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: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jun 17, 2020 Mortgage Rates Edging Higher So Far This Week Tue, Jun 16, 2020 4:21PM 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 30yr fixed scenarios. Today's upward pressure was a bit more noticeable as markets cheered a Retail Sales report that was much stronger than expected. In general, stronger data is good for stocks and bad for bonds (and when bonds are weaker, rates move higher). There's a particular concern to be aware of in the world of mortgage rates--especially ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.22 -0.06   97.47 101.61 UMBS 30YR 6.0 102.47 -0.07   99.66 102.50 10 YR Treasury 4.065 +0.026   3.621 4.780 MBS Live Recap: Which Way Do We Go? Wed, Jun 17, 2020 4:07PM 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 leveled off so far this week as they wait for more info.  Both are looking at each other wondering "whic... (read more) MBS Price Change UMBS 5.0 99.70 -0.08 UMBS 5.5 101.24 -0.04 UMBS 6.0 102.48 -0.06 GNMA 5.0 100.02 -0.05 GNMA 5.5 101.19 +0.00 GNMA 6.0 102.13 -0.05 Pricing as of: 9/9 6:59AM EST US Treasury Yield Change 2 YR Treasury 3.499 +0.011 5 YR Treasury 3.576 +0.014 7 YR Treasury 3.784 +0.016 10 YR Treasury 4.060 +0.021 30 YR Treasury 4.718 +0.028 Pricing as of: 9/9 6:59AM EST Other News CFPB Attempts to Clarify Servicer Credit Reporting Requirements Wed, Jun 17, 2020 4:36PM 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... (read more) New Home Construction is Officially Picking Back Up Wed, Jun 17, 2020 10:49AM 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 fell. Permits for residential construction were authorized at a seasonally adjusted annual rate of 1,220,000, up ... (read more) Purchase Applications Hit 11yr High, Refi Boom Continues Wed, Jun 17, 2020 8:13AM 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 application volume, increased 8.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basi... (read more) CRM, Processing, Buyback Insurance Products; COVID, the CFPB, Credit Reports, and Rates Wed, Jun 17, 2020 8:52AM 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 that up.) Companies post their results, and any talk of the future often comes with a warning, “Past res... (read more) 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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