FHFA Director Mark Calabria: “The lenders I’m talking to have said that 75% to 80% of their calls are from people who are not yet facing hardship. They just want to know what their options are.”
Additional community development activities (loans, investments or services that support digital access, health care, small business operations and food supplies) will receive consideration for CRA credit during the pandemic.
Ditech Financial, the nation’s 10th largest subservicer last time around, disappeared from the ranking because a large chunk of the company’s business, including subservicing assignments, was sold to New Residential Investment Corp.
The new “flexibilities” cover both originations and appraisals. On the origination front, Fannie and Freddie will reduce the acceptable age of income documentation on most loans to 60 days from 120...
Keefe, Bruyette & Woods said the dividend cut is in line with expectations. "However, we think investor focus remains on the company's ability to finance its non-agency MBS."
Those top GSE volume states also accounted for $1.776 trillion of GSE single-family loans outstanding at the end of last year, 37.4% of the total market.
Within two weeks, the government guarantor will roll out a Pass-Through Assistance Program (PTAP) whereby issuers with a principal and interest shortfall may request that Ginnie advance the difference between available funds and the scheduled payment to investors.
“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.”
Calabria’s remarks were part of a broader outline summarizing the impact the crisis has had on mortgage markets and the actions the FHFA has taken in response.
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