Iowa Bankers Insurance & Services, Inc. Iowa Bankers Mortgage Corporation
Iowa Bankers Association
8800 NW 62nd Avenue
Johnston, IA 50131
Toll-Free: 800-532-1423
Local: 515-286-4300
Fax: 515-280-4140

IBMC Servicing Portfolio Continues to Outperform

Archived Industry News:IBMC Servicing Portfolio Continues to Outperform

Last Updated: 2/12/2021 11:25 AM

IBMC Servicing Portfolio Continues to Outperform

The IBA often receives inquiries regarding the overall health of Iowa’s housing market, and in particular homebuyers. A positive indicator continues to be the performance of loans originated by community banks through Iowa Bankers Mortgage Corp. A recent article in the Wall Street Journal (password required) indicated that fewer borrowers in forbearance are resuming mortgage payments. The conclusion was based on data from the Mortgage Bankers Association that also showed a slowdown in the percentage of loans in forbearance. For the last three months, the number of loans nationally in forbearance has only decreased by a fraction of a point. That conclusion matches up with the trend showing at IBMC (click graph to enlarge) as the number of loans in forbearance has only decreased by .6%. However, since the start of the pandemic, the percentage of loans in forbearance at IBMC has been far lower than the national numbers. While 8.46% of loans were in forbearance in May 2020, only .8% of loans at IBMC were in forbearance at that time. As of January 2021, only .28% of the loans in IBMC’s portfolio are in forbearance, compared to 5.38% nationally. IBMC's servicing website and communications continue to reflect the availability of assistance to those impacted by COVID-19. The better performance can be attributed to local lenders' familiarity with borrower needs and Iowa’s low unemployment rate.

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Iowa Bankers Insurance & Services (IBIS) offers Iowa banks a full line of insurance products.

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Iowa Bankers Mortgage Corp. (IBMC) offers the products & experience Iowa banks need in the secondary mortgage market.

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