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 to economic hardships caused by the coronavirus pandemic.

HOMEBUILDERS: The coronavirus is hammering the nation’s homebuilders, with 96 percent saying the pandemic is having at least some effect on the number of prospective buyers. 

NEW RETIREMENT MATH: Many older Americans are struggling with mortgage debt. The burden is likely to get worse as the coronavirus spreads.

INDUSTRY PERIL: The coronavirus mortgage relief signed into law is causing confusion and risks harmingthe housing industry. 

LATINO RECOVERY: The economic fallout from the coronavirus pandemic is dealing a hard-hitting blow to Latinos who barely recovered from the hammering they took in the Great Recession, raising the possibility of a setback from which many may not recover.

CRYSTAL BALL: What will America’s housing market look like after the coronavirus pandemic? Five top-producing real estate agents offer their predictions. 

REFINANCING: The unprecedented shutdowns caused by the coronavirus threaten to break multiple links in the mortgage chain. Here’s what is at risk for mortgage refinancing.