National Mortgage Professional Magazine, Sept. 22, 2020One thing about the wholesale and correspondent business, it always finds a way to not only survive, but thrive in the face of adversity …
Category: Top National News
The Number of Americans Skipping Mortgage Payments Drops to Lowest Level Since April…
MarketWatch, Sept. 22, 2020–Jacob PassyFewer Americans are in forbearance on their mortgages now than in any point in the last five months. But that doesn’t mean borrowers — and the …
As Housing Rebounds, Non-QM Mortgages for Business Owners Make a Comeback
Bankrate.com, Sept. 22, 2020–Jeff OstrowskiDuring the early days of the coronavirus recession, the market for non-qualified mortgages ground to a halt. In recent months, however, non-QM loans have returned as …
Rising Student Loan Debt Could Impact Future Millennial Homeownership
HousingWire, Sept. 21, 2020A report from the Mortgage Bankers Association’s Research Institute for Housing America that indicates in the second quarter of 2020, close to 11 million households fell behind …
The 2020 Refi Wave: Where Activity is Strongest, Where It’s Not and What’s Ahead
HousingWire, Sept. 21, 2020–Mike FratantoniMBA Chief Economist says MBA expects a near 17-year high for refis in 2020, but the market may be cresting.https://www.housingwire.com/articles/pulse-the-2020-refi-wave-where-activity-is-strongest-where-its-not-and-whats-ahead/
Fed Plan to Reform CRA at Odds with OCC Rule
American Banker, Sept. 21, 2020–Hannah Lang (subscription)The central bank’s proposal to overhaul the Community Reinvestment Act differs markedly from the OCC’s regulation in testing, data collection and other areas.https://www.americanbanker.com/news/fed-plan-to-reform-cra-at-odds-with-occ-rule
Ginnie Mae to Bar Libor-Based Loans from Pools
National Mortgage News, Sept. 21, 2020–Bonnie Sinnock (subscription)Government mortgage-bond insurer Ginnie Mae will restrict the pooling of certain adjustable-rate mortgages ahead of plans to phase out Libor at the end …
Weak Contract Language Could Lead to Post-Libor ARM Securities Losses
National Mortgage News, Sept. 18, 2020–Brad Finkelstein (subscription)Bondholders could see principal losses if, due to the way the documents are worded, the rate is frozen at the last published amount.https://www.nationalmortgagenews.com/news/weak-contract-language-could-lead-to-post-libor-arm-securities-losses
Millions Are House-Rich but Cash-Poor. Wall Street Landlords Are Ready.
Wall Street Journal, Sept. 18, 2020–Ryan Dezember (subscription)Hardships caused by the coronavirus pandemic are likely to force a lot of sales and create new renters. (MBA mention)https://www.wsj.com/articles/millions-are-house-rich-but-cash-poor-wall-street-landlords-are-ready-11600421401?
Government Mortgage Bailout Numbers Improve Slowly, But the Real Test is Ahead
CNBC, Sept. 18, 2020–Diana OlickMortgages in active forbearance programs, where borrowers delay their monthly payments for at least three months, declined by 26,000 last week or 0.7%, according to Black …