Mortgage News
The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.Wells Fargo Is Forecasting a 30-Year Fixed Mortgage Rate Below 3% for the Rest of 2020
While there’s a lot of uncertainty and doom and gloom in the world right now due to COVID-19, one bright spot appears to be mortgage rates. Sure, they’ve been on a rollercoaster ride of late as lenders grapple with secondary ... Read More »
Clear Capital’s New OwnerInsight Tool Lets Homeowners Fill in Appraisal Gaps
As reported earlier this week, some important pieces of the home loan process have been disrupted by the ongoing and seemingly intensifying coronavirus epidemic. One issue has been home appraisals, which are required for most mortgages and often require a ... Read More »
Fannie Mae and Freddie Mac Roll Out New Payment Deferral Option
To further complicate the complicated mortgage relief picture surrounding the coronavirus outbreak, Fannie Mae and Freddie Mac have released their new “payment deferral” option early. Originally slated to roll out on January 1st, 2021, the pair are encouraging loan servicers ... Read More »
California Homeowners Now Eligible for 90-Day Mortgage Payment Relief Due to Coronavirus
California Governor Gavin Newsom has announced a “major financial relief package” that gives homeowners in the Golden State a three-month mortgage reprieve. Those who have been (or will be) economically impacted by the coronavirus (COVID-19) are eligible to receive a 90-day ... Read More »
Mortgage Refinance Applications Triple from a Year Ago, But Will They All Fund?
While the mortgage market has become a bit of a mess lately, lenders are apparently still totally slammed and doing record business. For example, Quicken Loans CEO Jay Farner told Bloomberg today that, “March will be the largest closing month ... Read More »
Streamlined Mortgage Relief Program Could Mean No Payments for 12 Months
A group of mortgage industry heavyweights have sent a letter to the Federal Reserve, HUD, FHFA, CFPB, Treasury Department, and the White House advocating for a uniform, streamlined mortgage relief program in the wake of the coronavirus outbreak. It could ... Read More »
Quicken Loans Warns Some Parts of Loan Process May Not Proceed Due to Shelter-in-Place
Quicken Loans told customers certain parts of the loan process “can’t proceed” in areas of the country affected by shelter-in-place orders. Specifically, they said home appraisals can’t be conducted while homeowners are sheltering in place, nor can rate lock requests ... Read More »
Top iBuyers Stop Buying Homes: Zillow, Redfin, Opendoor Purchases All on Hold
The real estate market carnage continues with all the major iBuyers pausing home purchases thanks to the coronavirus. Zillow Offers Pauses Purchases This morning, Zillow announced that it had stopped home buying via Zillow Offers amid the “market uncertainty” related ... Read More »
Bank of America, Ally Home, Quicken Loans, Wells Fargo Offer to Defer Mortgage Payments Due to Coronavirus
Here comes the mortgage assistance! I honestly thought I wouldn’t be writing about this sort of stuff anytime soon, but here we are. It feels like 2009 all over again. As previously blogged about, all the major housing agencies have ... Read More »
Mortgage Lenders Now Providing Payment Relief Due to Coronavirus
HUD has announced a foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days Fannie Mae has suspended foreclosure sales and borrower evictions for 60 days Freddie Mac has announced the suspension of foreclosure ... Read More »
