National Mortgage Professional, Mar. 25, 2020–Gavin T. AlesThe California Attorney General’s Office has released a notice of modifications to the proposed regulations for the California Consumer Privacy Act on Feb. …
Category: Top National News
Weekly Mortgage Applications Tank as Coronavirus Sidelines Homebuyers
CNBC, Mar. 25, 2020–Diana OlickTotal mortgage application volume fell 29.4% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.https://www.cnbc.com/2020/03/25/weekly-mortgage-applications-tank-29percent-as-coronavirus-stops-homebuyers.html
Homeowners Who Can’t Pay their Mortgages are Getting Help
Dallas Morning News, Mar. 25, 2020–Steve BrownMajor lenders are offering a moratorium on payments for borrowers who have lost their jobs or been furloughed from work. “If they have been …
SL Green’s $815 Million Deal to Sell New York City Office Tower Falls Apart
Wall Street Journal, March 24, 2020–Konrad Putzier (subscription)Real estate giant SL Green Realty Corp.’s agreement to sell the former New York Daily News headquarters for $815 million has collapsed after …
Quicken Loans CEO Says Largest Mortgage Firm Has Record Volume
Bloomberg, Mar. 24, 2020–John GittelsohnQuicken Loans, the largest U.S. mortgage issuer, is processing a record volume of applications even as the coronavirus disrupts the economy and work environment, according to …
Quicken Loans May Need Temporary Emergency Funding Amid Coronavirus Pandemic
Detroit Free Press, Mar. 24, 2020–JC ReindlThe Mortgage Bankers Association, an industry group, this week warned the Treasury Department and the Federal Reserve that, under one theoretical scenario, should one-quarter …
White House, Senate Reach Deal on $2 Trillion Stimulus Package
The Hill, Mar. 25, 2020–Alexander Bolton, Jordain CarneyThe revamped Senate proposal will inject approximately $2 trillion into the economy, providing tax rebates, four months expanded unemployment benefits and a slew …
Compass Lays Off 15% of Staff as Coronavirus Hits Real Estate Hard
HousingWire, Mar. 24, 2020–Ben LaneCompass, the nation’s fastest-growing real estate brokerage, laid off approximately 15% of its 2,500 employees this week in an attempt to mitigate the impact of the …
Servicers Need Liquidity to Make Advances During Forbearance
National Mortgage News, Mar. 24, 2020–Brad Finkelstein (subscription)The Federal Reserve Board should create a dedicated facility for mortgage servicers to access in order to make required advances, industry participants and …
CFPB Releases Report on Fair Debt Collection Practices
National Mortgage Professional, Mar. 24, 2020The Consumer Financial Protection Bureau released its annual report to Congress on the administration of the Fair Debt Collection Practices Act. The report highlights the …