ATTOM Data Solutions, Irvine, Calif., released its quarterly U.S. Foreclosure Market Report, which showed 156,253 U.S. properties with a foreclosure filing during the first quarter, up 42 percent from the previous quarter but down 3 percent from a year ago.
Category: Top National News
The Impact of the Coronavirus on Mortgage Refinancings
Urban Institute, Apr. 15, 2020–Laurie Goodman, Aaron KleinThis brief outlines potential solutions to five roadblocks that interfere with refinancing in the current no-contact environment: title search, verifying employment, appraisals, closing …
CEO of Mortgage Giant Quicken Loans Explains How Struggling Homeownwers Can ‘Skip the Payment’
CNBC, Apr. 15, 2020–Matthew J. Belvedere Quicken Loans CEO Jay Farner told CNBC on Wednesday the company wants to educate people that if they “skip the payment,” they’ll still have …
One Senator’s Plan for Helping Consumers Weather Coronavirus Pandemic
American Banker, Apr. 14, 2020–Neil Haggerty (subscription)Among the legislative proposals Sen. Sherrod Brown, D-Ohio, has introduced are a bill to prohibit lenders from reporting missed payments to credit agencies during …
Private Mortgage Market Nears Unraveling, Undoing Decade of Work
Bloomberg, Apr. 14, 2020–Joe LightThe nascent market for private U.S. mortgages is teetering on the brink of collapse as the coronavirus crisis imperils years of work to lessen the government’s …
Wells Fargo Profit Decimated as Coronavirus-Led Loan Defaults Loom
Reuters, Apr. 14, 2020–Noor Zainab Hussain, Imani MoiseWells Fargo & Co on Tuesday reported a plunge in first-quarter profit as the U.S. bank set aside nearly $4 billion to cover …
America’s Largest Bank, JPMorgan Chase, Prepares For A Massive Round Of Defaults
NPR, Apr. 14, 2020–Jim ZarroliThe country’s largest bank, JPMorgan Chase, said its profit fell by 69% as it set aside $8.2 billion — the largest amount since 2010 — to …
Why It’s Suddenly More Difficult to Get a Mortgage
NBC News, Apr. 14, 2020–Martha C. WhiteAccording to the Mortgage Bankers Association, mortgage credit availability declined sharply in March. A benchmark index for mortgage credit availability dropped by 16 percent, …
‘Rent Strikes’ Could Wreak Further Havoc on Mortgage System
American Banker, Apr. 13, 2020–Hannah Lang (subscription)The prospect of so-called rent strikes compounds the precarious position for apartment building owners during the pandemic. Borrowers of federally backed multifamily loans have …
Nine in 10 Receive Mortgage Breaks
National Mortgage Professional, Apr. 13, 2020–Navi PersaudThe latest report from LendingTree revealed that more than 90 percent of people who asked for a break on their mortgages actually received it. …