CNBC, Apr. 15, 2020–Diana OlickDespite wider-than-usual daily swings last week, mortgage rates dropped to the lowest level ever in the Mortgage Bankers Association’s 30-year-old weekly survey, causing yet another rush …
Category: Top National News
Retail Sales Plunge 8.7 Percent in March, Biggest Drop on Record
The Hill, Apr. 15, 2020–Alexander BoltonIt’s the biggest monthly decline since the Commerce Department started keeping records in 1992 and comes on the heels of reports that nearly 17 million …
loanDepot to Hire 3,000 New Employees
Mortgage Professional America, April 15, 2020–Ryan SmithloanDepot has announced plans to hire 3,000 new employees by the end of the year. The company will hold a virtual job fair April …
Banks Will Soon be Able to Postpone Some Appraisals Until 120 Days After a Mortgage Closes
Ben Lane, April 14, 2020Citing the need to “extend financing to creditworthy households and businesses quickly in the wake of the national emergency declared in connection with COVID-19,” a trio …
One Senator’s Plan for Helping Consumers Weather Coronavirus Pandemic
American Banker, Apr. 14, 2020–Neil Haggerty (subscription)Among the legislative proposals Sen. Sherrod Brown, D-Ohio, has introduced are a bill to prohibit lenders from reporting missed payments to credit agencies during …
Housing Isn’t as Doomed as it May Seem–Here’s Why
HousingWire, Apr. 14, 2020–Logan Mohtashami…But it’s going to get worse before it gets better.https://www.housingwire.com/articles/housing-isnt-as-doomed-as-it-may-seem-heres-why/
All In: Increasing Engagement Among Minorities and Women in the Industry
National Mortgage Professional, Apr. 14, 2020–Quincy AmekuediHistorically speaking, the housing finance industry was built, developed and operated by faces that looked fairly similar to one another. Today, however, those faces …
Private Mortgage Market Nears Unraveling, Undoing Decade of Work
Bloomberg, Apr. 14, 2020–Joe LightThe nascent market for private U.S. mortgages is teetering on the brink of collapse as the coronavirus crisis imperils years of work to lessen the government’s …
Wells Fargo Profit Decimated as Coronavirus-Led Loan Defaults Loom
Reuters, Apr. 14, 2020–Noor Zainab Hussain, Imani MoiseWells Fargo & Co on Tuesday reported a plunge in first-quarter profit as the U.S. bank set aside nearly $4 billion to cover …
Mnuchin on Mortgage Servicing: We’re Going to Make Sure the Market Functions Properly
HousingWire, Apr. 14, 2020–Ben LaneIn the face of increasing calls to help mortgage servicers facing financial distress because they have to advance principal and interest payments to investors on loans …