The Tennessean, Aug. 23, 2020–Eddie LatimerThe author, founding director of a Nashville non-profit, says the entire mortgage servicer industry has now become the scapegoat for the financial responsibility of skipped …
Category: Top National News
Why Sluggish Mail Delivery Matters to Banks
American Banker, Aug. 21, 2020–Jon Prior (suscription)Late fees on loan payments and late-arriving documents tied to forbearance and loan forgiveness are just some examples of how delays caused by cutbacks …
Mortgage Fee Aims to Bolster Fannie, Freddie Finances Ahead of Possible Sale
Wall Street Journal, Aug. 22, 2020–Andrew Ackerman (subscription)Mortgage giants Fannie Mae and Freddie Mac are taking advantage of the mortgage-refinancing boom to shore up their capital as they seek to …
22 Million Renters and Owners of Manufactured Homes Are Mostly Left Out of Pandemic Assistance
Urban Institute, Aug. 21, 2020–Jung Hyun Choi, Laurie GoodmanThe researchers explain that the lower incomes and service-focused jobs of the 22 million people who live in manufactured homes make them …
It’s Unanimous: Every Banking Association Hates FHFA’s New Refi Fee
Mortgage Professional America, Aug. 21, 2020–Ryan SmithHousing industry groups have been nearly unanimous in condemning the Federal Housing Finance Agency’s recently announced decision to add a 50-basis-point fee to most …
Fannie Mae and Freddie Mac CEOs Address Industry on Refinance Fee Grievances
HousingWire, Aug. 20, 2020–Julia Falcon“Contrary to much of the criticism we have received since making this announcement, this will generally not cause mortgage payments to ‘go up.’” the letter states. …
Coming Soon to Your Refi: A Half-Point Fee that Could Add $2,500 or More to Costs
Orange County Register, Aug. 20, 2020–Jeff LazersonLast week came announcements from mortgage giants Fannie Mae and Freddie Mac that an “adverse market fee” of one-half point will be added to …
HUD to Extend Foreclosure Ban Protecting 8.1 Million People Until 2021
Politico, Aug. 18, 2020–Katy O’DonnellThe ban applies to the roughly 8.1 million homeowners with single-family mortgages insured by the FHA, a HUD agency that backs loans to low- and moderate-income …
Banks Uncover Loophole to Buy Home Loans at Below-Market Prices
Bloomberg, Aug. 20, 2020–Joe LightBanks and other lenders have found a way to potentially make billions of dollars from the coronavirus-fueled upheaval in the U.S. mortgage market — yet it …
Refi Fee Will Wipe Out Millions in Mortgage Profits
American Banker, Aug. 20, 2020–Kate Berry, Bonnie Sinnock (subscription)Banks, mortgage lenders and brokers could easily end up paying hundreds of millions of dollars on refinanced loans whose fixed rates have …