HousingWire Daily

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd discusses claims that Quicken Loans, the No. 1 mortgage lender in the U.S., is preparing an initial public offering.For some background on the story, here’s a summary of the article:Quicken Loans, the No. 1 mortgage lender in the U.S., is preparing an initial public offering, according to an article by CNBC.The article explained that Quicken filed its IPO prospectus confidentially, but it could go public in the next month. From the article: Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan to manage the deal, said the people, who asked not to be named discussing private information. The targeted valuation is still being decided, but it is likely in the tens of billions of dollars, one of the people said. That would imply a multi-billion-dollar IPO, one of the largest – if not the largest – this year.However, in a statement from a Quicken spokesperson sent to HousingWire, they stated:“As the nation’s largest mortgage lender, Rocket Mortgage is continuously looking for new ways to invest in and grow our business, while also contributing in significant ways to our home communities. Following the main story, HousingWire covers a lender letter sent by Fannie Mae that announces the GSE has expanded its temporary policies, and a new Housing Market Recovery Index from Realtor.com.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Quicken Loans files for IPO Fannie Mae lender letter expands its temporary policies Average U.S. mortgage rate rises to 3.21% com launches Housing Market Recovery Index

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers the Department of Housing and Urban Development Secretary Ben Carson’s statement to Congress that he supports DACA recipients to receive Federal Housing Administration mortgages.For some background on the story, here’s a summary of the article:Ben Carson, secretary of the Department of Housing and Urban Development, told Congress on Tuesday that he supported Deferred Action for Childhood Arrival recipients being eligible for mortgages backed by the Federal Housing Administration.Carson initially denied in his testimony that DACA recipients had been banned from getting FHA loans after President Donald Trump was sworn into office in 2017, then backpedaled.“Do people have conversations? Yes they do,” Carson said. “And I’m sure they will continue to have those conversations. Am I privy to all their conversations? No. Do their conversations change the policies? Absolutely not,” he said.“The whole thing started as the result of a question that was asked about it, and it then came to light that maybe some rules were being violated and people decided that they better pay closer attention to the rules,” Carson told Congress. Carson’s comments on so-called Dreamers, as DACA recipients are known, came four days after HUD records and internal communications released as part of a Freedom of Information Act confirmed HUD changed its policy to deny FHA loans for DACA recipients even as top officials told Congress the opposite. Following the main story, HousingWire covers  the Federal Reserve’s pledge to keep buying Treasuries and mortgage-backed securities, a report from LendingTree that claims potential homebuyers are going to face historically low inventory this summer, and a survey from Assurant that indicates 38% of American renters will need rent relief in the next 90 days.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Under fire, Carson says HUD will allow DACA recipients to get FHA mortgages Fed pledges to maintain current pace of MBS purchases Potential homebuyers are going to face historically low inventory this summer Assurant survey: 38% of renters will need relief in the next 90 days

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers statements made by Federal Housing Finance Agency Director Mark Calabria regarding the nation’s downturn in forbearance requests.For some background on the story, here’s a summary of the article:Mark Calabria, who heads the government’s watchdog agency overseeing Fannie Mae and Freddie Mac, told the Senate Banking Committee on Tuesday that forbearance requests for loans backed by the GSEs have begun to level off. The forbearance rate for the GSEs, which back more than half of U.S. mortgages, have plateaued at about 6.6%, a level that’s “manageable,” said Calabria, the director of the Federal Housing Finance Agency.“We’ve seen over the last few weeks those numbers start to stabilize,” Calabria said. “Within the GSE portfolio, you see as many borrowers canceling their forbearance programs as you see rolling on.”Following the main story, HousingWire covers a plea from the National Association of Realtors for Congress to take action on emergency rental assistance, a report from Weiss Analytics that indicates some home sellers are pricing their homes below the market and the Mortgage Bankers Association’s weekly applications survey.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Fannie Mae, Freddie Mac forbearance rate is ‘manageable,’ Calabria says NAR urges Congress to pass emergency rental assistance for housing providers Looking for a bargain? There’s still time to find houses that are “pandemic priced” Mortgage applications jump 13%

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers a report from the Mortgage Bankers Association that claims the share of mortgages in forbearance has now risen to 8.5%.For some background on the story, here’s a summary of the article:Almost 4.3 million mortgages were in forbearance during May’s final week, representing 8.53% of outstanding home loans, the Mortgage Bankers Association said on Monday.The numbers increased from 4.2 million mortgages in the prior week, which accounted for an 8.46% share, MBA said.Private-label loans led the increase, rising to a 10% share from 9.67%, the report said. The forbearance share for mortgages backed by Fannie Mae and Freddie Mac rose to 6.4% from 6.39%, while the percentage for loans backed by the Federal Housing Administration and the Veterans Administration increased to 11.83% from 11.82%. “While servicers reported only a 1-basis-point increase in the forbearance share for GSE and Ginnie Mae loans, the increase for private-label securities and portfolio loans rose to over 10 percent, which is higher than the rate on GSE loans,” said Mike Fratantoni, MBA’s chief economist. Following the main story, HousingWire covers a TCPA ruling from the U.S. Court of Appeals for the Ninth Circuit in San Francisco to block certain debt calls, a report that claims renters may be less likely to renew their lease after the COVID-19 pandemic passes, and data from Black Knight that claims only 1 in 10 borrowers in forbearance is equity poor.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Share of mortgages in forbearance rises to 8.5% TCPA ruling by appeals court blocks some debt calls Renters say they are less likely to renew lease after pandemic Only 1 in 10 borrowers in forbearance is equity poor

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers a joint statement from the Consumer Financial Protection Bureau and Conference of State Bank Supervisors.For some background on the story, here’s a summary of the article:The Consumer Financial Protection Bureau and Conference of State Bank Supervisors have issued a joint statement regarding forbearance as it relates to the CARES Act.The three-page statement defines protections for borrowers with federally backed mortgages. Under the terms of the guidance, servicers must grant forbearance after receiving a request from a borrower citing financial hardship caused by the COVID–19 emergency.While servicers cannot request information supporting the need for forbearance, the new joint statement declared they could “work with the borrower to better understand the borrower’s situation so long as (i) borrowers are not misled about the requirements of, or dissuaded from proceeding with, a CARES Act forbearance if they have a COVID-related hardship and (ii) any information obtained from the borrower has no bearing on the servicer’s provision of a CARES Act forbearance.” Following the main story, HousingWire discusses a report from Black Knight that claims the number of mortgages in forbearance declined last week for the first time since the start of the COVID-19 pandemic and the Federal Housing Administration’s temporary policy change that is designed to offer guidance for lenders on how to obtain FHA insurance endorsements on mortgages where the borrower either obtained or requested a COVID-19 forbearance.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Mortgage forbearances fall for the first time CFPB and CSBS issue statement on mortgage forbearance warning servicers on borrower guidance FHA enacts temporary policy shift on forbearances

in today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews Genworth Mortgage pricing analyst Unikqua Shannon, who is a winner of HousingWire’s 2020 Rising Stars Award Program.For some background on the award program, here’s a summary:HousingWire’s Rising Stars program recognizes industry professionals who have become leaders in their respective fields. Those who are helping move markets forward, each and every day.They help run major corporations, and are the entrepreneurs building tomorrow’s great businesses. They work in any and every area of the housing economy: lenders, servicers, investors, and real estate. They come from diverse backgrounds but share one common trait: an outsized impact on the industry and their businesses.In this interview, Shannon, explains how her use and understanding of robotic process automation transformed her department at Genworth. Additionally, the rising star discusses what has fueled her success, and how she navigates the industry as a woman of color.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Introducing HousingWire’s 2020 Class of Rising Stars 2020 HW Rising Star: Unikqua Shannon  

In today’s Daily Download episode, HW+ Managing Editor Brena Nath interviews former Consumer Financial Protection Bureau Director Richard Cordray. Cordray served for six years as the first director of the CFPB, and before joining the bureau, he served as Ohio’s Attorney General. In this interview, Cordray explains why he thinks the industry needs to redefine how they look at foreclosures. He does this by sharing lessons from the financial crisis and what the road ahead looks like as the industry figures out how to handle the fact that 8.8% of U.S. mortgages are in forbearance. He also discusses the immediate threats in the foreclosure process.“There's a lot of market pressure right now, and there will continue to be. Everybody's going to be fighting to handle this,” Cordray said in response to what advice he would give lenders and servicers given all the unknowns in the market. “The more friendly you can be toward consumers and the more compliant you can be, the better off you are. But again, there are significant economic pressures that are making that hard,” he said. “In the long run, the industry should insist on reforms,” said Cordray. “Right now, I think it's a very, very dramatic and dangerous situation that many services are in, and we could avoid this in the future, and we should. That's what congressional reforms should look to and should put in place so that we learn from the past, just as we did in the last crisis, we can do it again.”HousingWire articles covered in this episode: [PULSE] How should we think about foreclosures? [PULSE] Does the mortgage industry view foreclosure as a last resort? [PULSE] Will servicers be able to flatten the curve in foreclosures? Former CFPB Director Richard Cordray: Are servicers prepared to provide relief to borrowers?

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd discusses the impact Airbnb properties could have on a housing market that is already short of supply.For some background on the story, here’s a summary of the HW+ article:While the real estate market has lots of challenges during the COVID-19 pandemic, a tsunami of houses being sold by Airbnb hosts isn’t one of them.Airbnb’s tally of 850,000 whole-house listings is just 0.8% of the nation’s stock of single-family homes. Even if a big chunk of them came on the market – and there’s no evidence that will happen – it would be a welcome relief to the severe shortage of housing inventory.Some property owners who bought or leased real estate with the aim of maximizing profits through Airbnb rentals are finding they’re in a jam. Airbnb hosts saw $1.5 billion in bookings cancelled in mid-March when the COVID-19 pandemic arrived in the U.S. While guests got full refunds, per an Airbnb decision, hosts still had to pay mortgages on the properties.The company has provided grants to a selection of hosts to offset the cancellations, but for some it may not be enough to make their monthly home loan payment.Following the main story, HousingWire covers the Mortgage Bankers Association’s weekly applications survey, a housing market rebound in Washington D.C. and data from the MBA that claims the mortgage forbearance pace is slowing.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Airbnb properties wouldn’t make a dent in housing market Summer home-buying set to take off Washington D.C. housing market seeing quick rebound from pandemic Mortgage forbearance pace continues to slow, MBA says

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers an announcement from the Mortgage Industry Standards Maintenance Organization.For some background on the story, here’s a summary of the article:The Mortgage Industry Standards Maintenance Organization, or MISMO, a subsidiary of the Mortgage Bankers Association that sets rules for handling the registration of home loans, announced Monday it would assess a new fee for every origination.The fee is just 75 cents per mortgage, but that would add up to more than $4.4 million a year if all purchasers used a home loan, based on Fannie Mae’s projection of 5.8 million sales of new and existing homes in 2021. And, that doesn’t include refinanced mortgages.The fee will be collected by the Mortgage Electronic Registration Systems when it registers a new loan on its system The announcement cited the COVID-19 pandemic and the need to advance technology for electronic mortgages, including remote notarization, although the new fee was approved by the MBA board in October. Following the main story, Housingwire discusses a report from PropertyNest that indicates more New York renters are falling behind on rent, three mortgage lenders that are pumping up their hiring volume, and a survey from the National Association of Realtors that claims homebuyers and sellers are ready to return to open houses. But before you listen, here’s a brief word from our sponsor.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: MISMO will charge a new fee for every loan registered on MERS The number of New Yorkers who can’t pay rent this month has doubled Three mortgage leaders pump up the hiring volume Homebuyers and sellers are ready to return to open houses

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers whether or not significant declines in housing inventory could be on the horizon if more sellers don’t list homes to meet the nation’s rising demand.For some background on the story, here’s a summary of the article:Throughout metropolitan areas nationwide, the tight supply of for-sale homes – already constrained pre-coronavirus – is continuing.Although the increase in purchase mortgage applications signals a rebound of home-buyer interest and record-low mortgage rates could spur that further, “steeper declines in inventory could be on the horizon if more sellers don’t list homes to meet rising demand,” Realtor.com said in its weekly inventory report released Thursday. For the week ending last Saturday, May 23, total inventory for sale dropped 22% year-over-year, the Realtor.com report said. That’s a larger drop than prior weeks.NAR’s most recent numbers echo similar supply constraints. The number of homes for sale at the end of April totaled 1.47 million, the National Association of Realtors said last week. That’s the lowest level ever recorded for April, said Lawrence Yun, NAR’s chief economist, on a call with reporters. Following the main story, Housingwire discusses a Black Knight report that says mortgage forbearance requests are slowing, Redfin’s mortgage lending expansion announcement and a letter from Fannie Mae to lenders on self-employment income.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Housing market rebound? To get a home in these cities you have to win a bidding war Mortgage forbearance requests slow to a trickle, Black Knight says Redfin begins mortgage lending in Arizona, Delaware, New Hampshire Fannie Mae issues lender letter on self-employment income