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 by the GSEs.
FLEEING CITIES? Real estate brokerage firm Redfin reported that people are increasingly searching for homes in rural areas and small towns on its website amid the coronavirus pandemic.
LOAN HURDLES: As existing borrowers express dissatisfaction with customer service during the pandemic, United Wholesale Mortgage announced that it is conducting a second verification of income and employment step late in the loan process in the face of rising unemployment.
CONFUSED CONSUMERS: Homeowners hurt by COVID-19 can delay mortgage payments, but some say they’re anxious and confused about the real cost.
PRIORITIZING PAYMENTS: Some states report it will take them awhile to process CARES Act reliefassistance.
AFFORDABLE HOUSING: Funding for affordable housing is likely to shrink as a recession takes hold.
RECOVERY: While data has yet to reflect the full impact of the coronavirus outbreak, NAR Chief Economist Lawrence Yun says the market should recover from any future losses.