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

June 17, 2020 Download our Mobile App: Download our Mobile App: Housing News CFPB Attempts to Clarify Servicer Credit Reporting Requirements 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) MBS Commentary MBS Live Recap: Which Way Do We Go? 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) Housing News New Home Construction is Officially Picking Back Up 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) Rob Chrisman CRM, Processing, Buyback Insurance Products; COVID, the CFPB, Credit Reports, and Rates 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) Housing News Purchase Applications Hit 11yr High, Refi Boom Continues 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) Mortgage Rate Watch Mortgage Rates Edging Higher So Far This Week 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) Mortgage Rates 30 Yr. Fixed Rate 6.79% +0.04% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.79% +0.04 0.00 15 Yr. Fixed 5.99% +0.01 0.00 30 Yr. FHA 6.29% +0.02 0.00 30 Yr. Jumbo 6.89% +0.04 0.00 7/6 SOFR ARM 6.35% +0.03 0.00 30 Yr. VA 6.30% +0.01 0.00 Updates Daily - Last Update: 7/7 15 Yr. Fixed Rate 5.99% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.10 0.00 15 Yr. Fixed 5.80% -0.09 0.00 Updates Weekly - Last Update: 7/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% -0.09 0.62 15 Yr. Fixed 6.06% -0.05 0.67 30 Yr. Jumbo 6.78% -0.10 0.40 Updates Weekly - Last Update: 6/26 MBS / Treasuries UMBS 30YR 5.5 99.45 -0.03 Price / Yield Change MBS UMBS 5.5 99.45 -0.04 UMBS 6.0 101.29 -0.04 GNMA 5.5 99.69 -0.04 GNMA 6.0 101.23 -0.04 Pricing as of: 7/8 4:02AM EST 10 Year US Treasury 4.3933 +0.0119 Price / Yield Change US Treasury 2 YR Treasury 3.900 +0.001 5 YR Treasury 3.966 +0.008 7 YR Treasury 4.163 +0.009 10 YR Treasury 4.394 +0.012 30 YR Treasury 4.930 +0.013 Pricing as of: 7/8 4:02AM EST Latest Video What investors are taking from Fed chair Jerome Powell's testimony before t... Fed chair: We are not thinking of putting down our tools for a long time Fed chair Jerome Powell: We'll move away from ETFs to direct corporate bond... Fed chair Jerome Powell: I agree with calls for more fiscal support Around the Web Reuters Fed's Powell beats drum for more government aid to bolster economy Calculated Risk Blog Quarterly Housing Starts by Purpose and Design Reuters S&P 500, Dow muted as rising COVID-19 cases dent recovery hopes CNBC The Fed will move away from ETFs to direct corporate bond purchases, Powell says Redfin 7 Home Inspection Nightmares and How to Fix Them Reuters Powell repeats Fed to use full range of tools to aid economy Reuters Wall Street opens higher on hopes of swift economic recovery CNBC Homebuyer mortgage demand spikes to 11-year high, as rates hit another record low Reuters Futures inch higher on hopes of quick economic revival NPR The Rich Have Stopped Spending And That's Tanked The Economy CFPB CFPB Issues Credit Reporting FAQs Relating to COVID and The CARES Act FHFA FHFA Extends Foreclosure and Eviction Moratorium CNBC Fed's unprecedented support for stocks pushes James Bianco out of the bear camp, sees potential for new record highs

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