Mortgage Roundup (4/27/20) – No Payments, Marketing, Urbanization

Good morning! Today is Monday, April 27. A number of states have begun to loosen coronavirus restrictions. The Naval hospital ship USNS Comfort is discharging its last coronavirus patients before leaving New York City. Some high schools are holding online proms to safely keep the tradition going amid the coronavirus.  And in mortgage and housing news … CANCEL RENT, MORTGAGE: The Rent and Mortgage Cancellation Act of 2020 would suspend all rent and mortgage payments on primary residences, regardless of the tenant’s or mortgage holder’s ability to pay or whether they had suffered any financial hardship.  FORBEARANCE RISE: The number of loans in forbearance continues to outpace regulators’ expectations.  RISK/REWARD: Paying off your mortgage early may make sense, if you can afford it.  REFINANCING DEMAND: Mortgage lenders are struggling…

Mortgage Roundup (4/24/20) – Rates, Prices & Showings

Good morning! Today is Friday, April 24. A new study shows that 21 percent of New Yorkers tested have coronavirus antibodies. The U.S. Treasury says public companies must certify “in good faith” that they absolutely need federal Paycheck Protection Program loans to keep operating. J.C. Penney is in advanced talks with lenders to seek bankruptcy funding.  And in mortgage and housing news … MORTGAGE RATES: Mortgage rates rose ever so slightly this week, reflecting nearly a month of stable rates after swings in the early days of the coronavirus pandemic.  HOME PRICES: A trio of housing reports found that home prices aren’t dropping amid the ever-changing housing market brought on by the coronavirus pandemic, though sales are down. VIRTUAL SHOWINGS: As real estate pros find new…

Mortgage Roundup (4/23/20) – GSEs, Home Prices & Debt

Good morning! Today is Thursday, April 23. The House is expected to approve an additional $320 billion for the Paycheck Protection Program targeted to small businesses hurt by the coronavirus. Harvard will return its $9 million federal stimulus check. President Trump announced that national parks will reopen. And in mortgage and housing news … GSE’S PURCHASE: The Federal Housing Finance Agency announced that it will allow Fannie and Freddie to purchase some single-family mortgages in forbearance in an attempt to support the liquidity of mortgage lenders during the coronavirus pandemic.  HOME PRICES: Home prices in the United States rose 0.7 percent in February over the previous month – and 5.7 percent over a year earlier, the Federal Housing Finance Agency announced.   NIGHTMARE SCENARIO: MBS Highway President and…

Mortgage Roundup (4/22/20) – FHFA Guidance, Recovery & Home Sales

Good morning! Today is Wednesday, April 22. A 3.7 magnitude earthquake shook parts of L.A. The Senate passed a $480 billion aid package to help small businesses and hospitals to blunt the economic crisis caused by the coronavirus. Netflix has added 16 million new subscribers.   And in mortgage and housing news … FOUR-MONTH FORBEARANCE: The Federal Housing Finance Agency announced that mortgage lenders will only have to cover four months of missed payments from borrowers under forbearance during the coronavirus pandemic. Is a Fed liquidity facility next? HOME SALES: Existing home sales fell in March amid the coronavirus outbreak, though overall sales were up slightly from a year ago, the National Association of Realtors announced.  FLYING W RECOVERY: The housing market recovery is projected to look like a “flying…

Mortgage Roundup (4/21/21) – New Listings, Predictions & Credit

Good morning! Today is Tuesday, April 21. President Trump says he will suspend immigration into the U.S. to protect jobs amid coronavirus fallout. Georgia will reopen gyms, hair salons, and bowling alleys this week. North Korea’s leader, Kim Jong Un, is reportedly in grave danger after surgery.  And in mortgage and housing news … NEW LISTINGS: The number of new houses going on the market is plummeting as the coronavirus pandemic wears on, according to an analysis released by Redfin. FORBEARANCE SPIKE: The number of loans in forbearance continues to rise as borrowers cope with economic hardship caused by the coronavirus pandemic. CALABRIA WRONG: Federal Housing Finance Agency Director Mark Calabria said on April 1 he expected 300,000 Fannie Mae and Freddie Mac loans – or 1…

Mortgage Roundup (4/20/20) – Forbearance, IMBs & Recovery

Good morning! Today is Monday, April 20. Democrats and the White House are close to a deal to help small businesses hurt by the coronavirus. Shake Shack plans to return its $10 million paycheck protection loan after getting needed capital on its own. Neiman Marcus is preparing to seek bankruptcy protection this week. And in mortgage and housing news … GSE FORBEARANCE: FHFA Director Mark Calabria appears to have misjudged the number of mortgages projected to be in forbearance. INDEPENDENT MORTGAGE BANKS: The lending business was significantly more profitable for independent mortgage banks in 2019, though 2020 is going to be another story.  LUMP SUM: Realtors are advising clients that they may owe missed monthly payments in a lump sum at the end of the forbearance period. HOUSING COUNSELORS: Coronavirus…

Mortgage Roundup (4/17/20) – Low Rates, Fewer Starts & Industry Aid

Good morning! Today is Friday, April 17. President Trump is deferring to governors to re-open the economy based on local coronavirus cases and conditions. The number of Americans seeking unemployment benefits jumped by 5.25 million, with an estimated 13 percent of the workforce unemployed amid the coronavirus shutdown. Boeing shares soar after the aircraft maker moved to restart jet production in Seattle.  And in mortgage and housing news … RATES DIP: Mortgage rates fell slightly this week, continuing to hover near all-time lows for the third straight week, according to Freddie Mac.  HOUSING STARTS: Single‐family housing starts in March were at a rate of 856,000 – 17.5 percent below February numbers, according to a monthly report released the U.S. Census Bureau and Department of Housing…

Mortgage Roundup (4/16/20) – No Confidence, Big Banks & Forbearance

Good morning! Today is Thursday, April 16. The White House says the nation likely passed the peak of recording new coronavirus cases. Some industry leaders want more testing and strategic protections before reopening the economy.  And in mortgage and housing news … MORTGAGE APPS: Mortgage applications in coronavirus hotspots appear to have bottomed out in the midst of the pandemic. BUILDERS CONFIDENCE: Builder confidence takes biggest hit in history. NONBANK LENDERS: National Association of Real Estate Brokers President Donnell Williams say the CARES Act ignores the needs of non- bank lenders, jeopardizing these institutions and the homeowners from the communities they serve. BORROWER PROTECTION INFO: The Federal Housing Finance Agency and the Consumer Financial Protection Bureau announced a new initiative that allows them to share information to ensure borrowers are…

Mortgage Roundup (4/15/20) – Stimulus, Liquidity & Appraisals

Good morning! Today is Wednesday, April 15. The CDC and FEMA developed a plan to reopen the nation’s economy. Meanwhile, the biggest U.S. airlines reached an agreement with the federal government on financial assistance aimed at preventing layoffs. And seed company business is booming as more Americans seek to grow their own food.  And in mortgage and housing news … NONBANK LENDERS: Treasury Secretary Steven T. Mnuchin said regulators are “very aware of the issue” around non-bank lenders facing liquidity challenges brought on by borrowers not making mortgage payments during the coronavirus pandemic. MORTGAGE APPLICATIONS: Low mortgage rates and a hot start to the month were enough to push new mortgage applications in March up 21.2 percent over a year ago. STIMULUS CHECK SPENDING: More…

Mortgage Roundup (4/14/20) – Forbearance, Tight Credit & Wall Street

Good morning! Today is Tuesday, April 14. The first coronavirus stimulus checks are out and many will receive payment today. States are creating regional alliances to determine ways to reopen their economies as coronavirus case numbers ease. And in mortgage and housing news … FORBEARANCE INCREASE: The number of loans in forbearance jumped significantly as the number of Americans struggling financially continues to climb during the coronavirus pandemic.  BORROWER POOL: Amid tightening mortgage credit across the country, the nation’s largest lender is narrowing the pool of people they will help buy a home.  GLOBAL FUND MANAGERS: The April Bank of America Fund Managers’ Survey, which polls more than 180 investors controlling around $545 billion in assets, suggests nearly all are expecting a global recession this year, but only…