The Federal Housing Finance Agency (FHFA) has clarified the obligations of Fannie Mae and Freddie Mac's (the GSEs') servicers to investors during the COVID-19 crisis. Servicers have been told to extend forbearance to homeowners who are experiencing financial distress as the result of the pandemic and, as of last Friday, approximately 5 percent of GSE loans had entered forbearance agreements. Servicers are contractually required to forward monthly principal and interest payments to mortgage-backed security (MBS) investors even when homeowners are not making payments on the underlying loans. While servicers maintain reserves for this purpose, it has been feared that the expected high utilization of forbearances may become an unmanageable burden, especially for smaller companies. Today's information

April 21, 2020 Download our Mobile App: Download our Mobile App: Housing News FHFA Limits Servicer Obligations for Loans in Forbearance The Federal Housing Finance Agency (FHFA) has clarified the obligations of Fannie Mae and Freddie Mac's (the GSEs') servicers to investors during the COVID-19 crisis. Servicers have been told to extend forbearance to homeowners who are experiencing f... (read more) Housing News Number of FHA Loans in Forbearance Doubles in One Week There are now two entities tracking forbearance statistics on a regular basis, the Mortgage Bankers Association (MBA) and Black Knight. The information they are providing is critical, and we did summarize both reports last week, but covering both is ... (read more) Housing News Covid Fallout Fails to Stop March Home Sales, 97 Months of Annual Growth Existing home sales fell back last month from their unexpectedly good performance in February, but still maintained their long record of annual increases. The National Association of Realtors® (NAR) said sales of previously owned single-family ho... (read more) MBS Commentary MBS Live Day Ahead: MBS Less and Less Willing to Keep Pace Given that yields are in an extremely low range with no past precedent, it's easy to glance at the chart, shrug one's shoulders, and conclude "oh well, just another day with the 10yr  under 1.0%."   In other words, when we've spent ou... (read more) Mortgage Rate Watch Mortgage Rates Slightly Higher to Start The Week While the industry has come to terms with recent challenges in terms of day-to-day volatility, mortgage rates remain higher than they otherwise would be based on financial markets. In other words there are gold standard benchmarks that serve as the f... (read more) Rob Chrisman AE Jobs; LOS, Correspondent Products; Approaching Webinars; Federal Reserve's Recent Actions Another stimulus package is in the headlines but no one is talking about inflation being a concern with near-term oil futures prices actually below zero. Oil producers are in a tight spot. And when in a tight spot it is important to panic. Uh, I mean... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.79% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.79% +0.02 0.00 15 Yr. Fixed 5.99% +0.01 0.00 30 Yr. FHA 6.30% +0.02 0.00 30 Yr. Jumbo 6.87% 0.00 0.00 7/6 SOFR ARM 6.33% -0.06 0.00 30 Yr. VA 6.31% +0.02 0.00 Updates Daily - Last Update: 7/10 15 Yr. Fixed Rate 5.99% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.72% +0.05 0.00 15 Yr. Fixed 5.86% +0.06 0.00 Updates Weekly - Last Update: 7/10 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.77% -0.02 0.62 15 Yr. Fixed 6.04% -0.02 0.63 30 Yr. Jumbo 6.69% -0.09 0.65 Updates Weekly - Last Update: 7/9 MBS / Treasuries UMBS 30YR 5.5 99.52 -0.04 Price / Yield Change MBS UMBS 5.5 99.53 -0.03 UMBS 6.0 101.31 -0.05 GNMA 5.5 99.82 -0.02 GNMA 6.0 101.35 -0.03 Pricing as of: 7/11 1:19AM EST 10 Year US Treasury 4.3637 +0.0169 Price / Yield Change US Treasury 2 YR Treasury 3.878 +0.001 5 YR Treasury 3.941 +0.006 7 YR Treasury 4.134 +0.007 10 YR Treasury 4.362 +0.015 30 YR Treasury 4.883 +0.013 Pricing as of: 7/11 1:19AM EST Latest Video Many buyers are looking to renegotiate deals before closing: Luxury realtor Existing home sales fall 8.5% in March, vs. 7.5% expected New MBA survey: Nearly 6% of home loans are in forbearance Mortgage market getting relief from Fannie and Freddie Around the Web Reuters JPMorgan Chase plans to return employees to work in phases: memo NPR Bipartisan Deal Reached On $484 Billion More Coronavirus Aid Calculated Risk Blog A few Comments on Weekly and Continued Unemployment Claims Calculated Risk Blog Lawler: Las Vegas Home Sales Plunged in First Half of April Redfin How to Move During the Coronavirus Pandemic Reuters U.S. congressional leaders say near deal on more coronavirus funding Calculated Risk Blog Comments on March Existing Home Sales Reuters U.S. could see biggest ever second-quarter GDP decline: White House adviser Hassett CNBC March home sales drop 8.5% as sellers take properties off the market and the coming months look worse Reuters U.S. economy likely set for U-shaped recovery after deep rut: Reuters poll Reuters U.S. coronavirus response deepens divide as Trump suspends immigration CNBC Schumer says he believes Senate will pass small business bill Tuesday, with 'agreement on just about every issue' CNBC Treasury yields move lower after historic oil price plunge

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