HousingWire Daily

Published 2020-06-16

Movement Mortgage's Montell Watson on how to increase Black homeownership

12 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews Movement Mortgage’s Director of Corporate Strategy Montell Watson about his HousingWire [PULSE] article, titled 3 ways to increase and empower black homeownership.

For some background on the story, here’s what Watson had to say in the article:

Over the last several months, I’ve read many articles talking about the homeownership gap for black Americans. Each article fuels me to speak with more families to bring awareness to the importance of homeownership and how owning a home can have a positive generational impact on their households.

Although the current gap is staggering, I believe we have an opportunity to change the systemic long-term trust issues black households have with financial institutions while empowering all potential homeowners to believe homeownership is for them.

Today, the homeownership gap for black households stands at 44%. This rate has ticked up from a recent staggering 50-year low that traces back to the passing of the Fair Housing Act. This gain is positive, but we have a long way to go. Homeownership is still one of the best ways to grow wealth and low homeownership rates in black communities has a direct correlation to net worth

This results in a lack of opportunity for home equity growth and a natural built-in savings account earned by making mortgage payments vs. a rental payment. According to “The Road to Zero Wealth” report by Prosperity Now, the median wealth of black Americans will fall to zero within 23 years if current trends continue. This is daunting.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-06-15

Google and HUD team up to end housing discrimination

11 min

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IIn today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd discusses and announcement from Google that the company will now make it impossible for lenders and Realtors to target consumers based on ZIP code and other demographics.

For some background on the story, here’s a summary of the article:

Google announced it is tightening its policies, prohibiting employment, housing and credit advertisers from targeting or excluding ads based on certain demographics and ZIP codes.

The company explained that it has long prohibited advertisers from targeting users based on “sensitive categories” related to their identity, beliefs, sexuality or personal hardships. This means the company doesn’t allow targeting based on categories like race, religion, ethnicity, sexual orientation, national origin or disability.

But now, Google is adding several new categories to that list to improve access to housing, employment and credit opportunities.

The new policy will prohibit impacted advertisers from targeting or excluding ads based on gender, age, parental status, marital status or ZIP code. The company expects these changes to take effect by the end of 2020.

Following the main story, HousingWire covers data from Black Knight that indicates U.S. mortgage forbearances declined last week for the second consecutive week, and an announcement that Ithaca, New York has become the first city in the U.S. to cancel rent payments in response to COVID-19.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-06-12

This IPO could become the largest of 2020

5 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd discusses claims that Quicken Loans, the No. 1 mortgage lender in the U.S., is preparing an initial public offering.

For some background on the story, here’s a summary of the article:

Quicken Loans, the No. 1 mortgage lender in the U.S., is preparing an initial public offering, according to an article by CNBC.The article explained that Quicken filed its IPO prospectus confidentially, but it could go public in the next month.

From the article: Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan to manage the deal, said the people, who asked not to be named discussing private information. The targeted valuation is still being decided, but it is likely in the tens of billions of dollars, one of the people said. That would imply a multi-billion-dollar IPO, one of the largest – if not the largest – this year.

However, in a statement from a Quicken spokesperson sent to HousingWire, they stated:“

As the nation’s largest mortgage lender, Rocket Mortgage is continuously looking for new ways to invest in and grow our business, while also contributing in significant ways to our home communities.

Following the main story, HousingWire covers a lender letter sent by Fannie Mae that announces the GSE has expanded its temporary policies, and a new Housing Market Recovery Index from Realtor.com.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-06-11

Carson voices support for DACA "Dreamers" to qualify for FHA mortgages

7 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers the Department of Housing and Urban Development Secretary Ben Carson’s statement to Congress that he supports DACA recipients to receive Federal Housing Administration mortgages.

For some background on the story, here’s a summary of the article:

Ben Carson, secretary of the Department of Housing and Urban Development, told Congress on Tuesday that he supported Deferred Action for Childhood Arrival recipients being eligible for mortgages backed by the Federal Housing Administration.

Carson initially denied in his testimony that DACA recipients had been banned from getting FHA loans after President Donald Trump was sworn into office in 2017, then backpedaled.“Do people have conversations? Yes they do,” Carson said. “And I’m sure they will continue to have those conversations. Am I privy to all their conversations? No. Do their conversations change the policies? Absolutely not,” he said.

“The whole thing started as the result of a question that was asked about it, and it then came to light that maybe some rules were being violated and people decided that they better pay closer attention to the rules,” Carson told Congress.

Carson’s comments on so-called Dreamers, as DACA recipients are known, came four days after HUD records and internal communications released as part of a Freedom of Information Act confirmed HUD changed its policy to deny FHA loans for DACA recipients even as top officials told Congress the opposite.

Following the main story, HousingWire covers the Federal Reserve’s pledge to keep buying Treasuries and mortgage-backed securities, a report from LendingTree that claims potential homebuyers are going to face historically low inventory this summer, and a survey from Assurant that indicates 38% of American renters will need rent relief in the next 90 days.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-06-10

FHFA Director Mark Calabria says the forbearance pace has stabilized

6 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers statements made by Federal Housing Finance Agency Director Mark Calabria regarding the nation’s downturn in forbearance requests.

For some background on the story, here’s a summary of the article:

Mark Calabria, who heads the government’s watchdog agency overseeing Fannie Mae and Freddie Mac, told the Senate Banking Committee on Tuesday that forbearance requests for loans backed by the GSEs have begun to level off.

The forbearance rate for the GSEs, which back more than half of U.S. mortgages, have plateaued at about 6.6%, a level that’s “manageable,” said Calabria, the director of the Federal Housing Finance Agency.

“We’ve seen over the last few weeks those numbers start to stabilize,” Calabria said. “Within the GSE portfolio, you see as many borrowers canceling their forbearance programs as you see rolling on.”

Following the main story, HousingWire covers a plea from the National Association of Realtors for Congress to take action on emergency rental assistance, a report from Weiss Analytics that indicates some home sellers are pricing their homes below the market and the Mortgage Bankers Association’s weekly applications survey.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-06-09

The relationship between forbearance and home equity

6 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers a report from the Mortgage Bankers Association that claims the share of mortgages in forbearance has now risen to 8.5%.

For some background on the story, here’s a summary of the article:

Almost 4.3 million mortgages were in forbearance during May’s final week, representing 8.53% of outstanding home loans, the Mortgage Bankers Association said on Monday.The numbers increased from 4.2 million mortgages in the prior week, which accounted for an 8.46% share, MBA said.

Private-label loans led the increase, rising to a 10% share from 9.67%, the report said. The forbearance share for mortgages backed by Fannie Mae and Freddie Mac rose to 6.4% from 6.39%, while the percentage for loans backed by the Federal Housing Administration and the Veterans Administration increased to 11.83% from 11.82%.

“While servicers reported only a 1-basis-point increase in the forbearance share for GSE and Ginnie Mae loans, the increase for private-label securities and portfolio loans rose to over 10 percent, which is higher than the rate on GSE loans,” said Mike Fratantoni, MBA’s chief economist.

Following the main story, HousingWire covers a TCPA ruling from the U.S. Court of Appeals for the Ninth Circuit in San Francisco to block certain debt calls, a report that claims renters may be less likely to renew their lease after the COVID-19 pandemic passes, and data from Black Knight that claims only 1 in 10 borrowers in forbearance is equity poor.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-06-08

CFPB, CSBS and FHA remind the industry of forbearance guidlines

6 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers a joint statement from the Consumer Financial Protection Bureau and Conference of State Bank Supervisors.

For some background on the story, here’s a summary of the article:

The Consumer Financial Protection Bureau and Conference of State Bank Supervisors have issued a joint statement regarding forbearance as it relates to the CARES Act.The three-page statement defines protections for borrowers with federally backed mortgages.

Under the terms of the guidance, servicers must grant forbearance after receiving a request from a borrower citing financial hardship caused by the COVID–19 emergency.

While servicers cannot request information supporting the need for forbearance, the new joint statement declared they could “work with the borrower to better understand the borrower’s situation so long as (i) borrowers are not misled about the requirements of, or dissuaded from proceeding with, a CARES Act forbearance if they have a COVID-related hardship and (ii) any information obtained from the borrower has no bearing on the servicer’s provision of a CARES Act forbearance.”

Following the main story, HousingWire discusses a report from Black Knight that claims the number of mortgages in forbearance declined last week for the first time since the start of the COVID-19 pandemic and the Federal Housing Administration’s temporary policy change that is designed to offer guidance for lenders on how to obtain FHA insurance endorsements on mortgages where the borrower either obtained or requested a COVID-19 forbearance.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-06-05

HousingWire spotlights 2020 Rising Star award winner Unikqua Shannon

12 min

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in today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews Genworth Mortgage pricing analyst Unikqua Shannon, who is a winner of HousingWire’s 2020 Rising Stars Award Program.

For some background on the award program, here’s a summary:

HousingWire’s Rising Stars program recognizes industry professionals who have become leaders in their respective fields. Those who are helping move markets forward, each and every day.

They help run major corporations, and are the entrepreneurs building tomorrow’s great businesses. They work in any and every area of the housing economy: lenders, servicers, investors, and real estate. They come from diverse backgrounds but share one common trait: an outsized impact on the industry and their businesses.

In this interview, Shannon, explains how her use and understanding of robotic process automation transformed her department at Genworth. Additionally, the rising star discusses what has fueled her success, and how she navigates the industry as a woman of color.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-06-04

Cordray: Servicers are in a very dramatic and dangerous situation

16 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath interviews former Consumer Financial Protection Bureau Director Richard Cordray.

Cordray served for six years as the first director of the CFPB, and before joining the bureau, he served as Ohio’s Attorney General.

In this interview, Cordray explains why he thinks the industry needs to redefine how they look at foreclosures. He does this by sharing lessons from the financial crisis and what the road ahead looks like as the industry figures out how to handle the fact that 8.8% of U.S. mortgages are in forbearance. He also discusses the immediate threats in the foreclosure process.

“There's a lot of market pressure right now, and there will continue to be. Everybody's going to be fighting to handle this,” Cordray said in response to what advice he would give lenders and servicers given all the unknowns in the market. “The more friendly you can be toward consumers and the more compliant you can be, the better off you are. But again, there are significant economic pressures that are making that hard,” he said.

“In the long run, the industry should insist on reforms,” said Cordray. “Right now, I think it's a very, very dramatic and dangerous situation that many services are in, and we could avoid this in the future, and we should. That's what congressional reforms should look to and should put in place so that we learn from the past, just as we did in the last crisis, we can do it again.”

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Published 2020-06-03

Housing is bouncing back: Forbearance pace slows, purchase apps increase

7 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd discusses the impact Airbnb properties could have on a housing market that is already short of supply.

For some background on the story, here’s a summary of the HW+ article:

While the real estate market has lots of challenges during the COVID-19 pandemic, a tsunami of houses being sold by Airbnb hosts isn’t one of them.Airbnb’s tally of 850,000 whole-house listings is just 0.8% of the nation’s stock of single-family homes.

Even if a big chunk of them came on the market – and there’s no evidence that will happen – it would be a welcome relief to the severe shortage of housing inventory.Some property owners who bought or leased real estate with the aim of maximizing profits through Airbnb rentals are finding they’re in a jam.

Airbnb hosts saw $1.5 billion in bookings cancelled in mid-March when the COVID-19 pandemic arrived in the U.S. While guests got full refunds, per an Airbnb decision, hosts still had to pay mortgages on the properties.

The company has provided grants to a selection of hosts to offset the cancellations, but for some it may not be enough to make their monthly home loan payment.

Following the main story, HousingWire covers the Mortgage Bankers Association’s weekly applications survey, a housing market rebound in Washington D.C. and data from the MBA that claims the mortgage forbearance pace is slowing.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-06-02

Housing industry readies to meet fast-growing demand

6 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers an announcement from the Mortgage Industry Standards Maintenance Organization.

For some background on the story, here’s a summary of the article:

The Mortgage Industry Standards Maintenance Organization, or MISMO, a subsidiary of the Mortgage Bankers Association that sets rules for handling the registration of home loans, announced Monday it would assess a new fee for every origination.

The fee is just 75 cents per mortgage, but that would add up to more than $4.4 million a year if all purchasers used a home loan, based on Fannie Mae’s projection of 5.8 million sales of new and existing homes in 2021.

And, that doesn’t include refinanced mortgages.The fee will be collected by the Mortgage Electronic Registration Systems when it registers a new loan on its system The announcement cited the COVID-19 pandemic and the need to advance technology for electronic mortgages, including remote notarization, although the new fee was approved by the MBA board in October.
Following the main story, Housingwire discusses a report from PropertyNest that indicates more New York renters are falling behind on rent, three mortgage lenders that are pumping up their hiring volume, and a survey from the National Association of Realtors that claims homebuyers and sellers are ready to return to open houses. But before you listen, here’s a brief word from our sponsor.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-06-01

How rising home-buying demand may outpace supply

6 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers whether or not significant declines in housing inventory could be on the horizon if more sellers don’t list homes to meet the nation’s rising demand.

For some background on the story, here’s a summary of the article:

Throughout metropolitan areas nationwide, the tight supply of for-sale homes – already constrained pre-coronavirus – is continuing.

Although the increase in purchase mortgage applications signals a rebound of home-buyer interest and record-low mortgage rates could spur that further, “steeper declines in inventory could be on the horizon if more sellers don’t list homes to meet rising demand,” Realtor.com said in its weekly inventory report released Thursday.

For the week ending last Saturday, May 23, total inventory for sale dropped 22% year-over-year, the Realtor.com report said. That’s a larger drop than prior weeks.

NAR’s most recent numbers echo similar supply constraints. The number of homes for sale at the end of April totaled 1.47 million, the National Association of Realtors said last week. That’s the lowest level ever recorded for April, said Lawrence Yun, NAR’s chief economist, on a call with reporters.

Following the main story, Housingwire discusses a Black Knight report that says mortgage forbearance requests are slowing, Redfin’s mortgage lending expansion announcement and a letter from Fannie Mae to lenders on self-employment income.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-29

Former CFPB director Richard Cordray's take on foreclosures

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses former Consumer Financial Protection Bureau Director Richard Cordray's take on whether or not the U.S. housing industry views foreclosures as a last resort.

For some background on the story, here’s a summary of the article:

Markets are shaped by the forces of supply and demand, buying and selling, and how they come into some sort of balance. Markets that operate properly tend toward a discernable equilibrium that is predictable and sustainable. But many things can disturb this equilibrium. We might say, paradoxically, that market forces are fragile in being liable to disturbances, but once disturbed they have a powerful tendency to recover an eventual balance.

But economic markets differ in the mechanisms that restore them to equilibrium after any notable disturbance. Some markets experience greater frictions that slow their recovery. In the pure models of academic economists, prices immediately (or at least quickly) adjust to achieve balance among buyers and sellers, the mathematics take their own course, and equilibrium is restored as the natural and seemingly inevitable state of the market.

As the Great Recession showed, however, that does not happen in any serious dislocation of the housing market. When a borrower falls behind on the mortgage, there is one ultimate method for collecting on the unpaid debt: foreclosure.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Labor Department data that indicates another 2.1 million Americans filed for unemployment last week, Freddie Mac’s Weekly Primary Mortgage Market Survey that shows mortgage rates fell to another all-time low, and fintech news from SmartRent and Amazon. But before you listen, here’s a brief word from our sponsor.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-28

Housing market shows several signs of recovery

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses whether or not the U.S. housing market is beginning to recover from the COVID-19 pandemic’s impact.

For some background on the story, in an article, columnist Logan Mohtashami writes:

If we are diligent, we will be able to identify the return of hope and light coming back into the American economy. While no one could truly know when we’ll see the end of the coronavirus, we can at least know what signs to look for that the housing market is on the rebound:

Flattened Curve: The first, and in fact, a prerequisite event that will indicate that the economy will come out of this tunnel is the turning of the number of new cases of infection from positive to flat or negative.
End of Stay-at-Home Orders: The second and also prerequisite indicator that the economy will be getting back on track is the lifting of stay-at-home orders.
10-Year Yield Goes Above 1%: Dramatic changes in the bond markets were the harbingers of our oncoming economic decline and will be the beacons for our recovery.
Decline in Credit Stress and Jobless Claim: When credit stress and jobless claims start to fall, you can believe we are on the road to recovery.
Data from the hardest-hit sectors starts to trend upward: Some of the hardest-hit business sectors will show recovery first because the declines have been so horrific.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers the Mortgage Bankers Association’s weekly applications survey, an announcement from Zillow that it has resumed and expanded its ibuying service, and house price gains in Massachusetts’ housing market.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-27

Foreclosure lessons from past recessions

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses how the mortgage industry should be thinking about foreclosures during the nation’s economic downturn.

For some background on the story, here’s a brief summary of the article:

The current economic collapse raises pressing questions about what lessons we learned from the last one. No two crises are ever the same. Although they have many common elements, which flow directly from an extended plunge in economic activity, they have distinct causes and hence different trajectories. At a minimum, the reform measures that were put in place to address aspects of the prior crisis will alter the course of the next one.

The Great Recession, which lasted from December of 2007 to June of 2009, is of special interest here because it was an economic collapse brought about specifically by failures in the housing and mortgage markets. Some blame government policy for those failures, and it bears some share of the responsibility. Yet the greater weight of the evidence has shown that rampant Wall Street financial speculation was the core of the problem. The traditional approach to housing and mortgage financing became distorted by new mortgage-based investment instruments, leveraged lending, and lax underwriting, all of which turned out to be grounded in ill-founded assumptions.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers a forbearance report from the Mortgage Bankers Association, data from Zillow that shows a rebound in April’s pending home sales and Fannie Mae and Freddie Mac’s new online resources for consumers.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-26

4.2 million borrowers now in forbearance. Are servicers ready?

10 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath interviews Mortgage Bankers Association Senior Vice President and Chief Economist Mike Fratantoni on the giant uptick in forbearance requests in the industry, along with the impact these requests are having on the industry. According to the latest information from the MBA’s Forbearance and Call Volume Survey, as of May 17, the total number of loans now in forbearance now sits at 8.36%, meaning there are about 4.2 million homeowners now in forbearance plans.

When it comes to the biggest challenges that servicers are facing, Fratantoni said, “For servicers, one of the real challenges that they’ve been wrestling with is how to clearly communicate what those potential exits are from forbearance.”

“Thankfully, Fannie Mae and Freddie Mac have been out with some recent updates to their scripting and the launch of their deferral option, which we think in many cases is probably the most likely exit for a lot of borrowers,” he added.

Fratantoni also commented on the biggest challenges that lenders are dealing with, saying “On the lending side, there have been all kinds of complications for someone who does or does not miss pay their payments under forbearance. Does just the simple fact of being in forbearance alter their ability to get a refinance or buy a new home? That’s something that I think the FHFA and the GSEs are still struggling with.”

Fratantoni wraps up the interview by sharing his thoughts on the impact that the increase in forbearance requests could have on the potential for future delinquencies as borrowers start to exit forbearance at the end of this pandemic.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing and mortgage industries but are also helping Move Markets Forward. Hosted by the HW team and produced by Digital Producer Alcynna Lloyd.

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Published 2020-05-22

How will COVID-19 impact this year's homebuying demand?

8 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews Odeta Kushi, deputy chief economist at First American Financial, about the COVID-19 pandemic’s impact on this year’s homebuying demand.

For some background on the interview, here’s what has happened in the industry so far:

At the end of February and the beginning of March, it was projected that the spring homebuying season would arrive early.In fact, January 2020 was the strongest January for purchase mortgage applications in 11 years, according to the Mortgage Bankers Association.

The beginning of March also showed that homebuyers were anxious to get moving into homebuying season, but that was before the coronavirus changed everything.Although there were still homes being sold in early March, they were likely under contract in February, before COVID-19 forced most of the U.S. economy to shut down, Redfin said.

But towards the end of March, when stay-at-home orders were put into place and people were left unemployed, there was a 148% year-over-year increase in homes being delisted during the week ending March 29, coming to a total of 28,140 homes pulled off the market, according to Redfin.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-21

The Big Apple navigates its real estate troubles

8 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath spotlights New York City’s struggling housing market, as the metro is experiencing a significant decline in residential sales.

For some background on the story, here’s a brief summary of the article:

New York City is the U.S. epicenter of the coronavirus pandemic, and the local economy has been harshly impacted by the health crisis. But the city’s residential real estate market was facing problems before the pandemic hit town.

According to the Real Estate Board of New York, the city’s total sales volume during the first quarter of this year fell 16% year-over-year from $10.5 billion to $8.7 billion. Total residential transactions also took a 16% year-over-year hit, down from 10,382 sales in the first quarter of 2019 to 8,702 sales during the first three months of this year.

But after the pandemic paralyzed the city’s economy and created a healthcare nightmare in its hospitals, the housing market took an even sharper dive.According to data from PropertyShark, residential sales activity sank from the second week of March to the end of the month in a 61% year-over-year freefall. Sales activity during the first two weeks of April were 62% below the same period one year earlier.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers a report from Black Knight that claims U.S. mortgage delinquencies nearly doubled in April, data from Redfin that indicates the nation’s affordable housing markets are experiencing an uptick in home prices, and Freddie Mac’s weekly Primary Mortgage Market Survey.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-20

Here's what it will take for mortgage rates to drop below 3%

10 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath interviews HousingWire Mortgage Editor Ben Lane to discuss the current record low interest rates and the likelihood that rates will sink below 3% this year as the coronavirus pandemic continues to affect the economy.

For some background on the interview, here’s a small snippet of his article:

Until about three months ago, it was basically unthinkable that interest rates would ever fall below their record low of 3.31%, which was set in November 2012. But then the coronavirus happened.

And as the virus was wreaking havoc on the world and its economy, interest rates not only broke that record; they’ve since settled comfortably below the previous all-time record level and stayed under 3.3% for three straight weeks.

But is it possible that interest rates are on the verge of falling to levels no one ever thought they’d see: under 3%?

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

HousingWire articles covered in this episode:

Are mortgage rates about to fall below 3%?

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Published 2020-05-19

The LO responsibility during COVID-19

6 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses how the mortgage industry is learning to navigate a changing landscape.

For some background on the story, here’s a brief summary of the article:

The lending world is undoubtedly one of the most complex and ever-changing environments within the financial hub.

As loan originators, we are required to not only stay abreast of market changes but to also understand them enough to convey this information to our clients and referral partners alike.

For many companies, the uncertainty of the market has caused internal lending guidelines to tighten up and may be a point of contention amongst originators. So how do we handle the complexities? How do we have those conversations with our referral partners and even those sometimes-difficult conversations with clients in our pipelines? Further, do we revert to a fight or flight mentality? In order to be efficient in advising clients and partners on the daily changes, it is important to be armed with not only the current market but also what the future forecast may look like.

This will allow for originators to be able to have fluid educated conversations with clients and partners on when is the best time to move forward with their home purchases and/or refinances and when is a good time to lock their rates. This will help provide the tools for clients to make the necessary decisions regarding their personal situations.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Fannie Mae and Freddie Mac’s first step towards ending conservatorship, data from the Mortgage Bankers Association that suggests the forbearance rate is slowing its pace, and a forecast from Fannie Mae that projects mortgage refinancings to climb to a 17-year high.

HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-18

How COVID-19 threatens black homeownership

13 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews The Urban Institute's Alanna McCargo to discuss how the COVID-19 pandemic is likely to impact America’s black homeownership rate.

For some background on the interview, here’s what has happened in the industry so far:

Last year, the homeownership rate for black Americans fell to 40.6% in the three months through June, the lowest level in the Census Bureau’s quarterly data going back to 1994, according to a government report. It was the smallest share recorded for black households since the 1950 decennial Census when it was 34.5%.

After the 1968 Fair Housing Act banned discrimination in real estate practices, the homeownership rate for black Americans climbed steadily to a record high of 49.7% in 2004’s second quarter and stayed near that level for two years, according to Census data.

The downward trajectory began in 2007 when predatory home loans started going into default, sparking a financial crisis that spread across the globe as trillions of dollars in mortgage securities lost value. While the overall U.S. homeownership rate fell from 68.4% at the beginning of 2007 to 64.1% in 2019’s second quarter – a drop of just over four percentage points – the decline for black Americans was much steeper. The rate went from 48% to 40.6%, dropping more than seven percentage points.

And now data shows, that the Coronavirus pandemic is likely to worsen prospects for Black Americans, which will lead to a larger gap in the homeownership rate.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-15

COVID-19 pandemic drives growing fintech demand

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses how social distancing has spurred a growing demand for digital mortgages.

For some background on the story, here’s a brief summary of the article:

With the COVID-19 pandemic discouraging or entirely halting in-person meetings with lenders and appraisers, the adoption of digital mortgages has accelerated. Advances in technology have stepped up to address the stickiest non-digital segments of the mortgage application process.The current situation has added fuel to a decade-long trend among banks and lenders to provide more and better digital products and services.

For mortgage lenders, that means offering as much of an end-to-end experience – underwriting to approval to closing – as possible for prospective borrowers. This has grown from an electronic application to include more complex parts of the process, such as notarization and identification, employment and income verification, even inspection and appraisal.

At the same time, digital mortgage technologies – especially advances in video applications – have evolved enough to successfully balance borrowers’ need for speed with a human touch. Complex steps that often require human interaction, such as explaining final loan documents or understanding mortgage terms and options, can increasingly be done digitally.

As COVID-19 has complicated or discouraged homebuying, it also accelerated existing trends in mortgage lending. Those lenders that have already invested significantly in developing sophisticated and proven online and mobile solutions sit in the best position to benefit from the shift.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers an extended foreclosure and eviction freeze from Freddie Mac, Fannie Mae and the Department of Housing and Urban Development, a partnership between J.P. Morgan Asset Management and American Homes 4 Rent to build thousands of new rental homes, and Freddie Mac’s weekly Primary Mortgage Market Survey.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-14

The American dream of homeownership during COVID-19

8 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath examines if right now is a good time for Americans to purchase homes.

For some background on the story, here’s a brief summary of the article:

This spring home-buying season is anything but normal. What traditionally has been known as the busiest season for buying and selling homes has been upended by COVID-19.

The pandemic has spurred concerns about people entering homes and job security, all while potential buyers are hearing that interest rates are lower than ever but are being met with extremely tight credit restrictions. At the same time, a growing number of borrowers are filing forbearance requests.

Despite the list of evolving challenges, one thing that is still true this buying season is that there’s a lot of pent-up demand. Although some of the conventional thinking on what makes now a good time to buy still remains true, there are new factors for home shoppers to consider, especially since the last recession was drastically different than this one.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers a new relief bill introduced by House Speaker Nancy Pelosi (D-CA), a forbearance announcement from Fannie Mae and Freddie Mac, and a report from LendingTree that claims Google searches for “homes for sale” have rebounded.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-13

The hidden impact of forbearance

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses why forbearance has become a scarlet letter on consumer credit reports.

For some background on the story, here’s a brief summary of the article:

Mortgages in forbearance as a result of COVID-19 have to be reported as “current” on credit reports.

That’s the law, as laid out in Section 4021 of the CARES Act passed by Congress at the end of March. It says servicers “shall report the credit obligation or account as current.”

But, it turns out there’s a workaround that can make it difficult for people with mortgages in forbearance to get another home loan after the COVID-19 crisis is over – for as long as a year after the forbearance period ends. That can impact their ability to refinance or buy a home when times are better.

The CARES Act doesn’t mention the comments section of credit reports, and that’s where forbearance notations are going.

Any reference to forbearance on a credit report, including in the comments section, can be a “scarlet letter” for an applicant hoping to get a new mortgage, said David Stevens, the former head of the Mortgage Bankers Association who is now CEO of Mountain Lake Consulting.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers a report from Realtor.com that claims the housing market will bounce back this year, data from Avail that indicates the number of incomplete rent payments has risen 93% during the COVID-19 pandemic, and the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, which reports an uptick in purchase demand.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

HousingWire articles covered in this episode:

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Published 2020-05-12

Low mortgage rates and housing’s double-edged sword

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the housing industry’s catch-22. Currently, mortgage interest rates are lower than ever, but millions of U.S. borrowers still can’t receive a home loan.

For some background on the story, here’s a brief summary of the article:

Despite the fact that mortgage rates have been at or near record lows for more than a month, millions of potential borrowers are facing a situation where it’s simultaneously never been a better time to buy a home and never been harder to get a mortgage; a true mortgage catch-22.Ironically, the cause of both the record low-interest rates and certain borrowers’ powerlessness to take advantage of those rates is the same thing: the coronavirus. Even as the impact of COVID-19 has driven mortgage rates down, the virus has also crippled the U.S. economy, sent unemployment skyrocketing, and altered the mortgage lending landscape so deeply that it may take years to recover.That’s leading to millions of would-be borrowers being left behind thanks to a brutal combination of factors that’s making it nearly impossible for them to get a loan, even if they want and could get one otherwise.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers the Mortgage Bankers Association report that claims almost 4 million mortgages are now in forbearance, housing market research from Amherst that claims government resources are leaving renters behind and MBA data that indicates the mortgage delinquency rate jumped in the first quarter of 2020.

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Published 2020-05-11

Can the housing industry revive the U.S. economy?

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the housing industry’s role in reviving the U.S. economy.

For some background on the story, here’s a brief summary of the article:

The housing industry got a bad reputation the last time the American economy tanked.Not the houses themselves – most of them are still in place, perhaps painted a time or two since 2008, now being used to home-school children and provide families with shelter from the worst pandemic in more than a century.It was, specifically, a risky sub-sector of home financing – subprime loans – that got packaged into bonds, stamped with Triple-A ratings and sold at huge profits to investors including pension funds and Wall Street banks. When banks started failing, it pushed the nation’s financial system to the brink.Now, the housing industry has a chance to redeem its reputation by rescuing the American economy, said Frank Nothaft, chief economist of CoreLogic. Nothaft was the chief economist of Freddie Mac for 28 years, including the time of the housing crash and three years into the recovery.It’s a familiar role for the nation’s largest asset class: In every recession before the 2008 financial crisis, housing supported GDP as other industries faltered.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers The Treasury Department’s Financial Crimes Enforcement Network’s investigation into money laundering in the real estate industry, the National Multifamily Housing Council’s latest report that indicates 80% of U.S. renters were able to make a rent payment in May and an announcement from New York Governor Andrew Cuomo to extend the state’s eviction moratorium through August.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

HousingWire articles covered in this episode:

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Published 2020-05-08

Inside the mortgage industry’s fight to navigate the pandemic

10 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath interviews HousingWire’s Ben Lane on how one month nearly broke the U.S. housing ecosystem as the coronavirus pandemic rocked the mortgage industry.

Lane has been closely following the pandemic’s impact on the mortgage ecosystem, breaking down some of the landmark moments that led to where the industry stands today. He also shares his thoughts on what lies ahead for the mortgages industry since the challenges born out of the COVID-19 pandemic are far from over. Here’s a quick preview of today’s interview.

What were some of the first signs that the virus was impacting the mortgage lending market?As the virus began spreading, outside of China and then into the European countries and then eventually to the U.S., global investors sought refuge from that kind of carnage in US bonds, which are generally thought of as safer than other financial instruments, and that drove mortgage rates down to record lows, which have since been broken. That drove mortgage rates down to lows that had never been seen before, under 3.3% for a 30-year fixed rate, and that led to a refinance boom that just exploded.

He goes on to explain the consequences that this had on the market, along with the biggest pain points that it created.

The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

HousingWire articles covered in this episode:

How one month nearly broke the housing ecosystem

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Published 2020-05-07

The housing industry’s race to receive PPP loans

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the Housing industry’s scramble to receive loans from the Payroll Protection Program.

For some background on the story, here’s what has happened in the industry so far:

From April 3 to April 13, about 14% of real estate companies in the U.S. – including sales, leasing and maintenance firms – got funding in the first round of the Payroll Protection Program created by Congress to rescue small businesses, according to loan data from the Small Business Administration.The loans are intended to help companies keep employees on their payrolls amid the worst public health crisis in more than a century. But the program was beset with complications from the beginning, with lenders unable to process initial requests to provide the loans, small businesses unable to properly request PPP funding, and some banks even reportedly favoring their own clients over non-clients.On April 9, Senate Majority Leader Mitch McConnell attempted to add $250 billion to the program using a legislative technique known as unanimous consent. In the end, the bill approved by the Senate on April 22 had $320 billion of additional funding for PPP, with $60 billion earmarked for community banks and small lenders. But because of the way the loan distributions were initially handled, the industry-share numbers could change and for many small businesses trying to get a loan, the experience has felt a bit like being in a mosh pit – those areas at heavy metal concerts where body slamming is the rule.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers a Fannie Mae forecast that projects U.S. refinance volume hitting a 7-year high, The Labor Department’s data that shows another 3 million Americans have now filed jobless claims, and Freddie Mac’s Primary Mortgage Market survey that indicates the average mortgage rate is 3 basis points away from another all-time low.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

HousingWire articles covered in this episode:

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Published 2020-05-06

Where does Democratic Party presumptive nominee Joe Biden stand on homeownership?

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses former Vice President and current Democratic Party presumptive nominee Joe Biden’s plans to support black businesses and homeownership.

On Tuesday, Biden urged voters to support his plans to boost the economic prospects of black Americans, including an increase in homeownership.

Biden reiterated the proposal he made during the heat of the primary campaign to create a new public credit reporting agency within the Consumer Financial Protection Bureau that would replace for-profit credit reporting companies like Experian.

Biden also proposed establishing national standards for housing appraisals aimed at ending “the undervaluing of homes in African American neighborhoods,” without providing specifics.

Additionally, he urged Congress to reserve half of all new relief funds for small businesses with 50 or fewer employees, a category he said includes 98% of all minority- and women-owned businesses.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers a report from the Mortgage Bankers Association that indicates the nation’s banks now have the largest share of mortgages in forbearance, Zillow’s housing forecast that predicts home price declines throughout the rest of 2020, and the MBAs weekly applications survey, which reports an uptick in U.S. mortgage applications.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

HousingWire articles covered in this episode:

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Published 2020-05-05

Ed DeMarco on the mortgage industry’s tremendous uncertainty

17 min

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews Housing Policy Council President and former Federal Housing Finance Agency Acting Director Ed DeMarco on how COVID-19 has impacted the housing ecosystem, as well as what issues the housing industry will need to tackle once the pandemic passes.

For some background on the interview, here's what has happened in the industry so far.

In April, despite growing calls from the housing industry for a federally backed liquidity facility for servicers to address the increase in forbearance requests due to the coronavirus, Federal Housing Finance Agency Director Mark Calabria told HousingWire that no such facility was coming.This prompted David Stevens, the former head of the Federal Housing Administration and CEO of the Mortgage Bankers Association, to write that the mortgage industry was “standing on the precipice” of widespread havoc due to a potential deluge of forbearance requests from borrowers.Stevens’ sentiment differed greatly from Calabria, who told HousingWire that he did not believe the industry was facing the calamity that Stevens and others predicted, especially on the nonbank side. In fact, despite the industry’s concerns of growing forbearance requests, Calabria said he expected approximately 1 million GSE mortgages to be in forbearance by May.In response, more than 20 Republican members of the House of Representatives sent a letter to the Department of the Treasury, urging Treasury Secretary Steve Mnuchin to create a liquidity facility for servicers that might find themselves in financial distress due to advancing principal and interest payments to investors on loans that are in forbearance.They were later joined by two of the top Democrats in Congress and The Conference of State Bank Supervisors, in their plea to have the government step in and help servicers. However, their calls were unanswered and the nation’s forbearance request kept climbing.By late April, Fannie Mae revealed that they had approximately 1 million GSE mortgages in forbearance at the GSE alone and they didn’t expect the figure to stop growing any time soon.As a means of combating this uptick, the GSEs recently offered other solutions, such as allowing servicers who collect payments on mortgages backed by Fannie Mae and Freddie Mac to only have to cover four months of missed payments on loans in forbearance.However, the big question now is what happens when that four-month period is over? Well, as it turns out, the GSEs themselves are preparing to cover any remaining advances for as long as those loans remain in forbearance.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-04

Will the FHFA kill the mortgage industry?

9 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath covers a PULSE article from former Mortgage Bankers Association President David Stevens on his thoughts on how the Federal Housing Finance Agency’s actions have resulted in significant credit contraction for the mortgage industry.

In his HousingWire PULSE article, Stevens says:

It is now over one month since the CARES Act was passed, creating a blanket forbearance option for all borrowers in a GSE, FHFA, VA, or USDA loan to skip six to 12 months of payments. Legislation established by Congress with the intent of calming concerns of homeowners across the country has thrust an entirely new credit availability contraction over the entire nation.Because of the rush to pass legislation, the unforeseen adverse impacts could not have been fully vetted in advance. As a result, we found a multitude of challenges, but it really came down to these two:

How would mortgage servicers come up with the tens of billions in needed advances to bond holders of loans in forbearance?
What about borrowers who went into forbearance after settlement and before the loans were sold to the GSEs or into GNMA securities?

Unfortunately, the FHFA director made some unwelcome judgmental comments and policy decisions that have resulted in an unprecedented tightening of credit across the entire mortgage industry, threatening to impair a key sector of the economy that some economists were expecting would help lead us back to recovery.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Fannie Mae’s announcement that more than 1 million of its borrowers are already in forbearance, plans by the nation’s top GSEs to make payments directly to investors for loans that stay in forbearance longer than four months, and a report from OJO Labs that details how COVID-19 has changed the mindset of U.S. potential homebuyers.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-05-01

Can the housing market recover from COVID-19?

10 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses whether or not COVID-19 will derail the U.S. housing market.

In an HW+ PULSE article, contributor Rick Sharga says:

Like most of the news surrounding the COVID-19 global pandemic, reports about the U.S. housing market have been discouraging. Year-over-year listings of homes for sale have plummeted – in the worst-hit markets like New York City, listings are down 80% compared to April 2019. Home sales began to slow down dramatically in the last half of March, and are expected to drop even more drastically in April and May, which are usually two of the months with the highest volume of home sales. Pending home sales are off over 30%. And over 3 million homeowners have applied for mortgage payment forbearance, causing at least some concern about a large number of potential defaults at the end of the forbearance period. None of this should be surprising, under the circumstances. With almost every state in the country implementing some form of shelter-in-place order and shutting down most non-essential businesses, more than 25 million citizens filed for first-time unemployment benefits over the past four weeks. Given all of this, anything other than bad news in the housing market would be a huge surprise. The question isn’t whether housing numbers will continue to suffer until the pandemic recedes and the economy has a chance to begin its recovery. It’s what happens after that.

Following the main story, HousingWire Digital Producer Alcynna Lloyd spotlights Michigan’s resilient housing ecosystem, the Department of Housing and Urban Development’s Office of the Inspector General’s report that indicates some of the nation’s largest mortgage servicers are providing borrowers with inadequate forbearance information, and Wells Fargo’s announcement that they will no longer accept applications for new HELOCs.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-04-30

Does the rental market need its own Paycheck Protection Program?

8 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses why some believe the housing sector needs its own version of the Paycheck Protection Program for businesses that own and operate multifamily housing.

In a HousingWire PULSE article, contributors Carol Galante and Barry Zigas say:

The one-third of American households who rent their homes are facing unprecedented pressure from the economic fallout of the coronavirus pandemic. Without immediate help, families will face either eviction or crippling unpaid rent bills. The owners of rental properties will increasingly find themselves without the money needed to pay regular expenses including for health and safety measures, utilities, property taxes and payroll. If ignored, the problems will get worse. Without federal support, the country will suffer cascading negative impacts throughout the economy.There is a solution. We propose a program like the Small Business Administration’s Paycheck Protection Program (PPP), but directed specifically at the businesses that own and operate rental housing. It would be structured to provide funds, on an ongoing monthly basis, to substitute for lost rental income for as long as it is needed.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Freddie Mac's Primary Mortgage Market Survey data that reveals U.S. mortgage rates have now fallen to a new all-time low, the Labor Department’s report that indicates the nation’s jobless claims have spiked to 30 million during the COVID-19 pandemic, and the Federal Reserve’s decision to slow the pace of mortgage purchases.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

HousingWire articles covered in this episode:

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Published 2020-04-29

COVID-19 accelerates home-buying migration trends

8 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses whether or not the COVID-19 pandemic will spur home-buying migration from dense U.S. cities.

When state governments ordered residents to stay at home more than a month ago, it triggered a wave of temporary migration. While some in the Northeast flocked to Florida, others, wary of germs easily spreading in high-rise building elevators and through dense city life, rented homes in the suburbs. Still others, particularly young single adults, packed bags and moved back in with their parents.

As states plan to reopen their economies, what changes COVID-19 will have on the housing market remain to be seen. Demographers and Realtors alike predict this is a tipping point for people who’ve already been dreaming of backyards, private pools, and more space. It will accelerate trends that were already happening, they said, and bring a new level of consideration – whether people upgrade their apartments and condos for larger units or move out of dense cities altogether.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers the Commerce Department’s report that indicates coronavirus has ended America’s longest economic expansion, the Mortgage Bankers Association’s weekly mortgage applications survey that reveals the nation’s home purchase applications are on the rise and the National Association of Realtors’ pending home sales report, which highlights U.S. pending home sales declined 20.8% in March.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-04-28

Why is the Fed's unlimited support essential to the mortgage industry?

10 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath interviews HousingWire’s Kathleen Howley on how Federal Reserve Chairman Jerome Powell rescued the mortgage market, initially announcing plans on March 15 to buy bonds in the form of $500 billion in Treasury bills and $200 billion of mortgage-backed securities.

On a Sunday night call with journalists in mid-March, four days after the World Health Organization had labeled COVID-19 an “alarming” global pandemic, Federal Reserve Chairman Jerome Powell laid out his plans to rescue the U.S. economy.

Powell started by expressing concern for the victims of the coronavirus and for the harm caused by the economic shutdowns, describing the “stay at home” orders being issued by state governors as “essential for containing the outbreak.”

He also announced more than half a dozen new measures the Fed would employ to buffer the economic blow of the shutdowns, including the Fed’s biggest foray into the bond market in over a decade.

The bond-buying would take the form of $500 billion in Treasury bills and $200 billion of mortgage-backed securities, Powell said on that March 15 call.

Both would support the mortgage market because the investors who decide what yield they’re willing to take for MBS – and thus what interest rate borrowers pay for home loans – benchmark their decisions off the yield for long-term Treasuries, especially the 10-year bill. Yields shrink when competition for bonds goes up.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

HousingWire articles covered in this episode:

How Fed Chairman Powell rescued the mortgage market

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Published 2020-04-27

Mortgage servicers face an uphill battle

10 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses some of the biggest challenges facing U.S. mortgage servicers during the Covid-19 pandemic.

To get a reading on how people in the mortgage industry are handling the ever-changing impact of coronavirus, HousingWire surveyed its own LendingLife readers and received dozens of replies on how they’re handling the current lending environment. The answers from these lenders vary drastically from person to person, showing there is no one-size-fits-all solution for getting through this crisis.

One Texas-based sales manager stated his company has taken multiple steps during the coronavirus pandemic, including temporarily raising minimum FICOs on all government loans to 640 and suspending non-traditional credit and all bond and DPA programs. Echoing similar challenges, another respondent working at a Denver-based brokerage said he now operates with a limited range of available offerings and overlays that threaten to terminate a borrower who would otherwise be qualified.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers what three prominent industry leaders theorize the housing market could behave like after the Coronavirus pandemic, RentCafé’s report that indicates an upturn in U.S. multifamily apartment searches, and Fannie Mae and Freddie Mac’s declaration that borrowers in forbearance living in homes owned by the GSEs will never be required to make up missed payments in a lump sum.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-04-24

Stevens: There is an outrageous amount of liquidity pressure on nonbanks

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In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews Mountain Lake Consulting CEO David Stevens, who is also the former head of the Federal Housing Administration and former Mortgage Bankers Association president, on the growing liquidity pressure that nonbanks are facing.

Stevens comments on whether or not the Federal Housing Finance Agency is doing enough to address the nation’s uptick in forbearance requests from financially strained borrowers, stating, “There's still an outrageous amount of liquidity being advanced for servicing that Freddie and Fannie own that these services are servicing for them on their behalf.”

He added that it’s putting an “outrageous amount of liquidity pressure onto the nonbank community in particular, but also for servicers across the board.”

But before jumping into the interview, HousingWire’s HW+ Managing Editor Brena Nath touches on today’s top stories ranging from the coronavirus’ impact on California’s real estate market and Movement Mortgage’s decision to lower its minimum FICO credit scores on Federal Housing Administration and Department of Veterans Affairs loans.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-04-23

NCUA follows banking regulators to approve new appraisal policy

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses an announcement from the National Credit Union Administration (NCUA) that credit unions can now delay appraisals up to 4 months after a mortgage closes. Last week, Federal banking regulators moved to allow banks to delay getting an appraisal on a property for as many as 120 days after a mortgage closes, and now, credit unions can do the same thing.

In order to “allow credit unions to expeditiously extend liquidity to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the National Emergency declared in connection with coronavirus disease,” the NCUA will allow credit unions to postpone obtaining an appraisal until four months after a mortgage closes.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers the Labor Department’s latest report that indicates U.S. jobless claims rose by 4.43 million last week, Freddie Mac’s weekly Primary Mortgage Market Survey that reveals mortgage rates slightly ticked up to 3.33% and the U.S. Census Bureau’s new-home sales report that reveals new-home sales tumbled 15.4% in March, marking the biggest drop in more than six years.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-04-22

GSEs open door to buying some mortgages in forbearance

8 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the Federal Housing Finance Agency’s announcement that Fannie Mae and Freddie Mac will now begin buying some mortgages that are in forbearance. Citing the need to keep the mortgage market “working for current and future homeowners during these challenging times,” the FHFA announced Wednesday that it is allowing the GSEs to buy loans that go into forbearance within the first month.

Under the GSEs’ current policies, Fannie and Freddie do not buy loans in forbearance. But given the unprecedented rise in forbearance due to the coronavirus, today’s action lifts that restriction for a limited period of time and only for mortgages meeting certain eligibility criteria, the FHFA said in a statement.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers the Senate’s approval of additional funding for the nation’s small-business loan program, the FHFA’s home price index, which indicates an uptick in home prices for the month of February, and the Mortgage Bankers Association’s weekly applications survey, which reported a retreat in mortgage application volume last week

The Daily Download examines the most captivating articles reported by the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-04-21

The FHFA finally announces a solution for servicer liquidity

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the Federal Housing Finance Agency’s move to help mortgage servicers that collect payments on loans backed by Fannie Mae and Freddie Mac. For the last several weeks, the mortgage servicing industry has been crying out for help, lobbying the government to set up a federally backed liquidity facility for servicers to address the rapid rise in forbearance due to the coronavirus. Rather than setting up a liquidity facility, which would help servicers cover the principal and interest payments they are required to send investors on loans that are in forbearance, the FHFA is changing Fannie and Freddie’s policies to limit the number of payments servicers will be required to make.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Fannie Mae and Freddie Mac’s decision to delay the mandatory use of the new Uniform Residential Loan Application, a new rule that will allow banks to postpone property appraisals 120 days after a mortgage closes, and a new report from the National Association of Realtors that reveals existing-home sales declined by 8.5% in the month March.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-04-20

Is there still a spring home-buying season?

9 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the nation’s ongoing spring home-buying season as data indicates an uptick in demand despite COVID-19 pessimism. In an article written by HousingWire’s Phil Hall, several housing industry experts question doom-and-gloom forecasts, pointing to continued activity in the mortgage space. One, in particular, Paul Buege, president of Inlanta Mortgage in Pewaukee, Wisconsin, observed that the crisis is having “an impact on some of the first-time homebuyers that are in the lower credit spectrum." He also pointed out that those most impacted by current economic mayhem are not driving the market and have pretty much pulled themselves out of the spring home-buying season for the moment.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Black Knight’s recent forbearance data that indicates nearly 3 million American borrowers are already in forbearance, Realtor.com’s new online feature that allows potential homebuyers to virtually tour homes and a pledge from three of the nation’s biggest credit reporting agencies to provide consumers with free credit reports once a week for the next year.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-04-17

The industry’s fight to save the Paycheck Protection Program

7 min

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In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the mortgage industry’s determination to revive the Paycheck Protection Program, a landmark piece of the CARES Act designed to help small businesses continue functioning while the coronavirus has the country shut down. On Thursday morning, the federal government’s rescue program ceased accepting new applications, leaving countless businesses without an alternative to secure funding to continue paying their employees. The Paycheck Protection Program provided nearly $350 billion to help small businesses, but just over two weeks after lenders were first able to accept loan requests, the Small Business Administration said the program’s funding has been exhausted.

Following the main story, HousingWire Digital Producer Alcynna Lloyd touches on a new call from a housing and civil rights coalition that includes the CEO of Mountain Lake Consulting and former Mortgage Bankers Association chief executive David Stevens, along with national and regional civil rights organizations and minority-focused real estate trade associations like the NAACP, the Asian American Real Estate Association and the National Association of Hispanic Real Estate Professionals. The groups came together to push for the creation of a federal liquidity facility for U.S. mortgage servicers.

Additionally, Lloyd covers a new survey published by the National Association of Realtors, which details the housing market’s evaporation of homebuyer interest, and JP Morgan Chase’s temporary pausing of home equity lines of credit.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

Check back next week for updates on the Paycheck Protection Program and the latest pulse on the top news stories.

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Published 2020-04-16

The pressure to create a servicing liquidity facility heats up

7 min

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In today’s Daily Download episode, HousingWire HW+ Managing Editor Brena Nath discusses a new push by the nation’s top Democrats and banking regulators to aid the housing industry’s struggling mortgage servicers. This week, House Financial Services Committee Chair Rep. Maxine Waters, D-CA, and Sen. Sherrod Brown, D-OH, the ranking member on the Senate Committee on Banking, Housing and Urban Affairs, along with the state banking regulators in all 50 states, sent a letter to Department of the Treasury Secretary Steve Mnuchin and Chair Jerome Powell, pressing them to help mortgage servicers.

Following Nath, HousingWire Digital Producer Alcynna Lloyd touches on U.S. Census Bureau and Department of Housing and Urban Development data that indicates U.S. housing starts plummeted to a 36 year-low in March, Freddie Mac’s weekly Primary Mortgage Market Survey that reveals mortgage rates have now averaged 3 basis points above an all-time low, and Labor Department data that reports another jump in the nation’s unemployment claims.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-04-15

Appraisals take center stage in creating emergency relief

8 min

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In today’s Daily Download episode, HousingWire HW+ Managing Editor Brena Nath discusses newly announced rules from federal banking regulators, which will allow banks to delay property appraisals for as many as 120 days after a mortgage closes. On Tuesday, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency announced the rules in hope of extending financing to creditworthy households and businesses impacted by the coronavirus pandemic.

Following Nath, HousingWire Digital Producer Alcynna Lloyd touches on Department of the Treasury Secretary Steve Mnuchin’s pledge to make sure the U.S. mortgage market continues to function properly, The Mortgage Bankers Association’s weekly mortgage applications survey that reported an uptick in refinance borrowers, and the National Association of Homebuilders and Wells Fargo’s Housing Market Index, which revealed homebuilder confidence fell to an 8-year low during April.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-04-14

HUD Secretary Ben Carson answers where housing stands in the pandemic

9 min

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In the Daily Download episode today, the Secretary of the U.S Department of Housing and Urban Development Ben Carson joins Digital Producer Alcynna Lloyd in an exclusive interview that breaks down the state of U.S. affordable housing, the nation’s lending practices and what HUD and the Federal Housing Administration are doing to address forbearance.

Before jumping into the interview, HW+ Managing Editor Brena Nath breaks down the current top stories, which includes the National Association of Realtor's how-to guide on managing work during coronavirus, along with an explanation on why reverse mortgages are getting a second look amid pandemic chaos.

During the interview, in reference to the pandemic's impact on the U.S. housing market, Dr. Ben Carson said, "I just really want to emphasize the fact that this too will pass and the impact of it is also going to go away," he said. "But there's a lot of things that will be changed forever in our society, and what we have to do is make sure that we make the best of this situation."

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

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Published 2020-04-13

Are tighter lending standards the new normal?

9 min

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The Daily Download examines the most captivating articles reported from the HousingWire newsroom.

Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry, but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

Today, HW+ Managing Editor Brena Nath interviews our own Editor-at-large Kathleen Howley on how lenders are tightening their standards by the hour as some borrowers think they don’t have to pay their mortgage.

After the interview, Brena also gives a quick breakdown of the top stories right now, including how one mega bank just increased their down payment requirement to 20% on all new purchase loans.

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Published 2020-04-10

The Fed is keeping its eyes on mortgage servicers

8 min

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The Daily Download examines the most captivating articles reported from the HousingWire newsroom.

Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

Today, HW+ Managing Editor Brena Nath covers why Federal Reserve Chairman Jerome Powell is urging caution in reopening the U.S. economy. Digital Producer Alcynna Lloyd discusses the latest mortgage credit availability report, The National Association of Realtors' recent housing survey, which confirms growing concern over the spring housing market, and a CEO's determination to keep all of his staff employed during this economic downturn.

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Published 2020-04-09

The Industry responds to FHFA Director Mark Calabria's views on mortgage servicing

9 min

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The Daily Download examines the most captivating articles reported from the HousingWire newsroom.

Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

Today, HousingWire’s Community Editor Brena Nath covers the Mortgage Bankers Association’s response to Federal Housing Finance Agency Director Mark Calabria’s recent comments, regarding the FHFA not making any servicer liquidity available.

According to the MBA, Calabria is sending a troubling message to U.S. borrowers, lenders, and the mortgage market at large.

Digital Producer Alcynna Lloyd also discusses Calabria’s recent call out to observers calling forbearance a “mortgage holiday”, the bipartisan Senate push to create a liquidity facility for U.S. mortgage servicers and why the Federal Reserve believes the COVID-19 pandemic warranted a forceful response.

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Published 2020-04-08

FHFA Director Mark Calabria responds to the industry

8 min

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The Daily Download examines the most captivating articles reported from the HousingWire newsroom.

Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

Today, HousingWire’s Community Editor Brena Nath provides us with an overview touch base on Federal Housing Finance Agency Director Mark Calabria’s recent comments regarding a potential deluge of forbearance requests from borrowers. According to Calabria, the housing finance industry shouldn't expect the FHFA to save any nonbank from failing. Digital Producer Alcynna Lloyd also discusses Calabria’s claim that no liquidity facility is coming for mortgage servicers, the appraisal industry’s lack of representation and a new report that identifies which housing markets are likely to be deeply impacted by the coronavirus pandemic.

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Published 2020-04-07

Does the industry need a liquidity facility for servicers?

7 min

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The Daily Download examines the most captivating articles reported from the HousingWire newsroom.

Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

Today, HousingWire’s Community Editor Brena Nath provides us with an overview on the new dilemma facing U.S. mortgage originators. Digital Producer Alcynna Lloyd also discusses the Federal Housing Finance Agency’s new mortgage relief options, the mortgage industry’s call for liquidity facility for servicers, and why Washington must act to avoid a mortgage market disaster.

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