National Mortgage News, Oct. 9, 2020–Paul Centopani (subscription)Making landfall as a Category 2 storm, Hurricane Delta’s surge is estimated to cause damage to 293,685 residential properties across Alabama, Louisiana, Mississippi …
Category: Top National News
CFPB Issues New Marketing Services Agreement Guidelines
National Mortgage News, Oct. 9, 2020–Brad Finkelstein (subscription)The change brings clarity to what is permissible in an MSA, rather than the regulation by enforcement used by the bureau under Richard …
ATP Scoring Paves New Path to Financial Inclusion
HousingWire, Oct. 9, 2020–Michael A. CovingtonThe conventional credit scoring system has a serious problem with excluding people who could be good customers. Nearly 50 million Americans — disproportionately including the …
Will CFPB’s QM Proposal Create New Housing Bubble?
American Banker, Oct. 8, 2020–Kate Berry (subscription)The Consumer Financial Protection Bureau’s overhaul of its Qualified Mortgage standard is alarming free-market advocates who say it will precipitate a return to easy …
Almost One-Quarter of Homeowners in Forbearance Are Still Paying
Bloomberg, Oct. 7, 2020–Christopher Maloney“That has been one of the most surprising aspects of this entire episode,” Mike Fratantoni, MBA senior vice president and chief economist, said in an interview …
Commercial Property Foreclosures Are Poised to Rise as Covid-19 Lingers
Wall Street Journal, Oct. 6, 2020–Konrad Putzier (subscription)Many lenders now expect the pandemic and its aftereffects to persist for a long time. As forbearance periods expire, more lenders are going …
A Broader Outreach Strategy Would Help 400,000 Needlessly Delinquent Mortgage Borrowers
Urban Institute, Oct. 5, 2020–Michael Neal, Laurie GoodmanThe authors discuss their attempt to better understand the 400,000 mortgage borrowers who are not taking advantage of the forbearance option offered by …
Owners of Westin Cleveland Downtown, Already Mired in FBI Probe, Face Mortgage Foreclosure Lawsuit
Cleveland.com, Oct. 5, 2020–Eric HeisigOptima 777 owes $35 million in the unpaid principal of a mortgage for the 484-room St. Clair Avenue hotel, as well as nearly $500,000 in interest …
U.S. Commercial Bankruptcies Up 33% Year to Date
Reuters, Oct. 5, 2020–Dan BurnsU.S. commercial bankruptcy filings are up 33% so far this year with new cases in September surging by 78% from a year earlier as the recession …
Non-QM Mortgages For Business Owners Are On The Rebound
National Mortgage Professional, Oct. 5, 2020–Navi PersaudThe COVID-19 pandemic brought the non-qualified mortgage lending space to a screeching halt but the rebound has been underway in recent months, showing signs …