HousingWire, Apr. 6, 2020–Ben LaneLate last week, PennyMac, which grew last year into the largest mortgage aggregator in the country, told its correspondent originators that it will not buy any …
Category: Top National News
Coronavirus Could Trigger Mortgage Market Crash as First FDIC-Insured Bank Falls
CCN, Apr. 5, 2020–Joseph YoungWest Virginia’s First State Bank became the first bank to fall after the coronavirus pandemic rapidly swept across the United States. The potential closure of more …
Jumbo Mortgage Market Disappearing as Lenders Shun Risk
Bankrate.com, Apr. 3, 2020–Ellen ChangThe jumbo loan market is shrinking as some mortgage lenders are facing a liquidity crunch. It’s the perfect storm for lenders as millions of homeowners are …
Thanks To COVID-19, FHA Mortgage Lending Gets Stricter
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 …
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 …