Mortgage Roundup (5/21/20) – Redlining, Credit Scores & PPP

Good morning! Today is Thursday, May 21. All 50 states are now reopening. Global coronavirus cases surpass five million. A survey finds that more than half of small businesses are looking to have federal Paycheck Protection Program funds forgiven.

And in mortgage and housing news …

FDIC ANTI-REDLINING LAW: The Federal Deposit Insurance Corporation said it will not move forward with revisions to the nation’s anti-redlining law announced moments earlier by the Comptroller of the Currency.

MORTGAGE APPS: Applications for mortgages for home purchases increased for the fifth straight week as the housing market continues to make tentative steps forward amid the coronavirus pandemic, the Mortgage Bankers Association announced.

CREDIT SCORES: Mortgage lenders are getting stricter, but you still don’t need a perfect 850 credit score. Here’s what lenders are looking for

JUNE PAYMENTS: A new survey shows that one in five Americans fear they can’t pay June rent or mortgage. 

SWIMMING POOLS: Searches for houses with pools are increasing amid the coronavirus pandemic. 

FANNIE FREDDIE CAPTIAL: A top federal regulator said mortgage giants Fannie Mae and Freddie Mac should hold $240 billion in capital after they are returned to private ownership.

COMMERCIAL REAL ESTATE: Sharp blows to the economy haven’t shut down the commercial real estate investment market.  

HOMEBUILDING: Homebuilding dips to a five year low, taken down by the economic fallout of the coronavirus pandemic.  

VACATION REAL ESTATE: Landlords in tourist locations are looking to lengthen their leases

NOT YOU NYC: Florida’s Governor is easing the ban on vacation rentals established amid the coronavirus pandemic — but not for New Yorkers.