Mortgage Roundup (9/17/20) – Fees, Rates & Aid

Good morning! Today is Thursday, September 17. Hurricane Sally buried parts of the Gulf region under feet of water. Ancient human footprints dating back 120,000 were found in Saudi Arabia. In a reversal, the Big Ten will resume playing football next month.

And in mortgage news …

ADVERSE FEE: In Congressional testimony, Federal Housing Finance Agency Director Mark Calabria on Wednesday defended his agency’s much maligned “adverse market fee” that is designed to help cover losses at Fannie Mae and Freddie Mac as a result of the coronavirus pandemic.

DISASTER AID: Fannie Mae and Freddie Mac announced Wednesday that temporary assistance is available to homeowners impacted by a natural disaster, including the wildfires on the West Coast and the Hurricane Sally in the Gulf region.

MORTGAGE APPLICATIONS: Mortgage applications slid slightly last week though remained higher than a year ago, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey released Wednesday.

LOW RATES: The Federal Reserve left its overnight lending rate unchanged on Wednesday at the end of its last meeting before the Nov. 3 presidential election and said it expects to keep it near zero for more than a year.

15 OR 30: “Forget 15-year mortgages. Do 30.”

TITLE RANKINGS: Here are the top 4 companies in title by market share for the second quarter.

ZOOM TOWN: Is your housing market in a Zoom Town?

GOING PUBLIC: The company that helped to set off a wave of iBuying and instant cash offers is going public. Through a merger, Opendoor will become a public company.