Mortgage Roundup (4/6/20) – Soft Market, Looming Crisis & Fleeing Cities

Good morning! Today is Monday, April 6. The United States is bracing for the most difficult week yet of the coronavirus pandemic. The coronavirus crisis is putting many bankrupt hospitals back in service, as local governments commandeer shut-down hospitals to add space for increasing demand.  And in mortgage and housing news … MARKET REPORT: Industry trend reports are starting to show the effects of the coronavirus pandemic on the U.S. housing market.  REGULATORY RELIEF: Federal and state banking regulators will grant regulatory flexibility to mortgage lenders as they scramble to work with borrowers who are impacted by the coronavirus pandemic. MORTGAGE MARKET CRISIS: Investment banker and author R. Christopher Whalen demands the firing of Federal Housing Finance Authority Director Mark Calabria for shutting down the servicer liquidity facility planned…

Mortgage Roundup (4/3/20) – Rates, Refinance & 2008 Lessons

Good morning! Today is Friday, April 3. Coronavirus infections across the globe surpassed 1 million. Google is offering user location data to help health officials track people’s movements amid the coronavirus pandemic. A 104-year-old veteran from Oregon recovered from coronavirus just in time to celebrate his birthday. And in mortgage and housing news … RATES DROP: Mortgage rates dropped for the second week in a row – and almost reached the nearly historic lows from before the coronavirus fully hit the United States. What will that mean for mortgage applications?  SAVING DETROIT: Detroit billionaire and Quicken Loans founder Dan Gilbert is marshaling his businesses to help after a surge in coronavirus cases has the city girding itself for the possibility of becoming the latest hot spot…

Mortgage Roundup (4/2/20) – Mortgage Relief, Buying Season & Credit Reporting

Good morning! Today is Thursday, April 2. It’s World Autism Awareness day. U.S. stock futures rebounded this morning. Coronavirus guru Dr. Fauci gets a security detail amid threats. And in mortgage and housing news … HOW TO: Many homeowners believed that the mortgage relief items in the CARES Act applied to all borrowers but are quickly discovering they aren’t universally available. Homeowners in need must work with their lenders to identify the best solution for their individual situations. MORTGAGE APPLICATIONS: It turns out people don’t apply for mortgages when you ban real estate activities and issue stay-at-home orders, as applications in coronavirus hot spots plunged last week. SPRING BUYING SEASON: The housing market started the year strong. Now, the pandemic threatens real estate markets nationwide during…

Mortgage Roundup (4/1/20) – Loan Flexibility, Safe Mortgages & Spending

Good morning! Today is Wednesday, April 1. Stock futures sank after President Trump warned Americans that it’s “going to be a painful two weeks.” A 6.5 magnitude earthquake hits Idaho. Private sector employment and construction spending numbers are due out today.  And in mortgage and housing news … FLEXIBILITY: The Federal Housing Finance Agency announced Tuesday that Fannie Mae and Freddie Mac will be more flexible on several loan processing steps to help ease the homebuying and borrowing process during the coronavirus pandemic. FLOOD INSURANCE: FEMA announced that it is extending the grace period to renew flood insurance policies from 30 to 120 days as homeowners across the nation cope with the coronavirus pandemic.  PATCHWORK AID: Many banks, large and small, are working on a case by case…

Mortgage Roundup (3/31/20) – Shaky Industry, Essential Builders & Jobs Available

Good morning! Today is Tuesday, March 31.  Wall Street has rallied for four of the past five sessions, but stocks are expected to record their steepest first quarter losses since 1987. China sees sharp March rebound in economic activity, but analysts caution that recovery faces serious challenges. Ford says it will build 50,000 ventilators in 100 days.  And in mortgage and housing news … ON THE BRINK: Mortgage industry advocates warn that without a federal intervention, an extended downturn could set off a chain of economic and financial crises akin to the 2008 panic and recession. MORTGAGE CRUNCH: Banks are about to face a severe mortgage problem, and analysts report Wells Fargo appears particularly exposed.  LONGER LEASH: New Jersey realtors can conduct limited business – but they still…

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…