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FHFA Updates Policy on Single-family Mortgages in Forbearance

21. October, 2020|DS News|No comments

The Federal Housing Finance Agency (FHFA) has announced a one-month extension of its temporary policy of allowing the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria as set by Fannie Mae and Freddie Mac. The policy, which covered loans originated through Oct. 31, will now encompass loan originations through Nov. 30. …

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Hitting a Moving Target

21. October, 2020|DS News|No comments

Editor’s note: This story originally appeared in the October edition of DSNews, out now. How do you solve (or prepare for) a problem you know is coming but don’t know how big it’s going to be? That’s the challenge facing the industry, several months into the CARES Act. So far, more than 4.1 million borrowers have requested forbearance on mortgage payments; much …

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Housing Activity Heats Up as Weather Cools

21. October, 2020|DS News|No comments

According to research by BuildFax, the housing market is heating up, just as temperatures are starting to cool. With Autumn’s approach, BuildFax points to America’s overall housing activity humming along, growing at a steady pace as we say goodbye to summer for good. In fact, BuildFax’s numbers show that the housing market witnessed a steady …

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Why Have Lenders Changed Underwriting Standards?

21. October, 2020|DS News|No comments

The mortgage interest rate—it has repeatedly been reported—is at a record low and purchase loan application data indicates tremendous demand for home buying, according to the data analysts at CoreLogic, which in an article published Wednesday, compared the credit attributes for conventional conforming loans in Q2 of 2020 to the same quarter last year. “Loan …

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Industry Leaders Address Racism, Refi Fee, and Lending Technology

21. October, 2020|DS News|No comments

Representatives from organizations including FHFA, FHA, GSEs, and HUD all spoke during a virtual event this week by the Mortgage Bankers Association (MBA). See remarks from FHFA’s Mark Calabria, here. The facilitator of a virtual event Tuesday said, during a GSE panel, that “collective action is going to be what moves us forward.” That was …

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How the CFPB is Helping Homeowners Struggling with Payments

20. October, 2020|DS News|No comments

The pandemic, along with the economic downturn it has caused, leaves homeowners across the country struggling to meet their mortgage payments. This has put more pressure on the Consumer Financial Protection Bureau (CFPB) to find ways of helping homeowners who have been impacted by COVID-19. At this year’s MBA Convention and Expo, Kathy Kraninger, director …

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Delinquency Rate Doubles Great Recession Peak

20. October, 2020|DS News|No comments

In July 2020, 6.6% of mortgages in the U.S. were delinquent by 30 days or more including those in foreclosure; this represents a 2.8-percentage point increase in the overall delinquency rate compared with July 2019. The CoreLogic Loan Performance Insights report measures mortgage performance through July, and is available in full here (upon login). “Measuring …

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Why Credit Scores Are Rising Amid National Crisis

20. October, 2020|DS News|No comments

The average FICO credit score hit a record high of 711 this past July. This uptick to the score may come as a shock, especially since it has taken place several months “knee deep” amid a global pandemic, FICO representatives told CNBC Make It. Even as tens of millions of American workers are currently unemployed …

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FHA Announces COVID-19 Forbearance Request Extension

20. October, 2020|DS News|No comments

The Federal Housing Administration (FHA) and U.S. Department of Housing and Urban Development (HUD) today announced it is extending the date for single family homeowners with FHA-insured mortgages to request an initial forbearance from their mortgage servicer to defer their mortgage payments for up to six months. Homeowners experiencing a financial hardship as a result …

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Residential Construction Reflects ‘Record-High Builder Optimism’

20. October, 2020|DS News|No comments

The U.S. Census Bureau released its construction statistics for September, recording a 1.9% increase in housing starts compared to August. Single-family residential starts rose 8.5% over the month to 1.1 million annualized units, a level not seen since 2007. Realtor.com’s Chief Economist George George Ratiu credits “record-high builder optimism” and a “strong wave of buyer demand” …

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DS5: Housing Forecasts & the State of Foreclosure Auctions

19. October, 2020|DS News|No comments

In this week’s DS5: Inside the Industry, Auction.com’s VP of Market Economics, Daren Blomquist, shares his thoughts on where housing is headed and what effects the health crisis is having on foreclosure auctions.

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FHFA’s Calabria on Loan Extensions and New GSE Rule

19. October, 2020|DS News|No comments

FHFA Director Mark Calabria spoke Monday at a virtual event, where his session focused on the agency’s current priorities— the talk included two announcements, one about a new GSE-feedback rule, and the other related to extensions to loan flexibilities. Calabria used his allotted time at a Mortgage Bankers Association (MBA) event to outline steps the …

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New-Home Construction in Areas at Risk of Wildfire

19. October, 2020|DS News|No comments

According to data related to wildfires, new homes continue to be constructed in high risk areas. Cape Analytics used artificial intelligence to analyze wide swaths of geospatial imagery to help insurers and other companies better understand properties and property risk, the company reported. “We wanted to explore exactly how much sprawl there has been in …

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Former Fannie Mae CEO James A. Johnson Dies at 76

19. October, 2020|DS News|No comments

James A. Johnson, who served as CEO of Fannie Mae from 1991 to 1998 and was a Democratic campaign operative, died on Sunday, Oct. 18 at the age of 76. His son, Alfred, told The Washington Post and Wall Street Journal that he passed away due to complications from a neurological condition at his home …

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Q3 Foreclosure Starts Have Decreased Most in These Cities

19. October, 2020|DS News|No comments

While foreclosure starts are down to the lowest levels since 2008, the impact of a national health crisis and related foreclosure moratoria is different for various parts of the country. ATTOM Data Solutions, which published a September and Q3 2020 U.S. Foreclosure Market Report showing foreclosure filings down 12% from Q2 2020 and down 81% …

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