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Recursion Data Joins Regular Feature in Commercial Mortgage Alert

4/21/2025

Beginning with the April 18 edition, Recursion data is being regularly featured in Commercial Mortgage Alert (CMA). The data utilized is debt costs for Agency commercial mortgages. We are pleased that Recursion is seen by leading industry publications as a definitive source of key market indicators.

To learn more contact [email protected].

A Brief Update on the FHA Waterfall

4/10/2025

On January 16, 2025, FHA updated its COVID-19 Recovery Loss Mitigation Options available to borrowers to help them avoid foreclosure and sustain homeownership[1]. Briefly, there is a set of tools available to delinquent borrowers that allow them to return to making recurring payments. This is a complicated set of programs, but we break these down into three main categories:

Partial Claims: For borrowers that have unpaid balances but can make payments, a “second lien” type of structure is created consisting of the unpaid balance that comes due when the “first lien” is terminated by a sale or a refinance. This process is known as a “Partial Claim”. A lot of loans are securitized into RG (reperforming) pools by Ginnie Mae. According to the FHA 2024 MMI Fund report, 1.4mm partial claims were applied during FY 2021-FY 2024[2].
Modification: Should a borrower be unable to make payments following a partial claim, they may be modified to reduce balances going forward. The main modification is achieved by extending the loan term to as long as 30 years. Ginnie Mae securitizes these loans into Mod pools.
Extended Term: Should available modification programs not allow the borrower to return to current status, a last-ditch option is to extend the maturity out to 40 years. These loans are securitized by Ginnie Mae into “ET pools”.

Below find a chart of 90+ day delinquencies by loss mitigation types, and a table showing the current market share of each as of April 1, 2025:

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HMDA 2024 Trends

4/8/2025

HMDA 2024 preliminary data was released by the CFPB at the end of March 2025. There is a wealth of information contained in this release, below find a summary of important national trends.

1.Origination by bank/nonbank

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Recursion Data Joins Regular Feature in Commercial Mortgage Alert

A Brief Update on the FHA Waterfall

HMDA 2024 Trends

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