Several updates pertaining to COVID-19, along with other industry activities, are included in this week’s communication. Please continue to stay safe during this time, and feel free to reach out to us if you have any questions or if there is anything we can do to be of help.
The House on Friday passed a massive $3 trillion pandemic relief bill on Friday that includes several key housing provisions advocated by the Mortgage Bankers Association. Ahead of the bill’s passage, MBA provided House and Senate leadership with its legislative priorities for the next relief package for homeowners and renters dealing with the broad economic effects of the coronavirus pandemic.
MBA released its latest National Delinquency Survey for first quarter 2020 earlier this week. At the end of the first quarter, the delinquency rate for mortgage loans on one-to-four-unit residential properties jumped by 59 basis points to a seasonally adjusted rate of 4.36 percent of all loans outstanding.
While regulations, state law, and the definition of “essential business” change at a seemingly daily rate, the housing industry is caught in an unpredictable moment of waiting. In response, Connexions – a bank-grade, SaaS financial valuation company – has introduced a solution to help lenders operate effectively and responsibly.