Servicing

Some benefits are materializing from Fannie Mae's pledge to limit servicers' exposure to principal-and-interest advances the way Freddie Mac does, but counterparties of both GSEs remain exposed to other concerns.

The lenders are bracing for spikes in delinquencies or defaults on loans to a sector heavily punished by social distancing measures.

The FHFA's director said the announcement is meant to “combat ongoing misinformation” about efforts to let homeowners skip mortgage payments due to the coronavirus pandemic.

Lenders and small businesses are hoping this round goes more smoothly than the chaotic first one (and if it doesn't, Joe Biden warns, many mom-and-pop shops are done for); originators are adding staff, cutting marketing to handle massive uptick in refinance applications.

The bureau said it began developing the standards before the coronavirus pandemic. But more transfers may occur as some servicers struggle to meet their obligations during the economic downturn.

The Treasury secretary said recent government moves will help the firms get through the risk of millions of borrowers missing their loan payments.

The bill, which President Trump is expected to sign Friday, includes $310 billion more funding; the four largest U.S. banks took in $590 billion of the $1 trillion banks attracted.

The bipartisan coalition of AGs said homeowners should be allowed to wait until the end of a loan term to make payments they skipped because of the coronavirus.

Some say the agencies are exacting too high a price to buy loans from the cash-strapped lenders; some small banks hustled in dealing with the Paycheck Protection Program, others are accused of a hustle.

More than a dozen firms have struck agreements with nine states to provide forbearance to customers struggling to make payments in the midst of the coronavirus pandemic.

The bill, which includes $310 billion in new funding, is expected to pass the House on Thursday; Chase has no timeline for returning but plans to bring back employees to offices in stages.

The agency said it is aligning policies for Fannie Mae- and Freddie Mac-backed loans in forbearance so that servicers are only responsible for advancing four months of missed payments.

Federal backing for firms facing a deluge of missed mortgage payments is still on the table despite recent comments by an official who questioned the need to help the industry.

The two sides say a deal to replenish the small-business loan program may be reached for a Senate vote early this week; big restaurant chains said to edge out small firms for loans.

Stress and exhaustion are catching up to lenders and call center employees helping customers grapple with the coronavirus pandemic.

Partisan differences get in the way of new aid program for small businesses as SBA program runs out of money; loan servicers want a bailout as defaults are expected.

The letter written by Rep. Maxine Waters, D-Calif., and Sen. Sherrod Brown, D-Ohio, was seen as a boost to Wall Street lobbying efforts seeking to quell the fallout of the coronavirus crisis on the mortgage market.

The agency is still moving forward on key regulations dealing with payday lending and mortgage underwriting despite new demands posed by the crisis.

The Borrower Protection Program enables the two agencies to exchange information about loss mitigation efforts and consumer complaints regarding specific servicers.

At issue is whether the U.S. should step in now to save nonbank mortgage servicers to head off damage to the housing market.