One industry representative noted: “While it is still an outdated fax-based system, it is the most trustworthy in terms of verifying a mortgage applicant’s income information and prevents fraud.”
“I haven’t been doing any deals, but I’ve been on the phone with clients a lot,” said one veteran servicing broker. “You might say they’ve been hyperventilating.”
Mortgage REITs came back from the brink this week, but the sector is not out of the woods quite yet. Thanks to the coronavirus, financial uncertainty remains the watchword.
The mortgage market remained unsettled as the coronavirus damaged the U.S. economy and lenders weighed their options. The Fed came to the rescue with liquidity measures but fears regarding nonbanks persist.
Those 21 states accounted for $919.3 billion of single-family business funneled through Fannie Mae, Freddie Mac and Ginnie Mae into mortgage-backed securities issued in 2019.
The closure of nonessential businesses to contain the spread of the coronavirus has affected mortgage loan closings in counties where recording offices have shuttered.
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