Mortgage Bankers Association

An industry coalition wants to ensure borrowers who took out certain types of loans to fund their education aren’t locked out of access to historically low mortgage rates.

The enhanced jobless benefits in the coronavirus relief law enacted in March helped limit delinquencies and maintain consumer spending, analysts say. In their follow-up stimulus plan, Senate Republicans want to cut those benefits from $600 to $200 a week.

However, those who aren't current bank customers need to have $1 million in a qualifying account.

Fercho will join Wells Fargo in August and report to Mike Weinbach, the bank's CEO of consumer lending.

Credit unions have seen historic mortgage growth so far this year despite the pandemic, but there are concerns some institutions may be overly relying on refinancing and not focusing enough on generating new purchase business.

The availability of some loans used to build homes dried up due to the coronavirus. Opening up the economy may help if it doesn't lead to a spike in infections, and if consumer demand persists.

Director Mark Calabria, who abandoned the Fannie and Freddie capital proposal written by his predecessor, said he expects a revised framework to be ready “very soon.”

The share of borrowers seeking payment relief rose more than tenfold as COVID-19 concerns grew and authorities encouraged the practice, according to the Mortgage Bankers Association.

With seven in 10 rooms sitting empty amid the coronavirus outbreak, hotel and banking groups are urging policymakers to open up the Term Asset-Backed Securities Loan Facility.

Refinance application activity last week was the highest in nearly seven years, with more than triple the volume from one year ago, according to the Mortgage Bankers Association.