The Federal Housing Finance Agency extended several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac designed to help borrowers during the COVID-19 national emergency through at least July 31.
Category: News and Trends
Americans File 1.54 Million More Initial Claims
More than 1.5 million Americans filed new claims for unemployment insurance during the first week of June, the Labor Department reported Thursday—the lowest level since the start of the coronavirus pandemic but still well above historic norms.
For Single Women, Minorities, Divergent Paths on Homeownership
Two reports show that homeownership opportunities for key segments of the economy—single women and minorities—continue to move in different directions.
Dealmaker: Fantini & Gorga Arranges $34M in Construction Financing, Equity
Fantini & Gorga, Boston, arranged $33.5 million in construction financing and equity for One Wall Street Residences, a planned 136-unit transit-oriented development in Attleboro, Mass.
Wells Fargo Securities on Retail’s Future
Measures taken to contain coronavirus harmed the retail sector, but the pandemic might re-shape retail in positive ways, said Wells Fargo Securities, Charlotte, N.C.
MBA Education Path to Diversity Scholar Profile: Malik Wilkes
(One of a continuing series of profiles of participants in the MBA Education Path to Diversity (P2D) Scholarship Program, which enables employees from diverse backgrounds to advance their professional growth and career development.)
FCRA and the CARES Act: Putting in Right Procedures Now, Reducing Volume of Litigation Later
Over the past 10 years, Fair Credit Reporting Act lawsuits have almost quadrupled from some 1,350 cases in 2010 to 5,000 in 2019. FCRA allows plaintiffs to recover attorney fees, which may explain the increase.
Quote
“More than half a century after it was abolished, redlining continues to dictate the racial makeup of neighborhoods, and black families still feel the socioeconomic effects of such a discriminatory housing policy. Black families who were unable to secure housing loans in the neighborhoods where they lived have missed out on one of the major ways to build wealth in this country.”
–Redfin Chief Economist Daryl Fairweather.
MBA, Trade Groups Urge HUD to Modify FHA Forbearance Indemnification Policy
Sixteen industry trade organizations joined the Mortgage Bankers Association in a letter this week to HUD, expressing concerns with a recently announced FHA policy requiring lenders to provide 20 percent indemnification of the original loan amount for up to two years in relation to borrowers who enter into forbearance due to COVID19-related hardship after closing and prior to FHA insuring their loan.
Clint Salisbury: For eClosing Success, Fine Tune Implementation
Our industry’s reliance on technology is deepening every day as never-before-experienced demands emerge. For example, in a world that demands distance, the ability to perform an eClosing has evolved from nice-to-have to “essential worker” status. Lenders entering this uncharted territory may find setting internal and external eClosing protocols daunting. Whether you adopt a hybrid process or go fully digital, there are best practices consistent for each option that can ensure your successful eClosing implementation.