MBA, Trade Groups Outline Challenges Facing Borrowers Amid COVID-19

The Mortgage Bankers Association and a half-dozen industry trade groups this week sent a letter to the White House and other government agencies discussing concerns and challenges facing homeowners in paying their mortgage due to the COVID-19 crisis.

New York Fed Posts TALF Term Sheet

The Federal Reserve Bank of New York yesterday posted a term sheet indicating servicing advances are eligible collateral for borrowing from the Term Asset-Backed Securities Loan facility, also known as TALF.

MBA: IMBs Boast Strongest Fourth Quarter Profits Since 2012

Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,182 on each loan they originated in the fourth quarter, the Mortgage Bankers Association reported this week.

FHFA Authorizes GSEs to Support Additional Liquidity in Secondary Mortgage Market; Provide Flexibility in Appraisals, Employment Verifications

The Federal Housing Finance Agency this morning issued two directives to Fannie Mae and Freddie Mac—one to enter into additional dollar roll transactions to provide mortgage-backed securities investors with short-term financing of their positions; and the other to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements.

MBA Urges Feds to Take Immediate Further Steps on Market Stabilization, Liquidity

The Mortgage Bankers Association on Sunday asked the Treasury Department and the Federal Reserve to take immediate further actions ensure orderly functioning of the housing finance market in response to the “extreme volatility” in financial markets arising from the spread of the coronavirus. Most Default Servicers Expect 2020 Foreclosures to Increase, Irvine, Calif., said its 2020 Default Servicing Insights report found while most respondents said they do not expect an economic recession in 2020, two-thirds expect their foreclosure and REO inflow to increase and 89 percent expect an increase in foreclosure and REO inflow from government-insured loans.