As the real estate industry eyes its way forward through a new era of social isolation, one of the most pressing challenges has become how to close loans safely. To be sure, the traditional loan closing has gone from a celebratory event that takes place in person between title agents, notaries and borrowers to a legitimate health hazard.
Category: News and Trends
Britt Faircloth: Fairness in the Face of Crisis–Fair and Responsible Banking in the Midst of Chaos
As a compliance officer, I have always recognized that change is constant, and I accept that fact sometimes grudgingly. While regulatory change generally has ample implementation or lead time, March 2020 has brought a different kind of change; one that is significant, sudden and jarring. These days you can’t just ask who moved your cheese—assuming you could find cheese in the grocery store, that is—you must quickly and effectively adapt to an entirely new normal.
Mark Dangelo: Are Bankers Necessary? Part 3
On April 14, JPMorgan CEO @JamieDimon indicated his operations were preparing for a “severe recession.” To state that the economic conditions we are living in are precarious and uncertain is almost meaningless. For most living today, we are in unchartered territory.
MBA: Share of Mortgage Loans in Forbearance Increases to Nearly 7%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey showed loans now in forbearance increased from 5.95% of servicers’ portfolio volume in the prior week to 6.99% as of April 19.
Zillow: Coronavirus-Related Layoffs Threaten Housing Security for Minorities
Latinx, Asian and black workers are disproportionately represented in the food, arts and service industries that have been affected by mass layoffs and furloughs, said Zillow, Seattle.
Mark Dangelo: Are Bankers Necessary? Part 3
In final installment of this series, the fall from business-as-usual likely met no one’s crisis modeling, strategy approaches or even risk mitigation scenarios. Yet, post-crisis analysis aside, how bankers and their brand names prepare for the “next normal” in an age of chaos and political fallout will likely define their survival against new competitors rushing into fill market voids.
MBA: Share of Mortgage Loans in Forbearance Increases to Nearly 7%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey showed loans now in forbearance increased from 5.95% of servicers’ portfolio volume in the prior week to 6.99% as of April 19.
MBA: Share of Mortgage Loans in Forbearance Increases to Nearly 7%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey showed loans now in forbearance increased from 5.95% of servicers’ portfolio volume in the prior week to 6.99% as of April 19.
GSEs: No Lump Sum Required at End of Forbearance
The Federal Housing Finance Agency, Fannie Mae and Freddie Mac issued announcements yesterday reiterating borrowers in forbearance with a Fannie Mae or Freddie Mac-backed mortgage are not required to repay the missed payments in one lump sum.
Dealmaker: Northmarq Arranges Multifamily Financing in Texas, N.C, Washington
Northmarq arranged sale and financing for a 1,656-unit multifamily portfolio in Texas and $47.8 million for properties in North Carolina and Washington.