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A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors cautions mortgage servicers about their obligations in complying with the Coronavirus Aid, Relief and Economic Security (CARES) Act. The Act includes provisions granting a right to forbearance to mortgaged homeowners impacted by the COVID-19 pandemic. Under these provisions, servicers of federally-backed mortgages including those from the GSEs Fannie Mae and Freddie Mac as well as FHA, the VA, and USDA must grant forbearance to borrowers with pandemic-related hardships for as long as two consecutive 180-day periods during the National Emergency declared in response to the outbreak. Servicers are advised by CFPB and the Supervisors that they can approve a shorter than 180-day plan
Housing News
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A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors cautions mortgage servicers about their obligations in complying with the Coronavirus Aid, Relief and Economic Security (CARES) Act. The... (read more)
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Mortgage Rate Watch
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Things are quickly getting interesting for mortgage rates , and by 'interesting,' I mean potentially alarming. Everything's relative though, so it should be said right up front that the average mortgage rate is still only a hop and a skip from the al... (read more)
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MBS Commentary
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That Escalated Quickly, But MBS Recovered Fairly Nicely
After weeks and weeks (6, to be specific) of extraordinarily calm and narrow trading ranges in ultra-low-yield territory, the bond market has suddenly d... (read more)
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Rob Chrisman
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Change is certainly constant. “And just like that, every reporter has gone from infectious disease expert to civil rights attorney.” In our biz, if you didn’t make money in the first quarter, you should have made some changes. The M... (read more)
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Housing News
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The number of mortgages in forbearance plans declined this past week for the first time since the CARES Act to address the COVID-19 pandemic was enacted. Black Knight said its survey showed that there were 4.73 million homeowners, 8.9 percent of thos... (read more)
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Housing News
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The Urban Institute says that homes categorized as low priced, that is in the bottom 20 percent of the distribution, appreciated 126 percent between the turn of the century and the end of 2019. During that same 20-year period, those in the top 20 per... (read more)
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