Jung Hyun Choi

Jung Hyun Choi

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This study updates mortgage market developments in the use of cash-flow information from bank accounts and utility, telecommunications, and rental payments history. The report highlights issues concerning data collection, standardization, and consumer protection regulation when using non-traditional financial data sources, as well as the impact of pricing, servicing, and regulation in determining whether the use of such data sources enhances racial equity.
This source collects recent trends in short-term forbearances in the mortgage market but also notes areas in which additional data and consumer outreach are urgently needed. In particular, it highlights that about 530,000 homeowners who became delinquent after the pandemic did not take advantage of forbearance, despite being eligible to ask for relief under federal legislation. An additional 205,000 homeowners obtained an initial forbearance that expired in June or July, but did not seek to extended it and have since become delinquent.