HousingWire Daily

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses why some believe the housing sector needs its own version of the Paycheck Protection Program for businesses that own and operate multifamily housing.In a HousingWire PULSE article, contributors Carol Galante and Barry Zigas say:The one-third of American households who rent their homes are facing unprecedented pressure from the economic fallout of the coronavirus pandemic. Without immediate help, families will face either eviction or crippling unpaid rent bills. The owners of rental properties will increasingly find themselves without the money needed to pay regular expenses including for health and safety measures, utilities, property taxes and payroll.  If ignored, the problems will get worse. Without federal support, the country will suffer cascading negative impacts throughout the economy.There is a solution. We propose a program like the Small Business Administration’s Paycheck Protection Program (PPP), but directed specifically at the businesses that own and operate rental housing. It would be structured to provide funds, on an ongoing monthly basis, to substitute for lost rental income for as long as it is needed.Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Freddie Mac's Primary Mortgage Market Survey data that reveals U.S. mortgage rates have now fallen to a new all-time low, the Labor Department’s report that indicates the nation’s jobless claims have spiked to 30 million during the COVID-19 pandemic, and the Federal Reserve’s decision to slow the pace of mortgage purchases.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: [PULSE] Renters need help now – Here’s how to deliver it Mortgage rate hits all-time low after Fed rescue S. Jobless claims topping 30 million during the COVID-19 pandemic Fed is slowing the pace of mortgage purchases  

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses whether or not the COVID-19 pandemic will spur home-buying migration from dense U.S. cities.When state governments ordered residents to stay at home more than a month ago, it triggered a wave of temporary migration. While some in the Northeast flocked to Florida, others, wary of germs easily spreading in high-rise building elevators and through dense city life, rented homes in the suburbs. Still others, particularly young single adults, packed bags and moved back in with their parents.As states plan to reopen their economies, what changes COVID-19 will have on the housing market remain to be seen. Demographers and Realtors alike predict this is a tipping point for people who’ve already been dreaming of backyards, private pools, and more space. It will accelerate trends that were already happening, they said, and bring a new level of consideration – whether people upgrade their apartments and condos for larger units or move out of dense cities altogether.Following the main story, HousingWire Digital Producer Alcynna Lloyd covers the Commerce Department’s report that indicates coronavirus has ended America’s longest economic expansion, the Mortgage Bankers Association’s weekly mortgage applications survey that reveals the nation’s home purchase applications are on the rise and the National Association of Realtors’ pending home sales report, which highlights U.S. pending home sales declined 20.8% in March.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: Will COVID-19 spur a migration from dense cities? COVID-19 kills America’s longest economic expansion Home purchase applications rise as coronavirus slowdown begins to thaw Pending home sales tumble on COVID-19 shock

In today’s Daily Download episode, HW+ Managing Editor Brena Nath interviews HousingWire’s Kathleen Howley on how Federal Reserve Chairman Jerome Powell rescued the mortgage market, initially announcing plans on March 15 to buy bonds in the form of $500 billion in Treasury bills and $200 billion of mortgage-backed securities.On a Sunday night call with journalists in mid-March, four days after the World Health Organization had labeled COVID-19 an “alarming” global pandemic, Federal Reserve Chairman Jerome Powell laid out his plans to rescue the U.S. economy.Powell started by expressing concern for the victims of the coronavirus and for the harm caused by the economic shutdowns, describing the “stay at home” orders being issued by state governors as “essential for containing the outbreak.”He also announced more than half a dozen new measures the Fed would employ to buffer the economic blow of the shutdowns, including the Fed’s biggest foray into the bond market in over a decade.The bond-buying would take the form of $500 billion in Treasury bills and $200 billion of mortgage-backed securities, Powell said on that March 15 call.Both would support the mortgage market because the investors who decide what yield they’re willing to take for MBS – and thus what interest rate borrowers pay for home loans – benchmark their decisions off the yield for long-term Treasuries, especially the 10-year bill. Yields shrink when competition for bonds goes up.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:How Fed Chairman Powell rescued the mortgage market

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses some of the biggest challenges facing U.S. mortgage servicers during the Covid-19 pandemic.To get a reading on how people in the mortgage industry are handling the ever-changing impact of coronavirus, HousingWire surveyed its own LendingLife readers and received dozens of replies on how they’re handling the current lending environment. The answers from these lenders vary drastically from person to person, showing there is no one-size-fits-all solution for getting through this crisis.One Texas-based sales manager stated his company has taken multiple steps during the coronavirus pandemic, including temporarily raising minimum FICOs on all government loans to 640 and suspending non-traditional credit and all bond and DPA programs. Echoing similar challenges, another respondent working at a Denver-based brokerage said he now operates with a limited range of available offerings and overlays that threaten to terminate a borrower who would otherwise be qualified.Following the main story, HousingWire Digital Producer Alcynna Lloyd covers what three prominent industry leaders theorize the housing market could behave like after the Coronavirus pandemic, RentCafé’s report that indicates an upturn in U.S. multifamily apartment searches, and Fannie Mae and Freddie Mac’s declaration that borrowers in forbearance living in homes owned by the GSEs will never be required to make up missed payments in a lump sum.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: We asked lenders about their biggest challenges right now — here’s what they said What does the mortgage industry’s post-pandemic future hold? Apartment searches have rebounded Fannie Mae, Freddie Mac remind borrowers and servicers that mortgages in forbearance do not need to paid back all at once  

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews Mountain Lake Consulting CEO David Stevens, who is also the former head of the Federal Housing Administration and former Mortgage Bankers Association president, on the growing liquidity pressure that nonbanks are facing. Stevens comments on whether or not the Federal Housing Finance Agency is doing enough to address the nation’s uptick in forbearance requests from financially strained borrowers, stating, “There's still an outrageous amount of liquidity being advanced for servicing that Freddie and Fannie own that these services are servicing for them on their behalf.”He added that it’s putting an “outrageous amount of liquidity pressure onto the nonbank community in particular, but also for servicers across the board.”But before jumping into the interview, HousingWire’s HW+ Managing Editor Brena Nath touches on today’s top stories ranging from the coronavirus’ impact on California’s real estate market and Movement Mortgage’s decision to lower its minimum FICO credit scores on Federal Housing Administration and Department of Veterans Affairs loans. 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: What effect is the pandemic having on California real estate and lending? Movement Mortgage lowers FICO minimums, rolls back overlays, will retain servicing

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses an announcement from the National Credit Union Administration (NCUA) that credit unions can now delay appraisals up to 4 months after a mortgage closes. Last week, Federal banking regulators moved to allow banks to delay getting an appraisal on a property for as many as 120 days after a mortgage closes, and now, credit unions can do the same thing.In order to “allow credit unions to expeditiously extend liquidity to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the National Emergency declared in connection with coronavirus disease,” the NCUA will allow credit unions to postpone obtaining an appraisal until four months after a mortgage closes.Following the main story, HousingWire Digital Producer Alcynna Lloyd covers the Labor Department’s latest report that indicates U.S. jobless claims rose by 4.43 million last week, Freddie Mac’s weekly Primary Mortgage Market Survey that reveals mortgage rates slightly ticked up to 3.33% and the U.S. Census Bureau’s new-home sales report that reveals new-home sales tumbled 15.4% in March, marking the biggest drop in more than six years.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: Credit unions can now also delay appraisals until 4 months after a mortgage 1 in 5 Americans lost a job because of COVID-19, initial claims show Average U.S. mortgage rate ticks up to 3.33% New-home sales plummeted in March

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the Federal Housing Finance Agency’s announcement that Fannie Mae and Freddie Mac will now begin buying some mortgages that are in forbearance. Citing the need to keep the mortgage market “working for current and future homeowners during these challenging times,” the FHFA announced Wednesday that it is allowing the GSEs to buy loans that go into forbearance within the first month.Under the GSEs’ current policies, Fannie and Freddie do not buy loans in forbearance. But given the unprecedented rise in forbearance due to the coronavirus, today’s action lifts that restriction for a limited period of time and only for mortgages meeting certain eligibility criteria, the FHFA said in a statement.Following the main story, HousingWire Digital Producer Alcynna Lloyd covers the Senate’s approval of additional funding for the nation’s small-business loan program, the FHFA’s home price index, which indicates an uptick in home prices for the month of February, and the Mortgage Bankers Association’s weekly applications survey, which reported a retreat in mortgage application volume last weekThe Daily Download examines the most captivating articles reported by 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: Fannie Mae, Freddie Mac will begin buying some mortgages that are in forbearance Senate approves additional funding for small-business loan program Houses prices gained 5.7% in February, FHFA says Mortgage application volume dipped last week, MBA says

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the Federal Housing Finance Agency’s move to help mortgage servicers that collect payments on loans backed by Fannie Mae and Freddie Mac. For the last several weeks, the mortgage servicing industry has been crying out for help, lobbying the government to set up a federally backed liquidity facility for servicers to address the rapid rise in forbearance due to the coronavirus. Rather than setting up a liquidity facility, which would help servicers cover the principal and interest payments they are required to send investors on loans that are in forbearance, the FHFA is changing Fannie and Freddie’s policies to limit the number of payments servicers will be required to make.Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Fannie Mae and Freddie Mac’s decision to delay the mandatory use of the new Uniform Residential Loan Application, a new rule that will allow banks to postpone property appraisals 120 days after a mortgage closes, and a new report from the National Association of Realtors that reveals existing-home sales declined by 8.5% in the month March.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: Fannie Mae, Freddie Mac will only require servicers to advance 4 months of payments on loans in forbearance Coronavirus delays new Uniform Residential Loan Application until March 2021 Banks can now postpone some appraisals until 120 days after a mortgage closes Home sales tumbled in March as pandemic hit

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the nation’s ongoing spring home-buying season as data indicates an uptick in demand despite COVID-19 pessimism. In an article written by HousingWire’s Phil Hall, several housing industry experts question doom-and-gloom forecasts, pointing to continued activity in the mortgage space. One, in particular, Paul Buege, president of Inlanta Mortgage in Pewaukee, Wisconsin, observed that the crisis is having “an impact on some of the first-time homebuyers that are in the lower credit spectrum." He also pointed out that those most impacted by current economic mayhem are not driving the market and have pretty much pulled themselves out of the spring home-buying season for the moment. Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Black Knight’s recent forbearance data that indicates nearly 3 million American borrowers are already in forbearance, Realtor.com’s new online feature that allows potential homebuyers to virtually tour homes and a pledge from three of the nation’s biggest credit reporting agencies to provide consumers with free credit reports once a week for the next year.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: Homebuyers still shopping despite coronavirus-fueled pessimism Nearly 3 million borrowers are already in forbearance com launches Livestream Open Houses Free credit reports are now available for everyone, every week

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the mortgage industry’s determination to revive the Paycheck Protection Program, a landmark piece of the CARES Act designed to help small businesses continue functioning while the coronavirus has the country shut down. On Thursday morning, the federal government’s rescue program ceased accepting new applications, leaving countless businesses without an alternative to secure funding to continue paying their employees. The Paycheck Protection Program provided nearly $350 billion to help small businesses, but just over two weeks after lenders were first able to accept loan requests, the Small Business Administration said the program’s funding has been exhausted.Following the main story, HousingWire Digital Producer Alcynna Lloyd touches on a new call from a housing and civil rights coalition that includes the CEO of Mountain Lake Consulting and former Mortgage Bankers Association chief executive David Stevens, along with national and regional civil rights organizations and minority-focused real estate trade associations like the NAACP, the Asian American Real Estate Association and the National Association of Hispanic Real Estate Professionals. The groups came together to push for the creation of a federal liquidity facility for U.S. mortgage servicers.Additionally, Lloyd covers a new survey published by the National Association of Realtors, which details the housing market’s evaporation of homebuyer interest, and JP Morgan Chase’s temporary pausing of home equity lines of credit.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.Check back next week for updates on the Paycheck Protection Program and the latest pulse on the top news stories.HousingWire articles covered in this episode: Industry goes to battle to revive small business rescue program Housing and civil rights coalition demands federal liquidity facility for servicers NAR survey details evaporation of homebuyer interest Chase stops accepting HELOC applications