American Banker, Sept. 23, 2020–Jim Dobbs (subscription)Commercial real estate loans are vulnerable as financial assistance for tenants winds down and might not be fully renewed. Late rent payments could rise, …
Category: Top National News
Wells Fargo CEO Sorry for ‘Insensitive Comment’ on Diversity
Reuters, Sept. 23, 2020–Jessica DiNapoli, Anirban SenWells Fargo & Co. Chief Executive Officer Charles Scharf has apologized for making insensitive remarks around race and diversity, seeking to quell a row …
Sterling in N.Y. Sheds Non-Performing Loans
National Mortgage News, Sept. 22, 2020–Jim Dobbs (subscription)The company also found a buyer for its portfolio of equipment finance loans as it tries to clean up credit and refocus on …
Gores Holdings Stock Soars After SPAC’s Deal to Take United Wholesale Mortgage Public
MarketWatch, Sept. 23, 2020–Tomi KilgoreShares of Gores Holdings IV Inc. shot up 16% in premarket trading Wednesday, after the special purpose acquisition company, also known as a blank-check company, announced …
Refinancing Your Mortgage Is About to Get More Expensive
Wall Street Journal, Sept. 23, 2020–Katy McLaughlin (subscription)The Fannie Mae/Freddie Mac adverse market refinance fee will account for roughly a 1/8th of a percentage point rate increase on 30-year-fixed refinances, …
Mortgage Demand from Homebuyers Now Up 25% from a Year Ago
CNBC, Sept. 23, 2020–Diana OlickAfter a brief lull to start the month, mortgage demand surged ahead yet again — even with the highest interest rates in several weeks. Total mortgage …
MBA Raises 2020 Forecast to Over $3T in Total Volume
National Mortgage News, Sept. 22, 2020–Brad Finkelstein (subscription)The Mortgage Bankers Association has raised its 2020 origination forecast to more than $3 trillion, but it is more conservative in its outlook …
House Overwhelmingly Passes Bipartisan Spending Deal to Avert Government Shutdown
Washington Post, Sept. 22, 2020–Erica WernerThe 359-to-57 vote sends the legislation to the Senate, which could take it up later this week and send it to President Trump. White House …
4 FHA Priorities from New Commissioner Dana Wade
National Mortgage News, Sept. 22, 2020–Bonnie Sinnock (subscription)Federal Housing Administration Commissioner Dana Wade has three main priorities, which she shared with women working in the mortgage industry Tuesday: ensuring the …
Banks Criticized for Requiring Balloon Payments on Loans in Forbearance
National Mortgage News, Sept. 22, 2020–Kevin WackBig banks that have been offering mortgage relief to homeowners during the pandemic are facing fresh criticism over the rules they are enforcing when …