Mortgage Roundup (5/13/20) – New Website, Delinquencies & A Lawsuit

Good morning! Today is Wednesday, May 13. New tax breaks projected to be around $650 billion are starting to flow to U.S. businesses to help them ride out the coronavirus-induced economic slump. Twitter allows employees to work from home forever. If you want your stimulus check direct deposited, sign up by noon today. 

And in mortgage and housing news …

MORTGAGE HELP: Federal housing regulators launched a one-stop shop for information on housing and mortgage assistance during the pandemic. 

DELINQUENCY SURVEY: The CARES Act is expected to keep foreclosures in check, even as delinquency rates climb

SIGNS OF LIFE: A pair of housing reports provide fresh insight into the early-year strength of the housing market and show how the sector is slowly starting to rebound from the challenges created by the coronavirus pandemic.

NAR LAWSUIT: A group of real estate agents is suing the National Association of Realtors objecting to its policy that agents must list homes for sale on a searchable public database within one day of marketing the property, saying it unfairly restricts competition and illegally limits their business.

MISTAKEN FORBEARANCE: Some homeowners are getting mortgage bailouts by mistake, and it’s keeping them from refinancing.

MORE STIMULUS: House Democrats announced a new COVID-19 stimulus bill that includes another payment for families, rent and mortgage help and $1 trillion for state and local governments. 

SERVICER ADVANCES: The impact of increased forbearance requests could cost mortgage servicers at least $8 billion in advances before they are able to gain regulatory relief.

INTEREST RATES MATTER: A one percent difference in mortgage rate can make a significant impact on home cost. 

MEGA-REAL ESTATE: The biggest real estate companies are likely in the best position to weather a severe economic downturn. Here’s a list of the world’s largest public real estate companies in 2020.  

FLORIDA: Florida has become a mortgage delinquency hotspot in the first quarter. One economist said the state’s faulty unemployment system could be a “big factor” contributing to the state’s ranking. 

WASHINGTON, DC: COVID-19 is already having a significant impact on the Washington, DC real estate market