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 …
Category: Top National News
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/
HUD’s Carson Says He Wants Money for Hard-Hit Mortgage Servicers
Bloomberg, Apr. 16, 2020–Elizabeth Dexheimer, Vivek ShankarHUD Secretary Ben Carson said money should be set aside to help mortgage-servicing companies that are at risk of failing as millions of borrowers …
Mortgage Rates Almost Drop to Another Record Low–Here’s Why a Housing Market Slowdown Won’t Necessarily Push Them Lower
MarketWatch, Apr. 16, 2020–Jacob PassyThe housing sector is going through a major upheaval because of the coronavirus, but that won’t necessarily translate to lower mortgage rates.https://www.marketwatch.com/story/mortgage-rates-almost-drop-to-another-record-low-heres-why-a-housing-market-slowdown-wont-necessarily-push-them-lower-2020-04-16
Rates are Flat as Federal Reserve’s Intervention Calms Mortgage Market
Washington Post, Apr. 16, 2020–Kathy OrtonThe Federal Reserve has soothed the mortgage market, at least temporarily. After weeks of volatility, the Fed’s purchases of mortgage-backed securities have had a calming …
CFPB Rulemaking Engine Churns On Through Coronavirus
American Banker, Apr. 15, 2020–Kate Berry (subscription)The agency is still moving forward on key regulations dealing with payday lending and mortgage underwriting despite new demands posed by the crisis.https://www.americanbanker.com/news/cfpb-rulemaking-engine-churns-on-through-coronavirus
Coronavirus Puts New Spin on Crisis-Era MSR Valuations
National Mortgage News, Apr. 15, 2020–Bonnie Sinnock (subscription)Declines in mortgage servicing rights valuations at JPMorgan Chase and Wells Fargo point to the resurgence of a dilemma that came up during …