The Federal Housing Finance Agency and the Consumer Financial Protection Bureau announced the Borrower Protection Program, a joint initiative that enables CFPB and FHFA to share servicing information to protect borrowers during the coronavirus national emergency.
Category: News and Trends
Fannie Mae, Freddie Mac Extend URLA Implementation Timeline
Freddie Mac and Fannie Mae announced yesterday they will extend the implementation timeline for the redesigned Uniform Residential Loan Application and automated underwriting systems to support the industry during the COVID-19 pandemic.
Groundswell of Support Builds for Federal Liquidity Facility
Pete Mills, MBA Senior Vice President of Residential Policy and Member Engagement, said the groundswell is sending a strong message to regulators.
MBA Survey: Share of Mortgage Loans in Forbearance Continues to Climb
The surge in unemployment claims filed since mid-March resulting from the mitigation efforts to slow the spread of the coronavirus are straining household budgets and leading to more requests for mortgage forbearance. That is according to the Mortgage Bankers Association’s latest Forbearance and Call Volume Survey, which revealed the total number of loans in forbearance jumped from 2.73% to 3.74% during the week of March 30 to April 5.
CoreLogic: Annual Delinquency Rates Fall for 25th Consecutive Month
CoreLogic, Irvine, Calif., reported 3.5% of mortgages in some stage of delinquency in January, an 0.5 percentage point decline in the overall delinquency rate from a year ago.
Ginnie Mae Implements Broad-Based Servicer Liquidity Facility
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 …
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.