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.

Proposed legislation in New York could reduce legal uncertainties and economic difficulties associated with moving legacy adjustable-rate mortgages away from the London Inter-Bank Offered Rate.

The closure of nonessential businesses to contain the spread of the coronavirus has affected mortgage loan closings in counties where recording offices have shuttered.