Philadelphia Inquirer, Apr. 23, 2020–Natalie CampisiMortgage lenders are battling economic uncertainty by raising minimum credit scores, requiring higher down payments, triple-checking employment status, and even eliminating certain loan types altogether. …
Category: Top National News
Mortgage Rates Show Little Change…
Washington Post, Apr. 23, 2020–Kathy OrtonRates continued to level off this week as the federal government stepped in to help mortgage companies concerned about the increasing number of borrowers who …
House to Pass Nearly $500 Million More in Coronavirus Relief
Reuters, Apr. 23, 2020–Patricia Zengerle, Richard GowanHundreds of members of the U.S. House of Representatives will gather in Washington on Thursday to pass a $484 billion coronavirus relief bill, bringing …
What the FHFA Advance Cap Does–and Fails to Do–for Servicers
National Mortgage News, Apr. 22, 2020–Bonnie Sinnock (subscription)The Federal Housing Finance Agency has promised to take care of advances on principal and interest payments for coronavirus forbearances after four months, …
Getting a Mortgage-Payment Break Isn’t the Boon Many Expected
Wall Street Journal, Apr. 23, 2020–Paul Kiernan (subscription)Some are told they will have to make lump-sum payments after forbearance ends, others get confusing information.https://www.wsj.com/articles/getting-a-mortgage-payment-break-isnt-the-boon-many-expected-11587634200
There’s a Growing Possibility of a W-Shaped Economic Recovery–And It’s Scary
Washington Post, Apr. 22, 2020–Heather LongThere’s growing consensus among economists and epidemiologists that the recovery period from the deadly coronavirus is going to be long — and bumpy. Hopes of …
McConnell Says He Favors Allowing States to Declare Bankruptcy
Bloomberg, Apr. 22, 2020–Steven T. Dennis, William SelwaySenate Majority Leader Mitch McConnell, R-Ky., said Wednesday he favors allowing states struggling with high public employee pension costs amid the burdens of …
Mortgage Fraud Risk Drops, But Coronavirus Could Bring New Wave
National Mortgage News, Apr. 22, 2020–Paul Centopani (subscription)The risk for mortgage application fraud fell 8.9% in the opening quarter of 2020 from the prior quarter and 26.6% from the same …
Mnuchin Says ‘We Need to Spend What It Takes’ to Overcome Coronavirus Crisis
Wall Street Journal, Apr. 22, 2020–Richard Rubin (subscription)Treasury Secretary Steven Mnuchin said he is sensitive to concerns about rising federal debt but emphasized that low interest rates and the urgency …
Weekly Mortgage Demand Stalls, Even with Interest Rates at a Record Low
CNBC, Apr. 22, 2020–Diana OlickMortgage volume appears to be settling into a new normal, as refinance demand stays high and purchase demand sits at a five-year low. Total mortgage application …