The economic consequences of the COVID-19 pandemic are increasingly clear, and so are the results of some efforts to alleviate financial hardships. Ginnie Mae and the Federal Housing Finance Agency have mandated servicers of FHA, VA, and GSE (Fannie Mae and Freddie Mac) loans to offer forbearance plans to their borrowers and this requirement was codified by Congress in the CARES Act. Borrowers using those plans have soared into the millions. When the mandate was announced, there was concern from several quarters about the advances of principal and interest (P&I) payments servicers are required to make to investors in mortgage-backed securities even when borrowers are not paying on their loans. Servicers are also responsible for homeowner insurance premiums and property taxes. When these

May 11, 2020 Download our Mobile App: Download our Mobile App: Housing News Local Governments are Preparing for Forbearance Fallout The economic consequences of the COVID-19 pandemic are increasingly clear, and so are the results of some efforts to alleviate financial hardships. Ginnie Mae and the Federal Housing Finance Agency have mandated servicers of FHA, VA, and GSE (Fannie ... (read more) Rob Chrisman Recruiting Tool; Webinars and Training; Deep Dive on Jobs Number; California May do What? In the last two months everyone figured out the difference between “WFH” and “WTF,” and many in captivity are looking forward to being released , if only temporarily. My cat Myrtle, who wants to maintain my “work at home... (read more) MBS Commentary MBS Live Day Ahead: Fed Buying UMBS 2.0 Coupons This Week Bonds lost ground last week, overall, with 10yr yields rising the better part of 10bps.  MBS lost ground as well, but not UMBS 2.0 coupons.  These are the up-and-comers.  Now this week, the Fed has added them to their list for daily pu... (read more) Mortgage Rate Watch Mortgage Rates End Week on Low Note (The Good Kind) Mortgage rates ended the week on a low note (in a good way), falling in line with their best recent levels. This put some lenders in line with April 30th's offerings which is a great place to be considering they marked the 2nd lowest rates of all-tim... (read more) Housing News Servicers on the Hook as 4.1 Million Loans Now in Forbearance Black Knight reports that, as of May 7, there were 4.1 million loans in forbearance, up from 3.8 million in the company's last report which covered plans put into effect by mortgage servicers through April 30. The new total represents 7.3 percent of ... (read more) Housing News Fannie Mae Sentiment Index Plunges to Nine-Year Low Fannie Mae's Home Purchase Sentiment Index (HPSI) plummeted 17.8 points in April. Combined with its 11.7-point loss in March the Index is at 63.0, its lowest reading since November 2011. Several of its components are now in net negative territory. Th... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.73% +0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.73% +0.06 0.00 15 Yr. Fixed 5.97% +0.06 0.00 30 Yr. FHA 6.25% +0.06 0.00 30 Yr. Jumbo 6.84% +0.04 0.00 7/6 SOFR ARM 6.33% +0.04 0.00 30 Yr. VA 6.26% +0.06 0.00 Updates Daily - Last Update: 7/2 15 Yr. Fixed Rate 5.97% +0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.04 0.00 15 Yr. Fixed 5.89% -0.07 0.00 Updates Weekly - Last Update: 6/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.88% +0.04 0.63 15 Yr. Fixed 6.11% -0.03 0.74 30 Yr. Jumbo 6.88% +0.07 0.60 Updates Weekly - Last Update: 6/25 MBS / Treasuries UMBS 30YR 5.5 99.92 +0.08 Price / Yield Change MBS UMBS 5.5 99.93 +0.08 UMBS 6.0 101.63 +0.07 GNMA 5.5 100.07 +0.10 GNMA 6.0 101.48 +0.07 Pricing as of: 7/3 4:37AM EST 10 Year US Treasury 4.2553 -0.0245 Price / Yield Change US Treasury 2 YR Treasury 3.768 -0.020 5 YR Treasury 3.844 -0.024 7 YR Treasury 4.031 -0.025 10 YR Treasury 4.256 -0.024 30 YR Treasury 4.784 -0.025 Pricing as of: 7/3 4:37AM EST Latest Video How real estate agents plan to handle open houses amid coronavirus pandemic Pay attention to consumer and business behavior over next few weeks: El-Eri... Steven Mnuchin: Treasury can spend more during crisis because of low intere... B. Riley FBR's Grant: Fed will start buying corporate bonds, high-yield bon... Around the Web CNBC 'Feels like we're at the bottom': Some executives see signs of recovery in April Reuters Michigan factories begin humming again as U.S. lockdowns ease Calculated Risk Blog Education and Unemployment CNBC After trying for a decade, central banks might succeed at generating inflation Reuters Chinese investment in the U.S. drops to lowest level since global financial crisis Reuters U.S. has no need to buy back debt, will take advantage of low interest rates: Mnuchin Calculated Risk Blog Last Week: NY Fed Q1 Report: "Pre-COVID-19 Data Shows Total Household Debt Increased in Q1 2020" NAHB Eye on Housing Unaffordable Prices Hold Back Prospective Home Buyers Calculated Risk Blog Four High Frequency Indicators for the Eventual Recovery CNBC Fear and desperation on Main Street as small businesses struggle to survive despite PPP and other federal loan programs CNBC Consumer advocate Richard Cordray fears rise of 'vehement' debt collectors amid pandemic CNBC This bond market signal indicates the bear market isn't over yet Reuters Fed's Evans says get ready for economic growth to look different

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