Gaps in Mortgage Payment Ability

  • Source: dsnews.com

Treliant Takeaway:

Treliant’s Mortgage Operations & Compliance practice area along with our Fair & Responsible Banking practice area stand ready to assist mortgage servicers with enhancing processes to meet identified needs.

Article Highlights:

May Mortgage Payment Statistics

Homeowner Group Did Not Pay or Deffered Payments
Black 28%
White 9%
Latino 15%
Asian American 11%

June Mortgage Payment Statistics

Homeowner Group Concern with Paying Improvement
Black 27% +1%
White 10% -1%
Latino 25% -10%
Asian American 18% -7%

“… the policy and programmatic responses to the COVID-19 crisis and its impact on housing stability cannot take a one-size-fits-all approach; rather we need race-conscious interventions that address the needs of renters and homeowners of color.”

The DS News author and Urban Institute researchers suggest “scaling up housing counseling, mediation, and loss mitigation programs to ensure borrowers have safe and affordable options for exiting those forbearance plans” in order to avoid defaults and foreclosures which may precipitate another housing market crash.

Author

Ellen Rose

Ellen Rose is a Senior Director with Treliant. She is a seasoned financial services professional with executive experience in all facets of commercial and residential mortgage banking. Ellen has over 30 years of industry experience in directing originations, secondary marketing, servicing, support, and vendor activities. With a focus on compliance,…