Bankrate.com, May 20, 2020–Jeff OstrowskiMichael Fratantoni, chief economist at the Mortgage Bankers Association, is unconcerned about the specter of inflation. He sees the U.S. jobless rate jumping to 18 percent …
Category: Top National News
Mnuchin, Powell Defend Government’s Efforts to Revive Economy as Senators Press for Answers
Washington Post, May 19, 2020–Erica Werner, Jeff SteinTreasury Secretary Steven Mnuchin on Tuesday tried to defend the Trump administration’s economic response to the coronavirus pandemic, facing pointed questions from one …
McConnell Puts Brakes on New Coronavirus Aid Bill in Senate
Reuters, May 19, 2020–Richard Cowan, Susan CornwellSenate Majority Leader Mitch McConnell said on Tuesday any action on a new coronavirus-response bill could be weeks away, insisting that he needed to …
Fed’s Rosengren Warns Premature Reopening of Economy Carries Risk
Wall Street Journal, May 19, 2020–Michael S. Derby (subscription)Federal Reserve Bank of Boston President Eric Rosengren cast a cautious eye at attempts to restart the economy amid the unresolved coronavirus …
Five Experts Agree: Federal Agencies Should Take Their Foot Off the Gas on New CRA Regulations
Urban Institute, May 19, 2020–Ellen Seidman, Sheryl PardoThe experts, from bankers to community advocates, discussed the positive impacts of the proposed rule, but agreed that the negatives overwhelmed the positives.https://www.urban.org/urban-wire/five-experts-agree-federal-agencies-should-take-their-foot-gas-new-cra-regulations
Those Doing Digital Mortgage Closings Nearly Double During Coronavirus
National Mortgage News, May 19, 2020–Brad Finkelstein (subscription)The number of settlement services providers performing digital mortgage loan closings nearly doubled since last fall, driven by the need for lenders to …
Refi Boom Fuels Hiring by Mortgage Firms During the Downturn
HousingWire, May 19, 2020–Phil HallAt a time when unemployment levels are rising to heights not seen since the Great Depression, the mortgage industry is among the relatively few sectors outside …
Over 4 Million Americans are Now Skipping their Mortgage Payments
MarketWatch, May 19, 2020–Jacob PassyFewer Americans are calling their mortgage servicers to ask for relief from mortgage payments, but the housing industry isn’t out of the woods yet. More than …
Robert Broeksmit: Help Independent Lenders Help Homeowners
Wall Street Journal, May 18, 2020–Robert Broeksmit, CMBIn a Letter to the Editor, MBA President and CEO notes while a published article acknowledges the critical role that independent mortgage banks …
5 Ways the CFPB Has Eased Industry’s Coronavirus Burden
American Banker, May 18, 2020–Kate Berry (subscription)The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished …