UExpress, Apr. 17, 2020–Lew SichelmanThe questionable practice is known as a “pocket listing.” It happens when agents resist entering their listings into the multiple listing service until they can shop …
Category: Top National News
JPMorgan Halts Home Equity Loans Due to Coronavirus
National Mortgage News, Apr. 16, 2020–Kate Berry (subscription)The nation’s largest bank is temporarily reducing its exposure to the mortgage market amid rising unemployment and estimates that home prices could drop …
Mnuchin Under Growing Pressure to Help Struggling Mortgage Companies
Wall Street Journal, Apr. 16, 2020–Andrew Ackerman (subscription)Treasury Secretary Steven Mnuchin is under growing pressure from industry officials and members of Congress to ease strains on mortgage companies as millions …
What CRE Has On Its Wish List For The Next Coronavirus Stimulus Package
Bisnow Atlanta, Apr. 16, 2020–Jarred SchenkeA wide swath of industry organizations want Congress, the Treasury Department and the Federal Reserve to jointly establish a new facility to provide liquidity to …
Trump’s Libertarian Housing Regulator Refuses to Bail Out Mortgage Firms with Public Money
Politico, Apr. 16, 2020–Katy O’DonnellFederal Housing Finance Agency Director Mark Calabria has long been on a crusade to shrink the footprint of Fannie Mae and Freddie Mac. (MBA mention)https://www.politico.com/news/2020/04/16/trump-calabria-housing-189237
FHA Commissioner Montgomery, No Stranger to Crisis, on Navigating Borrowers Through the Pandemic
Mortgage Media, Apr. 16, 2020“It’s something you typically only see in a Hollywood movie, yet here we are living it,” Montgomery said. “So I guess the good news is, it …
Will Mortgage Servicers Get a Hail Mary Line of Credit Like Borrowers?
Orange County Register, Apr. 16, 2020–Jeff LazersonToo many mortgage servicers and mortgage borrowers find themselves in a frightening bind because of government actions to contain the novel coronavirus. (MBA mention)https://www.ocregister.com/2020/04/16/will-mortgage-servicers-get-a-hail-mary-line-of-credit-like-borrowers/
NCUA Follows Banking Regulators and Changes Appraisal Rules
National Mortgage Professional, Apr. 16, 2020–Keith GriffinThe NCUA announced an appraisal is not required for residential real-estate related transactions from $250,000 to $400,000. If the property involved in the transaction …
Funding Exhausted for $350 Billion Small-Business Paycheck Protection Program
Wall Street Journal, Apr. 16, 2020–Andrew Duehren (subscription)A $350 billion loan program for small businesses hurt by the coronavirus pandemic ran out of money Thursday morning as Republicans and Democrats …
Top Democrats, State Banking Regulators Now Also Pushing Government to Help Struggling Mortgage Servicers
HousingWire, Apr. 16, 2020–Ben LaneThe government is now officially receiving pressure from all sides to create a forbearance liquidity facility for mortgage servicers.https://www.housingwire.com/articles/top-democrats-state-banking-regulators-now-also-pushing-government-to-help-struggling-mortgage-servicers/