JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens

By | April 12, 2020

“Due to the economic uncertainty, we are making temporary changes that will allow us to more closely focus on serving our existing customers,” Amy Bonitatibus, chief marketing officer for JPMorgan Chase’s home lending business, told Reuters. The bank was the fourth largest U.S. mortgage lender in 2019, according to industry publication Inside Mortgage Finance. The changes should help… Read More »

U.S. mortgage industry braces for more strain as support talks stall

By | April 10, 2020

Bob Broeksmit, chief executive of the MBA, told Reuters the group had held “very productive” discussions with the Fed and the Treasury, but the agencies have so far stopped short of committing to a facility. That is partly because they want to see how many borrowers seek and are granted payment holidays over the coming weeks, one person… Read More »

Appraisal Logistics Unveils Social Distancing Inspection Tool

By | April 9, 2020

Borrowers and appraisers now stay safe while lenders get compliant valuations Washington, D.C., – April 09, 2019 – Appraisal Logistics, a leading provider of high quality appraisal management technology and compliance solutions for the residential/commercial mortgage industry, announced today the rollout of Property Vision, an appraisal inspection tool to empower appraisers with consumer-provided photographic data. Property Vision gives… Read More »

Mortgage forbearance surged on April 1: report

By | April 9, 2020

The federal government has instructed lenders handling mortgages backed by the government to give borrowers up to six months grace periods, and loan servicers have been inundated with calls from borrowers. Some states are taking similar measures. In New York, Gov. Andrew Cuomo signed an executive order that required state-regulated banks to communicate to borrowers how to receive 90 days… Read More »

Mortgage industry fires back at regulator who refuses to help servicers getting slammed by payment delay requests

By | April 8, 2020

Industry observers were concerned by his comments. “We see this interview as counterproductive to efforts to stabilize the economy and housing finance,” wrote Jaret Seiberg, financial services and housing policy analyst for Cowen Washington Research Group. “It is only going to increase concerns about the stability of servicers and reduce the willingness of lenders to originate mortgages, including… Read More »

U.S. Treasury panel wants mortgage servicer liquidity support as missed payments rise -sources

By | April 7, 2020

Members of the Treasury Borrowing Advisory Committee (TBAC), which advises the U.S. government on the strength of the economy and debt issuance, want a similar facility to cover loans backed by government-run housing finance giants Fannie Mae and Freddie Mac, which cover a far larger proportion of the overall market. The central bank and the U.S. Treasury, which… Read More »

Americans struggle to delay mortgage payments as lenders ‘can’t handle’ 1,896% spike amid coronavirus

By | April 7, 2020

While loan servicers can allow homeowners and landlords with mortgages backed by Fannie Mae and Freddie Mac to delay payments for up to a year due to the coronavirus, they haven’t been able to keep up with the demand from borrowers. The Mortgage Bankers Association reported Tuesday morning that mortgage forbearance requests had increased by 1,896% between March… Read More »

From virtual showings to online notaries, the homebuying process is finally going digital

By | April 7, 2020

According to Jonathan Miller of appraisal firm Miller Samuel, some appraisers are resorting to “drive-by” appraisals, where they drive through the neighborhood and walk around the house but don’t go into it. They’re also doing “desktop” appraisals, using public information and data to generate a value for a house. Swasey says inspectors are still working, but with nobody… Read More »

Coronavirus mortgage bailout: ‘There is going to be complete chaos,’ says industry CEO

By | April 6, 2020

A broad coalition of mortgage and finance industry leaders on Saturday sent a plea to federal regulators, asking for desperately needed cash to keep the mortgage system running, as requests from borrowers for the federal mortgage forbearance program are pouring in at an alarming rate. The Cares Act mandates that all borrowers with government-backed mortgages — about 62%… Read More »