National Mortgage Professional, July 31, 2020–Keith GriffinRents will drop and vacancies will increase due to the economic effects of the COVID-19 pandemic. Neither change, though, will be significant according to …
Servicing Newslinks Archive
Wells Fargo Sold Assets to Stay Under Fed Asset Cap as Markets Lurched
Wall Street Journal, July 31, 2020–Julie Steinberg, Ben Eisen (subscription)Wells Fargo & Co. unloaded hundreds of millions of dollars of assets during this spring’s market collapse to stay out of …
Fannie, Freddie to Face Bank-Like Liquidity Standards Starting Sept. 1
American Banker, July 31, 2020–Hannah Lang (subscription)The mortgage giants will have to meet benchmarks for covering cash flow needs during stressed periods.https://www.americanbanker.com/news/fannie-freddie-to-face-bank-like-liquidity-standards-starting-sept-1
Office Sector Woes Continue
Analysts say the pandemic shutdown and millions of job layoffs are weighing heavily on the office sector.
Sens. Warren, Schatz Press Wells Fargo on Forbearance Practices
National Mortgage News, July 30, 2020–Neil Haggerty (subscription)Two Senate Democrats are seeking details from Wells Fargo about news reports that the bank has been placing borrowers into mortgage forbearance programs …
Customers Not Finding Answers They Need Online, J.D. Power Finds
National Mortgage Professional, July 30, 2020–Keith GriffinMortgage servicers have been put to the test during the COVID-19 pandemic as a combination of historically low interest rates, record high unemployment and …
MBA, Trade Groups Ask Congress to Extend Troubled Debt Restructurings Relief Period
The Mortgage Bankers Association and a half-dozen other industry trade groups this week asked Congress to extend the “covered period” under the Troubled Debt Restructurings relief under section 4013 of …
The CMBS Market During the Pandemic: A Conversation with Moody’s Investors Service
MBA NewsLink interviewed Keith Banhazl, Victor Calanog and Nick Levidy from Moody’s, New York.
Momentum Builds as 2nd FHLB Accepts eNotes
Last month, the Federal Home Loan Bank of Des Moines became the first of the 11-member FHLB system to announce it would accept residential mortgage electronic promissory notes—eNotes—as collateral. Now, a second FHLB has jumped on the eNotes bandwagon.
Quote
“The job market has cooled somewhat over the past few weeks, with layoffs increasing and other indications that the economic rebound may be losing some steam because of the rising COVID-19 cases throughout the country.”
–MBA Senior Vice President and Chief Economist Mike Fratantoni.