Mortgage Roundup (4/28/20) – Forbearance, Forecasts & Investors

Good morning! Today is Tuesday, April 28. Ohio became the 11th state to lift coronavirus restrictions. Texas will reopen businesses in phases, as the state’s stay-at-home order expires Thursday. New York may need federal help to pay unemployment benefits.

And in mortgage and housing news …

FANNIE FREDDIE REPAYMENT: The Federal Housing Finance Agency issued a reminder that borrowers who go into forbearance will not have to repay missed payments all at once if their mortgages are backed by Fannie Mae or Freddie Mac.

FORBEARANCE NUMBERS: The number of mortgages in forbearance amid the coronavirus pandemic keeps climbing.

INDUSTRY FORECAST: The National Association of Realtors says while the industry forecast is bleak, there is confidence in a bounce back later this year. 

NEW FHFA COO: The Federal Housing Finance Agency hired former Consumer Financial Protection Bureau COO Kate Fulton as the agency’s new COO.

LOOMING CRISIS: A call to extend federal help for mortgage servicers to renters and owners. 

BUDDING INVESTORS: Millennials are piling into stock trading to beat the market.

LOAN SALES: A potential wave of coronavirus-related loan sales by cash-strapped mortgage servicers could result in botched borrower paperwork and unnecessary foreclosures, consumer advocates and policymakers say.

FORBEARANCE DETAILS: Lending experts are warning homeowners not to skip mortgage payments unless absolutely necessary, as concern and confusion pile up about potential consequences of forbearance programs. 

PREDICTIONS: Here are five predictions for the real estate industry once the pandemic subsides. 

REAL ESTATE PPP: Here’s how real estate companies qualify as “small” businesses for federal Paycheck Protection Program loans.