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…

Mortgage Roundup (4/13/20) – On Hold, Liquidity & Building Slump

Good morning! Today is Monday, April 13. White House health advisor Dr. Anthony Fauci expressed “cautious optimism” that the deadly coronavirus outbreak is slowing down in the United States and says parts of the country could begin reopening in May. Severe weather continues to sweep across the South and Mid-Atlantic states, leaving destruction in its wake.  And in mortgage and housing news … CUSTOMER SERVICE: Stymied by long wait times or seeking details on loan forbearance, bank customers take to Twitter and Facebook to vent their frustrations and seek a way to get somebody – anybody – to call them back during the coronavirus pandemic. LAST RESORT LIQUIDITY: Ginnie Mae creates lender assistance program to help service customers who aren’t able to make mortgage payments due…

Mortgage Roundup (4/10/20) – No Buyers, No Sellers & No Layoffs

Good morning! Today is Friday, April 10. New York alone now has more confirmed coronavirus cases than any other country, as the U.S. nears its projected peak. President Trump is seeking to restart business activity in May. The CDC Director wants to institute aggressive contact tracing before the nation reopens. And in mortgage and housing news … LIQUIDITY SUPPORT: Federal Reserve Chair Jerome Powell said the Fed is closely watching the economic situation around mortgage lenders and appeared to leave the door open to providing liquidity support to the industry. BUYER INTEREST SLUMPS: In the latest sign of a slumping housing market, 90 percent of realtors say buyer interest is declining during the coronavirus pandemic, according to a survey released by the National Association of Realtors. …

Mortgage Roundup (4/9/20) – Congress Weighs In, FDIC & Relief

Good morning! Today is Thursday, April 9. The White House coronavirus task force says U.S. mitigation efforts appear to be working, raising hopes of defying projected worst-case scenarios. Vermont Senator Bernie Sanders ends his White House bid. And in mortgage and housing news … NON-BANK LENDERS: A bipartisan group of U.S. Senators urged federal regulators to support non-bank mortgage lenders with liquidity as more borrowers are unable to make loan payments due to coronavirus-induced job losses.  FDIC WATCHDOG: The Federal Deposit Insurance Corporate’s watchdog issued a report that found the agency was ill-prepared to function in the midst of a crisis, due in part to lack policies and procedures in place. MORTGAGE APPLICATIONS: The Mortgage Bankers Association’s weekly survey showed that mortgage applications dropped 17.9…

Mortgage Roundup (4/8/20) – No Relief, Forbearance & Price Lags

Good morning! Today is Wednesday, April 8. The U.S. reported its highest daily death toll from coronavirus, rising to 12,910. The White House is putting together plans to reopen the U.S. economy, and Amazon suspends its delivery service that competes with UPS and Fed Ex to focus on a surge in orders.  And in mortgage and housing news … NO HELP FOR YOU: Responding to industry warnings of a looming cash crisis among non-bank mortgage lenders, the head of the Federal Housing Finance Agency said he sees “zero evidence” that the federal government needs to intervene and declares concerns “spin.”  FORBEARANCE PLEASE: Mortgage forbearance requests skyrocketed in early days after the passage of the CARES Act as homeowners seek financial relief in the face of the…

Mortgage Roundup (4/7/20) – Liquidity, Lending & Legal Issues

Good morning! Today is Tuesday, April 7. Just weeks after a $2 trillion stimulus bill is signed into law, Congress is already preparing for more economic aid for small businesses and individual Americans as the economy suffers from coronavirus devastation. Wisconsin’s primary is set to go ahead today after courts block attempts to delay voting.  And in mortgage and housing news … JOURNALISM: In a glowing profile, the Detroit Free Press is oddly silent about new United Wholesale Mortgage leadership coach Mateen Cleaves’ recent legal challenges.  FIRST BANK FAILS: The Federal Deposit Insurance Corporation announced the first failure of a bank during the coronavirus pandemic, though the bank was struggling before economic challenges began. LIQUIDITY: An array of mortgage, real estate and housing organizations called on…