The Federal Reserve Bank of New York last week posted a term sheet indicating servicing advances are eligible collateral for borrowing from the Term Asset-Backed Securities Loan facility, also known as TALF.
Category: News and Trends
MBA, Trade Groups Outline Challenges Facing Borrowers Amid COVID-19
The Mortgage Bankers Association and a half-dozen industry trade groups last week sent a letter to the White House and other government agencies discussing concerns and challenges facing homeowners in paying their mortgage due to the COVID-19 crisis.
Black Knight ‘First Look:’ Foreclosure Starts Lowest Level on Record; February Delinquencies Up Slightly
Black Knight, Jacksonville, Fla., said February foreclosure starts fell 25% from January and 20% from a year ago, reaching their lowest level on record since it began publicly reporting the metric in 2000.
MBA: IMBs Boast Strongest Fourth Quarter Profits Since 2012
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,182 on each loan they originated in the fourth quarter, the Mortgage Bankers Association reported this morning.
FHFA Authorizes GSEs to Support Additional Liquidity in Secondary Mortgage Market; Provide Flexibility in Appraisals, Employment Verifications
The Federal Housing Finance Agency yesterday issued two directives to Fannie Mae and Freddie Mac—one to enter into additional dollar roll transactions to provide mortgage-backed securities investors with short-term financing of their positions; and the other to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements.
Fed Bolsters Efforts to Stem Economic Impact of Coronavirus
The Federal Reserve, in its most aggressive actions to date, announced further steps yesterday to mitigate the economic impact of the coronavirus pandemic, including actions strongly advocated for over the weekend by the Mortgage Bankers Association.
Federal Agencies ‘Will not Criticize’ Coronavirus Loan Mods
Six federal agencies on Sunday issued a joint statement encouraging financial institutions to “work constructively” with borrowers affected by the coronavirus pandemic and said they “will not criticize” loan modifications made in a “safe and sound” manner.
ATTOM: 4Q Refinances More than Double
ATTOM Data Solutions, Irvine, Calif., reported 1.27 million refinance mortgages secured by residential property originated in the fourth quarter, up 20 percent from the third quarter and up by 104 percent from a year ago to the highest point since third quarter 2013.
FDIC Chair Calls for FASB to Delay CECL Rule Amid Pandemic
Federal Deposit Insurance Corp. Chair Jelena McWilliams, in a Mar. 19 letter to the Financial Accounting Standards Board, urged FASB to delay or postpone implementation of its current expected credit losses accounting rules.
FHFA, HUD Suspend Foreclosures/Evictions for 60 Days
HUD and the Federal Housing Finance Agency last week suspended foreclosures and evictions for Fannie Mae, Freddie Mac and FHA mortgages for at least the next 60 days amid the coronavirus pandemic.