Banks increased reserves for loans held in portfolio during the first quarter on implementation of new accounting standards. Many delayed the impact of CECL on regulatory capital.
The share of first-time homebuyers leaning on downpayment assistance for mortgages increased in 2019, according to a survey by the National Association of Realtors.
The bulk of non-agency MBS currently being issued is backed by seasoned mortgages. Rating services are also adjusting criteria to account for the coronavirus.
Temporary prohibitions imposed by Pennsylvania could shutdown mortgage originations, the MBA warned. Meanwhile, the trade group noted that servicing standards set by Washington, DC, differ from federal ones.