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 is in violation of Gov. Tom Wolf’s order for non-essential businesses to shut down among the coronavirus pandemic.

HOW IT WORKS: Is the mortgage industry equipped to implement Washington’s forbearance plan? American Banker breaks it down

JERSEY PLAN: New Jersey Gov. Phil Murphy announced a 90-day grace period on mortgage payments.

MISLEADING RELIEF: Bank of America gets flooded with mortgage relief calls, but some customers aren’t happy with their approach.

ESSENTIAL CALI: California real estate business is now deemed essential under a new re-classification. 

WHERE ELSE: Redfin has an interactive map that allows you to see whether real estating is legal in each state – in addition to local orders. 

MOVING PARTS: Appraisers, notaries and homebuilders, along with many other roles, are having to individually interpret their local restrictions to see how they can continue operating. Appraisers are lobbying for an exemption to stay-at-home orders.