Mortgage Roundup (4/22/21) – Flex, Buyers & Green

Good morning! Today is Thursday, April 22. Two-hundred million Covid-19 vaccines have been given in 200 days. The Justice Department will investigate whether the Minneapolis Police Department has engaged in a pattern of unconstitutional policing. Commercial airline pilots keep reporting UFOs over Canada. 

And in mortgage and housing news …

ORIGINATION FLEXIBILITY: The Mortgage Note reports on a Federal Housing Finance Agency announcement that Fannie Mae and Freddie Mac will extend some temporary loan origination flexibilities through May 31, while allowing some to expire at the end of April.

MORTGAGE APPS: The Mortgage Note reports that mortgage applications climbed 8.6 percent for the week ending April 16, according to the latest Weekly Mortgage Applications Survey released by the Mortgage Bankers Association.

HISPANIC HOMEOWNERSHIP: The number of Hispanic homeowners rose by more than 700,000 to nearly 9 million in 2020, the biggest one-year increase in two decades.

NEW UNDERWRITING STANDARDS: The Mortgage Bankers Association says lenders have been gearing up for changes, and new underwriting standards for qualified mortgages that go into effect July 1 will actually increase access to credit. 

FIRST-TIME BUYERS: Potential first-time home buyer program seeks to create equity in housing.

ICBA URGES DELAY: The Independent Community Bankers of America, the National Association of Federally-Insured Credit Unions, and other trade groups urged the Treasury and the Federal Housing Finance Agency to delay product and program constraints that were included in recent amendments to the Preferred Stock Purchase Agreements for Fannie Mae and Freddie Mac.

GREEN HOMES: Many MLS listings have added data fields to promote a home’s sustainability. Find out which features are in demand.

ALL-CASH OFFERS: Savvy homebuyers can essentially make a cash offer even if they’re planning to take out a mortgage. You just need to find the right lender to help you get everything in order.

NONBANKS HELP FREDDIE: United Shore Financial Services upped its Freddie Mac servicing by $12.46 billion in the first quarter of 2021 and boosted its Fannie Mae portfolio by $18.78 billion.

TELECOMMUTING LENDERS: Lenders overwhelmingly agree that telecommute situations have led not only to a more productive workforce but also lower operating costs, but does that mean managers will continue allowing mortgage servicers to work from home?