COVID-19’s economic impacts are only beginning to be felt in the United States, and already it’s been a wild ride.
Category: News and Trends
MBA Responds to Ongoing Spread and Impact of Coronavirus
MBA President and CEO Bob Broeksmit, CMB, issued the following statement regarding response to the ongoing spread and impact of the coronavirus (COVID-19):
MBA, Trade Groups Cite Strong Concerns with FHFA PACE Proposal
The Mortgage Bankers Association and nearly a dozen industry trade groups told Federal Housing Finance Agency Director Mark Calabria that Property Assessed Clean Energy programs—known as PACE programs—pose safety and soundness issues for the real estate finance industry.
Fannie Mae: Lenders’ Profit Margin Outlook Hits High on Strong Consumer Demand
Fannie Mae, Washington, D.C., said mortgage lenders’ profit margin outlook for the next three months reached a new survey high based on data collected last month.
Fed Cuts Interest Rates to Zero; Announces $700 Billion in Stimulus
The Federal Reserve on Sunday pre-empted its own regularly scheduled policy meeting this week, announcing an extraordinary full percentage point cut to the federal funds rate and sweeping purchases of government bonds and agency mortgage-backed securities.
MBA: Commercial/Multifamily Mortgage Debt Grows by Largest Annual Amount Since 2006
The Mortgage Bankers Association reported commercial/multifamily mortgage debt outstanding at the end of 2019 rose by $248 billion (7.3 percent) from a year ago.
ARMCO: Critical Defect Rate Drops 9%
ACES Risk Management, Denver, said the overall critical defect rate reached 1.56% in the third quarter, to the lowest defect rate since 2016.
House Committee Asks Regulators, Financial Institutions to Report on Coronavirus Actions
House Financial Services Committee Chair Maxine Waters, D-Calif., sent a letter to Administration officials, regulators and financial services organizations (including MBA President and CEO Robert Broeksmit, CMB, and credit reporting agencies expressing concerns about risks related to the coronavirus pandemic and steps they are taking to prevent Americans and the financial system from being harmed.
MBA, Trade Groups Give HUD Feedback on CWCOT Program
The Mortgage Bankers Association, the Housing Policy Council and the National Mortgage Servicing Association submitted joint comments to HUD on its proposed enhancements to its Claims Without Conveyance of Title (CWCOT) Program).
FHFA Updates Evaluation Criteria for Duty to Serve Program
The Federal Housing Finance Agency yesterday announced modifications to evaluation criteria of its Duty to Serve Underserved Markets program for Fannie Mae and Freddie Mac.