The unprecedented Covid-19 pandemic caught the world off guard and has hit humanity hard. It has been bad enough to trigger a global recession which would take a while to subside. The mortgage sector has been one of the worst-affected industries to be grappled with the business complications posed by the coronavirus. In the U.S., like anywhere else, homeowners are…
Following the 2008 financial crisis, the U.S. mortgage industry saw an unprecedented spike in mortgage defaults, bringing default mortgage servicing under heavy scrutiny. Since then, default servicing in mortgage has also been subjected to various government-mandated programs such as HAMP and HARP, industry regulations, settlements, procedure updates, and more. These have resulted in a messed-up mortgage landscape marked by inefficient…
Among the telltale impacts of the COVID-19 on the global economy, the mortgage industry is among the severely impacted sectors. According to a press release published by the Mortgage Bankers Association 1, the mortgage delinquency rate took a huge leap to about 4 percentage points reaching an alarming 8.22% within the second quarter of 2020. The findings of the National…