Late Friday, Ginnie Mae issued All Participants Memorandum 20-03 (APM 20-03), which expands its Issuer assistance programs to current circumstances stemming from the coronavirus pandemic. The APM introduces a new …
Category: News and Trends
ATTOM: 2019 Property Taxes Rise to $306 Billion
ATTOM Data Solutions, Irvine, Calif., reported property taxes levied on more than 86 million single-family homes in 2019 totaled $306.4 billion, up 1 percent from $304.6 billion in 2018—the smallest increase in three years.
Jennifer Henry: In an Uncertain Market, Servicers Are Leveraging Data, Technology to Drive Efficiency
While the falling home loan rates mean a booming business for the mortgage industry and a sign the housing market may help the U.S. economy avoid a true recession, it could also pose a challenge for those trying to process the influx of applications and requests. The digital mortgage servicing journey must focus on streamlining the process through technology and data-enabled solutions.
MBA Asks Small Business Administration to Relax Eligibility Rules for PPP Loans
The Mortgage Bankers Association, in a letter last week to the Treasury Department and the Small Business Administration, asked SBA to relax a part of its eligibility rule so that small independent mortgage banks can qualify for loans under Section 7(a) of the recently approved Paycheck Protection Program.
Fed Announces Additional $2.3 Trillion in Government Loan Facilities
The Federal Reserve on Apr. 9 announced a dramatic increase to the scale and scope of its mortgage-backed securities purchases, providing up to $2.3 trillion in new loans to support the economy to bolster the ability of state and local governments to deliver services during the coronavirus pandemic.
CMBS Report: More Than 2,600 U.S. CMBS Borrowers Seek Coronavirus Relief; Delinquency Reports Mixed
Fitch Ratings, New York, reported more than 2,600 commercial real estate borrowers, representing $49.1 billion of mortgage loans, have sought potential debt relief during the first two weeks of the U.S. coronavirus outbreak.
Senators Up Pressure on Administration to Provide Liquidity Facility
A bipartisan group of senators joined the Mortgage Bankers Association in raising concerns with the Trump Administration to provide urgent action to avoid a critical strain on liquidity for certain home mortgage servicers.
Ginnie Mae Approves Private Market Servicer Liquidity Facility
Ginnie Mae, Washington, D.C., announced it approved inclusion of a servicing advance financing facility under its Acknowledgment Agreement program.
MBA Takes Issue with Calabria’s Downplay of Need for Servicer Liquidity Facility
The Mortgage Bankers Association called “troubling” comments by Federal Housing Finance Agency Director Mark Calabria in which he dismissed the immediate need for a federally backed liquidity facility to assist mortgage servicers with forbearance efforts resulting from the coronavirus pandemic.
MBA Mortgage Action Alliance ‘Call to Action’ Urges Governors to Prioritize Mortgage Relief Efforts
The Mortgage Action Alliance, the grassroots advocacy arm of the Mortgage Bankers Association, issued a “Call to Action” yesterday, asking its members to contact their state governors and urge them to prioritize mortgage and rental assistance for those in greatest need.