Mortgage Roundup (3/30/20) – Ginnie Mae, Forbearance & BoA Complaints

Good morning! Today is Monday, March 30. CDC guidelines on social distancing will now last until the end of April. As monthly bills come due, how Americans navigate the next few days will shape how the coronavirus pandemic impacts the economy. And in mortgage and housing news … LENDER LIFELINE: Ginnie Mae announced that it would support non-bank mortgage lenders with the cash they need to weather the coronavirus after Congress left the institutions out of the $2 trillion relief bill. MARGIN CALLS: Mortgage bankers say the SEC needs to save them from a flood of margin calls on hedges that lenders have entered into to protect themselves from losses.  BAD BOYS, BAD BOYS: Pennsylvania State Police notified a Berkshire Hathaway HomeServices real estate firm that it…

Mortgage Roundup (3/27/20) – Payment Holiday, UWM Costs & Mortgage Scams

Good morning! Today is Friday, March 27. Global stocks pause following record three-day rally on Wall Street as U.S overtakes China as the world’s most active coronavirus hotspot. Federal Reserve Chairman Jerome Powell told media the U.S. economy can’t reopen until the coronavirus pandemic is under control. And in mortgage and housing news … RELIEF BILL: An analyst tells The Mortgage Note that the $2 trillion relief bill expected to be passed by the House today basically means nobody has to pay their mortgage for six months, if not a year. INDEPENDENT MORTGAGE LENDERS: The massive $2 trillion COVID-19 relief bill leaves non-bank lenders on the outside looking in when it comes to government providing cash to back loans that lower- to middle-class borrowers may…

Mortgage Roundup (3/26/20) – Applications, Home Prices & Stimulus Bill

Good morning! Today is Thursday, March 26. Stock futures fell as investors anticipate jobless claims that could jump into the millions amid the coronavirus pandemic. Coronavirus deaths in the U.S. top 1,000. The Senate approved a $2 trillion stimulus package. Apple may delay the launch of the 5G iPhone. And in mortgage and housing news … SO IT BEGINS: Mortgage applications dropped 29.4 percent last week from a week earlier, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. MBA’s refinance index dropped 34 percent for the week, though was still 195 percent higher than the same week a year earlier. PRICE INDEX: House prices in the United States rose 5.2 percent in January over a year earlier, continuing a string of strong housing economic…

Mortgage Roundup (3/25/20) – Closings, Private Property & Financial Aid

Good morning! Today is Wednesday, March 25. Global stocks surged after Congress and the White House reached a deal on a $2 trillion stimulus bill. The New York metro area became the epicenter of the coronavirus outbreak in the U.S. Facebook says the coronavirus is crimping ad sales. And in mortgage and housing news … ASSISTANCE: A Change.org petition is asking federal and state lawmakers to provide financial aid to real estate agents who aren’t protected by the current stimulus bill. And the mortgage industry also lays out its casefor widespread coronavirus emergency relief. CLOSURE MANDATES: Are realtors essential? It depends on where you live.  ELECTRONIC ACCESS: Mortgage closings are at risk as the coronavirus shutters many title and recording offices. REPORT: Sales of new single-family houses came in at…

Mortgage Roundup (3/24/20) – Relief Bill, iBuyer Pause & Credit Markets

Good morning! Today is Tuesday, March 24. U.S. airlines are drafting plans for a potential voluntary shutdown of virtually all passenger flights across the U.S. as coronavirus contagion hits air traffic controllers. And the International Olympic Committee hits pause on the 2020 Summer Olympics.  And in mortgage and housing news … DISPARATE IMPACT: Will lower and middle class borrowers be left out of the pandemic relief bill?  iBUYER FALLOUT: Zillow suspends buying homes as part of its iBuyer program across the country amid orders to end all non-essential businesses. ROSY HISTORY: Foreclosures hit a record low in February. CREDIT MARKETS: The Federal Reserve announced it would spend more on mortgage-backed securities in the coming weeks “to support smooth market functioning and effective transmission of monetary policy to broader financial conditions…

Mortgage Roundup (3/23/20) – Emergency Steps, Essential Workers & Relief

Good morning! Today is Monday, March 23, and families are making the long commute to tables, desks and couches to start their second week of working remotely and homeschooling. Coincidentally, on this day 10 years ago, the Obama administration unveiled a plan to take over up to $1 trillion in sour mortgage securities with the help of private investors. Now, in more recent mortgage and housing news … The mortgage industry urged the Treasury Department and Federal Reserve to take additional emergency steps to ensure money is available to lenders at a time when borrowers may be slow to make their mortgage payments amid the COVID-19 pandemic. Five federal banking agencies and a trade group for state banking regulators issued guidance Sunday encouraging banks…

Mortgage Roundup (3/20/20) – Dwindling Interest, Higher Rates & Dropping Prices

California Gov. Gavin Newsom ordered the state’s 40 million residents to stay at home indefinitely in the widest-ranging directive so far of any state as it grapples with a growing novel coronavirus epidemic that has killed 150 people nationwide. The number of US coronavirus cases has topped 13,000 as testing becomes more available. Walmart will pay a bonus of up to $300 to every hourly employee and hire 150,000 new workers to reflect growing demands created by the coronavirus.   And in mortgage news … A survey released by the National Association of Realtors found that 48 percent of realtors said home buyer interest has decreased due to the coronavirus. That’s triple the number from a week ago, when it was 16 percent. After reaching historic lows earlier this…

Mortgage Roundup (3/19/20) – No Foreclosures, Credit Crunch & iBuyers

The White House is seeking $500 billion in direct payments to taxpayers to help stimulate the economy in the wake of the coronavirus crisis. The federal government is invoking wartime powers to speed the production of essential medical equipment. For the first time since the outbreak began months ago, China is reporting no new coronavirus cases. And in mortgage news … The Federal Reserve announced that it will establish an emergency lending program to help unclog a short-term credit market that has been disrupted by the coronavirus outbreak. The federal government ordered a 60-day moratorium on foreclosures and evictions for single-family homeowners with Federal Housing Administration, Fannie Mae and Freddie Mac-backed mortgages amid the coronavirus pandemic. U.S. consumers are facing what could become the biggest credit crunch since the…

Mortgage Roundup (3/18/20) – Easing Credit, No Open Houses & Working Remotely

U.S. Treasury Secretary Steven Mnuchin warned Republican senators that the unemployment rate could hit 20 percent if they don’t act on a proposed coronavirus rescue package. Joe Biden swept all three states holding presidential candidate primary elections and appears well on his way to being the Democratic nominee. Many former doctors, nurses and other health care workers are being asked to return to their old careers to help tackle the COVID-19 pandemic. And in mortgage news … The Federal Reserve Board announced that it will establish two “facilities” to support the flow of credit to people and businesses during the turmoil caused by the coronavirus pandemic. Mortgage applications for new home purchases dipped slightly from the previous month, but still represent a significant gain over last year, according to…

Mortgage Roundup (3/17/20) – Remote Working, Fewer Open Houses & St. Patrick’s Day

Happy St. Patrick’s Day! President Trump releases guidelines to slow coronavirus spread in 15 days, but warns crisis could stretch to summer. Democratic presidential primaries go forward in three big states amid coronavirus spread, as former Vice President Joe Biden looks to shut out Sen. Bernie Sanders. A coronavirus vaccine trial administers its first dose to a participant. And in mortgage news … The eight largest U.S. banks say they plan to use the Fed’s “discount window” to help financial institutions navigate the crisis caused by the coronavirus pandemic.  The Federal Deposit Insurance Corporation announced that the early retirement and separation program offered to up to 20 percent of its workforce has been suspended as part of the agency’s response to the coronavirus. As homeowners rush to…