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.
To reduce contact between appraisers and homeowners, the government-sponsored enterprises will accept an exterior-only inspection or a desktop appraisal. Income verification requirements have also been eased.
It was mortgage market Armageddon this week, courtesy of the corona-virus. Lenders were knee-deep in refis but fears mounted regarding an expected spike in delinquencies and about nonbank liquidity. The feds issued a foreclosure moratorium on government and GSE loans.
All CFPB employees, including examiners, will telecommute until April 3 in response to the coronavirus, potentially putting all rulemaking, supervision and enforcement activities at the bureau on hold.
The industry has once again written to Congress requesting that guarantee fees be used only as originally intended: as a critical risk management tool to protect against potential mortgage credit losses.