<\/a><\/p>\n\n\n\n

To contact the editor responsible for this story:
Sarah Wheeler at\u00a0sarah@hwmedia.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

IMB servicers are now doing a much better job than the banks did in 2008 to work with defaulted borrowers and implement loss mitigation. <\/p>\n","protected":false},"author":36,"featured_media":269716,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1692,1687],"tags":[1202,15731,1239],"coauthors":[217824],"acf":[],"yoast_head":"\nOpinion: IMB servicers do a better job than banks on loss mitigation - HousingWire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Opinion: IMB servicers do a better job than banks on loss mitigation - HousingWire\" \/>\n<meta property=\"og:description\" content=\"IMB servicers are now doing a much better job than the banks did in 2008 to work with defaulted borrowers and implement loss mitigation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/\" \/>\n<meta property=\"og:site_name\" content=\"HousingWire\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.housingwire.com\/wp-content\/uploads\/2020\/08\/home-swap-solution-e1693831047468.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"699\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Olson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scott Olson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/\"},\"author\":{\"name\":\"Sarah Wheeler\",\"@id\":\"https:\/\/www.housingwire.com\/#\/schema\/person\/520771665b9c2b5f58c03a4b9936be86\"},\"headline\":\"Opinion: IMB servicers do a better job than banks on loss mitigation\",\"datePublished\":\"2023-11-13T18:01:54+00:00\",\"dateModified\":\"2023-11-13T18:23:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/\"},\"wordCount\":1008,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.housingwire.com\/#organization\"},\"keywords\":[\"Foreclosure\",\"IMBs\",\"Loss Mitigation\"],\"articleSection\":[\"Mortgage\",\"Servicing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.housingwire.com\/#organization\"},\"isAccessibleForFree\":\"False\",\"hasPart\":{\"@type\":\"WebPageElement\",\"isAccessibleForFree\":\"False\",\"cssSelector\":\".wp-block-housingwire-piano-member\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/\",\"url\":\"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/\",\"name\":\"Opinion: IMB servicers do a better job than banks on loss mitigation - HousingWire\",\"isPartOf\":{\"@id\":\"https:\/\/www.housingwire.com\/#website\"},\"datePublished\":\"2023-11-13T18:01:54+00:00\",\"dateModified\":\"2023-11-13T18:23:12+00:00\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.housingwire.com\/#website\",\"url\":\"https:\/\/www.housingwire.com\/\",\"name\":\"HousingWire\",\"description\":\"HousingWire is the nation's most influential source of news and information on housing and mortgage lending.\",\"publisher\":{\"@id\":\"https:\/\/www.housingwire.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.housingwire.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.housingwire.com\/#organization\",\"name\":\"HousingWire\",\"url\":\"https:\/\/www.housingwire.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.housingwire.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.housingwire.com\/wp-content\/uploads\/2023\/10\/cropped-HousingWire-Logo.png\",\"contentUrl\":\"https:\/\/www.housingwire.com\/wp-content\/uploads\/2023\/10\/cropped-HousingWire-Logo.png\",\"width\":1216,\"height\":246,\"caption\":\"HousingWire\"},\"image\":{\"@id\":\"https:\/\/www.housingwire.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.housingwire.com\/#\/schema\/person\/520771665b9c2b5f58c03a4b9936be86\",\"name\":\"Sarah Wheeler\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.housingwire.com\/#\/schema\/person\/image\/5f38b23505e4566dd2b450360a242c49\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/337c49ab0984d94edf03464f353b8810?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/337c49ab0984d94edf03464f353b8810?s=96&d=mm&r=g\",\"caption\":\"Sarah Wheeler\"},\"description\":\"Sarah Wheeler is HousingWire's Editor in Chief, overseeing news content, premium content, sponsored content and event content. She joined HousingWire in 2013 and has served as content editor, magazine editor and managing editor. In 2016, Wheeler won Folio\u2019s Top Women in Media: Director-Lever Doers award. Before her time at HousingWire, she held marketing and editing roles at several ad agencies and healthcare companies, and early on in her career worked as a newspaper reporter. Wheeler holds a degree in journalism from Texas State University.\",\"url\":\"https:\/\/www.housingwire.com\/author\/swheelerhousingwire-com\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Opinion: IMB servicers do a better job than banks on loss mitigation - HousingWire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/","og_locale":"en_US","og_type":"article","og_title":"Opinion: IMB servicers do a better job than banks on loss mitigation - HousingWire","og_description":"IMB servicers are now doing a much better job than the banks did in 2008 to work with defaulted borrowers and implement loss mitigation.","og_url":"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/","og_site_name":"HousingWire","og_image":[{"width":1200,"height":699,"url":"https:\/\/www.housingwire.com\/wp-content\/uploads\/2020\/08\/home-swap-solution-e1693831047468.jpeg","type":"image\/jpeg"}],"author":"Scott Olson","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Scott Olson","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/#article","isPartOf":{"@id":"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/"},"author":{"name":"Sarah Wheeler","@id":"https:\/\/www.housingwire.com\/#\/schema\/person\/520771665b9c2b5f58c03a4b9936be86"},"headline":"Opinion: IMB servicers do a better job than banks on loss mitigation","datePublished":"2023-11-13T18:01:54+00:00","dateModified":"2023-11-13T18:23:12+00:00","mainEntityOfPage":{"@id":"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/"},"wordCount":1008,"commentCount":0,"publisher":{"@id":"https:\/\/www.housingwire.com\/#organization"},"keywords":["Foreclosure","IMBs","Loss Mitigation"],"articleSection":["Mortgage","Servicing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/#respond"]}],"copyrightYear":"2023","copyrightHolder":{"@id":"https:\/\/www.housingwire.com\/#organization"},"isAccessibleForFree":"False","hasPart":{"@type":"WebPageElement","isAccessibleForFree":"False","cssSelector":".wp-block-housingwire-piano-member"}},{"@type":"WebPage","@id":"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/","url":"https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/","name":"Opinion: IMB servicers do a better job than banks on loss mitigation - HousingWire","isPartOf":{"@id":"https:\/\/www.housingwire.com\/#website"},"datePublished":"2023-11-13T18:01:54+00:00","dateModified":"2023-11-13T18:23:12+00:00","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/"]}]},{"@type":"WebSite","@id":"https:\/\/www.housingwire.com\/#website","url":"https:\/\/www.housingwire.com\/","name":"HousingWire","description":"HousingWire is the nation's most influential source of news and information on housing and mortgage lending.","publisher":{"@id":"https:\/\/www.housingwire.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.housingwire.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.housingwire.com\/#organization","name":"HousingWire","url":"https:\/\/www.housingwire.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.housingwire.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.housingwire.com\/wp-content\/uploads\/2023\/10\/cropped-HousingWire-Logo.png","contentUrl":"https:\/\/www.housingwire.com\/wp-content\/uploads\/2023\/10\/cropped-HousingWire-Logo.png","width":1216,"height":246,"caption":"HousingWire"},"image":{"@id":"https:\/\/www.housingwire.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.housingwire.com\/#\/schema\/person\/520771665b9c2b5f58c03a4b9936be86","name":"Sarah Wheeler","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.housingwire.com\/#\/schema\/person\/image\/5f38b23505e4566dd2b450360a242c49","url":"https:\/\/secure.gravatar.com\/avatar\/337c49ab0984d94edf03464f353b8810?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/337c49ab0984d94edf03464f353b8810?s=96&d=mm&r=g","caption":"Sarah Wheeler"},"description":"Sarah Wheeler is HousingWire's Editor in Chief, overseeing news content, premium content, sponsored content and event content. She joined HousingWire in 2013 and has served as content editor, magazine editor and managing editor. In 2016, Wheeler won Folio\u2019s Top Women in Media: Director-Lever Doers award. Before her time at HousingWire, she held marketing and editing roles at several ad agencies and healthcare companies, and early on in her career worked as a newspaper reporter. Wheeler holds a degree in journalism from Texas State University.","url":"https:\/\/www.housingwire.com\/author\/swheelerhousingwire-com\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Opinion: IMB servicers do a better job than banks on loss mitigation","url":"http:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.housingwire.com\/articles\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\/"},"thumbnailUrl":"https:\/\/www.housingwire.com\/wp-content\/uploads\/2020\/08\/home-swap-solution-e1693831047468.jpeg?w=150","image":{"@type":"ImageObject","url":"https:\/\/www.housingwire.com\/wp-content\/uploads\/2020\/08\/home-swap-solution-e1693831047468.jpeg"},"articleSection":"Servicing","author":[{"@type":"Person","name":"Scott Olson"}],"creator":["Scott Olson"],"publisher":{"@type":"Organization","name":"HousingWire","logo":"https:\/\/www.housingwire.com\/wp-content\/uploads\/2019\/09\/HW-logo1.png"},"keywords":["foreclosure","imbs","loss mitigation"],"dateCreated":"2023-11-13T18:01:54Z","datePublished":"2023-11-13T18:01:54Z","dateModified":"2023-11-13T18:23:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Opinion: IMB servicers do a better job than banks on loss mitigation\",\"url\":\"http:\\\/\\\/www.housingwire.com\\\/articles\\\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.housingwire.com\\\/articles\\\/opinion-imb-servicers-do-a-better-job-than-banks-on-loss-mitigation\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.housingwire.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/home-swap-solution-e1693831047468.jpeg?w=150\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.housingwire.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/home-swap-solution-e1693831047468.jpeg\"},\"articleSection\":\"Servicing\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Olson\"}],\"creator\":[\"Scott Olson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"HousingWire\",\"logo\":\"https:\\\/\\\/www.housingwire.com\\\/wp-content\\\/uploads\\\/2019\\\/09\\\/HW-logo1.png\"},\"keywords\":[\"foreclosure\",\"imbs\",\"loss mitigation\"],\"dateCreated\":\"2023-11-13T18:01:54Z\",\"datePublished\":\"2023-11-13T18:01:54Z\",\"dateModified\":\"2023-11-13T18:23:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/housingwire.com\/p.js"},"jetpack_featured_media_url":"https:\/\/www.housingwire.com\/wp-content\/uploads\/2020\/08\/home-swap-solution-e1693831047468.jpeg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":439297,"url":"https:\/\/www.housingwire.com\/articles\/us-supreme-court-to-hear-mortgage-escrow-case-in-february\/","url_meta":{"origin":414325,"position":0},"title":"US Supreme Court to hear mortgage escrow case in February","author":"Chris Clow","date":"January 12, 2024","format":false,"excerpt":"The U.S. Supreme Court will decide next month whether or not national laws override state laws on mortgage escrow interest payments.","rel":"","context":"In "Legal"","block_context":{"text":"Legal","link":"https:\/\/www.housingwire.com\/category\/politics-money\/legal\/"},"img":{"alt_text":"The chamber of the U.S. Supreme Court in Washington, D.C. Photo by Jackie Hope via Unsplash.","src":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/08\/ussc_chamber.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/08\/ussc_chamber.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/08\/ussc_chamber.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/08\/ussc_chamber.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":439865,"url":"https:\/\/www.housingwire.com\/articles\/fix-and-flip-lender-anchor-loans-launches-tpo-channel\/","url_meta":{"origin":414325,"position":1},"title":"Fix-and-flip lender Anchor Loans launches TPO channel","author":"Connie Kim","date":"January 16, 2024","format":false,"excerpt":"Anchor Loans launched a TPO channel to serve mortgage brokers, banks, private and non-QM lenders.","rel":"","context":"In "Mortgage"","block_context":{"text":"Mortgage","link":"https:\/\/www.housingwire.com\/category\/mortgage\/"},"img":{"alt_text":"real estate for sale sign in the front yard of a large brick house","src":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2024\/01\/AdobeStock_668147.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2024\/01\/AdobeStock_668147.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2024\/01\/AdobeStock_668147.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2024\/01\/AdobeStock_668147.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":439276,"url":"https:\/\/www.housingwire.com\/articles\/mortgage-volumes-collectively-fell-138b-at-wells-jpmorgan-and-bofa-in-2023\/","url_meta":{"origin":414325,"position":2},"title":"Mortgage volumes collectively fell $138B at Wells, JPMorgan and BofA in 2023","author":"Fl\u00e1via Furlan Nunes","date":"January 12, 2024","format":false,"excerpt":"Mortgage businesses at Wells Fargo, JPMorgan Chase and Bank of America are now only a fraction of what they were in 2022.","rel":"","context":"In "LendingLife"","block_context":{"text":"LendingLife","link":"https:\/\/www.housingwire.com\/category\/lendinglife\/"},"img":{"alt_text":"home prices expected to drop","src":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/05\/home-prices-expected-to-drop.jpeg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/05\/home-prices-expected-to-drop.jpeg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/05\/home-prices-expected-to-drop.jpeg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/05\/home-prices-expected-to-drop.jpeg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":440709,"url":"https:\/\/www.housingwire.com\/articles\/polly-appoints-former-exec-at-ice-mortgage-technology-as-coo\/","url_meta":{"origin":414325,"position":3},"title":"Polly appoints former exec at ICE Mortgage Technology as COO","author":"Connie Kim","date":"January 22, 2024","format":false,"excerpt":"Poll'ys new COO Troy Coggiola to lead Polly\u2019s product, implementation and support teams as the company spearheads efforts to scale.","rel":"","context":"In "Mortgage"","block_context":{"text":"Mortgage","link":"https:\/\/www.housingwire.com\/category\/mortgage\/"},"img":{"alt_text":"Table boardroom with chair in morning \/ meeting associate","src":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/09\/boardroom.jpeg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/09\/boardroom.jpeg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/09\/boardroom.jpeg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/09\/boardroom.jpeg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":422645,"url":"https:\/\/www.housingwire.com\/articles\/logan-mohtashamis-2024-housing-market-and-rate-forecast\/","url_meta":{"origin":414325,"position":4},"title":"Logan Mohtashami’s 2024 housing market and rate forecast","author":"Sarah Wheeler","date":"January 1, 2024","format":false,"excerpt":"Lead Analyst Logan Mohtashami predicts mortgage rates, home prices and home sales in this 2024 housing market forecast.","rel":"","context":"In "Housing Market"","block_context":{"text":"Housing Market","link":"https:\/\/www.housingwire.com\/category\/real-estate\/housing-market\/"},"img":{"alt_text":"AdobeStock_657640949","src":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2024\/01\/AdobeStock_657640949.jpeg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2024\/01\/AdobeStock_657640949.jpeg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2024\/01\/AdobeStock_657640949.jpeg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2024\/01\/AdobeStock_657640949.jpeg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":440982,"url":"https:\/\/www.housingwire.com\/articles\/financial-services-firm-consolidated-analytics-acquires-real-info\/","url_meta":{"origin":414325,"position":5},"title":"Financial services firm Consolidated Analytics acquires Real Info","author":"Connie Kim","date":"January 23, 2024","format":false,"excerpt":"Financial services firm Consolidated Analytics expands its valuation solutions with its latest acquisition.","rel":"","context":"In "Appraisals and Valuations"","block_context":{"text":"Appraisals and Valuations","link":"https:\/\/www.housingwire.com\/category\/valuations\/"},"img":{"alt_text":"A graphic representation of forbearance","src":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2022\/10\/forbearance-3-e1693895999123.jpeg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2022\/10\/forbearance-3-e1693895999123.jpeg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2022\/10\/forbearance-3-e1693895999123.jpeg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2022\/10\/forbearance-3-e1693895999123.jpeg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/posts\/414325"}],"collection":[{"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/comments?post=414325"}],"version-history":[{"count":3,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/posts\/414325\/revisions"}],"predecessor-version":[{"id":414329,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/posts\/414325\/revisions\/414329"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/media\/269716"}],"wp:attachment":[{"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/media?parent=414325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/categories?post=414325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/tags?post=414325"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/coauthors?post=414325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}