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There has apparently been considerable confusion regarding servicer obligations to report to credit agencies regarding loans in forbearance. The original guidance issued to servicers by the GSEs Fannie Mae and Freddie Mac in mid-March regarding the COVID-19 emergency instructed them "to suspend reporting the status of a mortgage loan to credit bureaus during an active forbearance plan, or a repayment plan or Trial Period Plan where the borrower is making the required payments as agreed, even though payments are past due, as long as the delinquency is related to a hardship resulting from COVID-19." That guidance was countermanded by provisions in the Coronavirus Aid, Relief, and Economic Security or ''CARES Act'' passed by Congress later that month. Section 4021 of the Act modifies parts of
Housing News
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There has apparently been considerable confusion regarding servicer obligations to report to credit agencies regarding loans in forbearance. The original guidance issued to servicers by the GSEs Fannie Mae and Freddie Mac in mid-March regarding the C... (read more)
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MBS Commentary
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Which Way Do We Go?
Markets continue trying to sort out the prospects for a recovery vs the risk of covid-19 resurgence. This is resulting in strong correlation between stocks and bonds. Both have... (read more)
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Housing News
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Residential construction numbers climbed in May after their pandemic-driven collapse in April. The Census Bureau and the Department of Housing and Urban Development report that both permitting and starts rose during the month although completions fel... (read more)
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Rob Chrisman
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Yesterday afternoon I was doing my quarterly ten minutes of YouTube yoga (“Align those internal organs! “The journey is the reward!”) and my mind wandered to how economists are great at predicting the past. (No, I didn’t make ... (read more)
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Housing News
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Mortgage Application volumes continued to grow during the week ended June 12 as mortgage rates reached new lows and states allowed more businesses to reopen. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of applica... (read more)
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Mortgage Rate Watch
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Mortgage rates moved higher for the 3rd straight business day. That said, last Friday is better described as being a "2nd consecutive day of all-time lows." Even yesterday, the average lender was able to quote rates under 3% for top tier conventional... (read more)
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