Forbes, Apr. 3, 2020–Aly J. YaleThe COVID-19 pandemic has forced lenders’ hands when it comes to FICO score minimums. As more and more Americans lose their jobs or see reduced …
Category: Top National News
Struggling Borrowers Want To Pause Their Mortgage Payments. It Hasn’t Been Easy
Wall Street Journal, Apr. 3, 2020–Orla McCaffrey, Andrew Ackerman (subscription)Struggling homeowners are flooding their mortgage companies with requests for help as the coronavirus pandemic wrecks the economy. Many are having …
How to Suspend Your Mortgage Payments During Coronavirus Turmoil
Wall Street Journal, Apr. 3, 2020–Julia Carpenter, Orla McCaffrey (subscription)“I always stress: if you’re not affected and able to make your payments, please keep doing so,” said Bob Broeksmit, chief …
Moody’s: Liquidity Issues for Non-Bank Mortgage Sector Drop Outlook to ‘Negative’
National Mortgage Professional, Apr. 2, 2020Moody’s has announced it changed its outlook on the non-bank mortgage sector from “Stable” to “Negative,” as liquidity issues continue to cause concern amid the …
Reverse Mortgage Lender Settles False Claims Act Charges for $2.5M
National Mortgage News, Apr. 2, 2020–Brad Finkelstein (subscription)Finance of America Reverse agreed to pay $2.5 million to settle allegations that a company it acquired violated the False Claims Act for …
Home Lenders Brace for Up to 15 Million U.S. Mortgage Defaults
Bloomberg, Apr. 2, 2020–Prashant Gopal, John GittelsohnMortgage lenders are preparing for the biggest wave of delinquencies in history. If the plan to buy time works, they may avert an even …
America’s Housing Market is Showing the First Signs of Trouble Because of the Coronavirus Pandemic
MarketWatch, Apr. 2, 2020–Jacob PassySellers appear to be holding off on listing their homes for sale in anticipation of less buyer traffic during the normally busy spring home-buying season. (MBA …
Mortgage Relief Is Only for Those Who’ve Lost Jobs, Mnuchin Says
Bloomberg, Apr. 1 2020–Elizabeth DexheimerTreasury Secretary Steven Mnuchin said only homeowners who have lost their jobs because of the coronavirus crisis will qualify for new government programs that let borrowers …
Coronavirus Effect Could be ‘Far Deeper than the Subprime Crisis,” Says Mortgage Company CEO
CNBC, Apr. 1, 2020–Diana Olick“If unemployment gets as deep as some people are predicting, if it gets to the mid-teens, then it could be far deeper than the subprime crisis,” …
These Mortgage Borrowers Will be the ‘First Canary in the Coal Mine’ for a Coronavirus-Fuel Crisis…
MarketWatch, Apr. 1, 2020–Jacob PassyDuring an interview with CNBC Wednesday, Federal Housing Finance Agency Director Mark Calabria warned that the U.S. mortgage industry could face significant strain in the form …