Mortgage Professional America, Mar. 23, 2020–Ryan SmithRedfin is putting its iBuying program on hold in response to the COVID-19 outbreak, the company announced. https://www.mpamag.com/news/redfin-halts-ibuying-program-in-response-to-covid19-217574.aspx
Category: Top National News
Bank Vendor Finastra Hit with Ransomware Attack
National Mortgage News, Mar. 23, 2020–Penny Crosman (subscription)The attack knocked out core and mobile banking systems at several U.S. banks, and Finastra is working to get them up and running.https://www.nationalmortgagenews.com/news/bank-tech-vendor-finastra-hit-with-ransomware-attack
Zillow Group Suspends Homebuying in Zillow Offers Markets
National Mortgage Professional, Mar. 23, 2020Zillow Group Inc. has announced that it will pause homebuying in all 24 markets where Zillow Offers currently operates in response to local public health …
Coronavirus Emails From Companies May Not Be Calming to Customers
Wall Street Journal, Mar. 23, 2020–Chris Kornelis (subscription)Experts say the onslaught to inboxes can add to anxiety; some customers feel they need to unsubscribe.https://www.wsj.com/articles/coronavirus-emails-from-companies-may-not-be-calming-to-customers-11584957184?mod=lead_feature_below_a_pos1
Volatile Mortgage Rates, Disruptions Rewrite Rules and Timelines for Applicants
Bankrate.com, Mar. 23, 2020–James RoyalJoel Kan, associate vice president of economic and industry forecasting at the Mortgage Bankers Association. Kan says lenders are continuing to feel the squeeze, as low …
Is the 2020 Toolkit for Helping Homeowners in Crisis Better Than What We Had in 2008?
Urban Institute, Mar. 23, 2020–Karan Kaul, Laurie GoodmanThe 2008 Great Recession exposed major flaws in the US mortgage servicing infrastructure. Many of these flaws have been addressed to create a …
Potential Wave of Mortgage Delinquencies Could Bankrupt the Payment System
CNBC, Mar. 23, 2020–Diana OlickThe Mortgage Bankers Association estimates about a quarter of all borrowers request and are granted loan forbearance for six months or longer, demands on servicers could …
Barrack Sees Commercial Mortgage Collapse If Liquidity Crisis Isn’t Addressed
Bloomberg, Mar. 23, 2020 (Video)Real estate billionaire and Colony Capital CEO Tom Barrack said there is a “liquidity crisis” in the U.S. commercial mortgage market and said banks and government …
CFPB Urged to Protect Elderly from Pandemic Scammers
American Banker, Mar. 22, 2020–Neil Haggerty (subscription)As the coronavirus pandemic continues to make Americans economically vulnerable, lawmakers and consumer advocates are calling on the Consumer Financial Protection Bureau to protect …
Fed Officials See More Moves Ahead
Bloomberg, Mar. 22, 2020–Steve Matthews, Matthew Boessler, Christopher CondonTwo crisis veterans said the central bank has plenty of room for more moves following a flurry of action last week.https://www.bloomberg.com/news/articles/2020-03-23/fed-officials-see-more-moves-ahead-amid-dire-economic-outlook?srnd=premium