A dramatic drop in mortgage interest rates, driven by coronavirus fears, has given homebuyers a big boost in purchasing power in recent weeks, according to an analysis from Redfin, Seattle.

House Financial Services Committee Chair Maxine Waters, D-Calif., sent a letter to Administration officials, regulators and financial services organizations (including MBA President and CEO Robert Broeksmit, CMB, and credit reporting agencies expressing concerns about risks related to the coronavirus pandemic and steps they are taking to prevent Americans and the financial system from being harmed.

ACES Risk Management, Denver, said the overall critical defect rate reached 1.56% in the third quarter, to the lowest defect rate since 2016.

MISMO, the mortgage industry standards organization, today released proposed updates to the Industry Loan Application Dataset, its modernized dataset for the exchange of loan application data.