National Mortgage News - October 2020

Networking Now

There will be no cocktail parties, breakfasts, lunches and dinners at this year's annual convention for the Mortgage Bankers Association. Instead of industry folks traveling to Chicago as was planned, arranging meet and greets in the exhibit halls, participants will sit in front of their computers in homes scattered across the country, thanks to the precautions created by the pandemic.

The CEO of SWBC Mortgage discusses her top priorities for the Mortgage Bankers Association, the election, the CFPB's seasoned QM proposal and what to expect at this week's conference.

Data security, while better than paper-based processes, still can be a problem, according to panelists at Digital Mortgage 2020.

Remote, homeowner-assisted appraisals used amid the coronavirus could be a useful tool post-pandemic, in limited circumstances.

Wholesale's technological capabilities and its scalability have been increasingly attractive to lenders given the recent surge in volume.

Fannie Mae and Freddie Mac have been slammed for planning an additional refinancing charge to cover COVID-related losses, but the head of the Federal Housing Finance Agency defended the policy in House testimony.

Bondholders could see principal losses if, due to the way the documents are worded, the rate is frozen at the last published amount.

Some homeowners who sought relief as a result of COVID-19 may owe a lump sum when their forbearance period ends, according to a report from the Committee for Better Banks. The group is calling on banks to instead extend the repayment periods for affected customers.

Although it moved from the glitz of Las Vegas to a fully virtual event, the 2020 Digital Mortgage Conference delivered insights and acumen from the industry.

For the majority of borrowers, interest rate research for mortgage refinancing came with unwanted and annoying sales calls, which could ultimately hinder potential business for lenders.

The agency’s report on mortgage data submitted by lenders identified persistent disparities between white borrowers and minorities in denial rates and pricing. Some observers say the bureau should have been more explicit as the nation wrestles with systemic racism.

Mortgage industry hiring and new job appointments for the week ending Sept. 11.

Congress should pass legislation that would allow Home Loan banks to backstop deposits by local governments at commercial banks and lower the cost of bond financing, two mayors argue.