HousingWire Daily

In today’s Daily Download episode, HousingWire covers the Federal Reserve’s prediction that the fate of the U.S. economy will depend on successful management of the coronavirus pandemic. For some background on the story, here’s a summary of the article: The future of the U.S. economy depends on how well the coronavirus pandemic is controlled, the Federal Reserve’s rate-setting committee said on Wednesday. That’s not good news for a nation that leads the world in COVID-19 infections and deaths.“The coronavirus outbreak is causing tremendous human and economic hardship,” the Fed statement said. “The path of the economy will depend significantly on the course of the virus.”The statement came shortly after the U.S. broke the 150,000 threshold for deaths from COVID-19, as measured by Johns Hopkins University. The U.S. has about 4.2% of the world’s population and has recorded 23% of COVID-19 fatalities. The No. 2 nation for pandemic deaths is Brazil at 88,539, according to the Johns Hopkins data. The way forward for a U.S. recovery is “extraordinarily uncertain,” Fed Chairman Jerome Powell said in a video-call press conference with reporters after the release of the statement.Following the main story, HousingWire covers the difference between the HEROES and HEALS Act and a report from the Census Bureau that indicates the U.S. homeownership rate climbed to a 12-year high in the second quarter of 2020. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Fate of the economy depends on virus control, Fed says HEROES vs HEALS Act and what they would mean for housing S. homeownership rate soars to an almost 12-year high

In today’s Daily Download episode, HousingWire covers a report from the Mortgage Bankers Association that indicates loans in forbearance have fallen for the sixth consecutive week. For some background on the story, here’s a summary of the article: The total number of loans in forbearance fell for the sixth week in a row to 7.74% of servicers’ portfolio volume, according to a report by the Mortgage Bankers Association. As the country braces for the end of moratoriums and unemployment benefits under the CARES Act, the MBA estimates 3.9 million homeowners are in forbearance plans.The share of mortgages in forbearance backed by Fannie Mae and Freddie Mac dropped for the seventh week in a row to 5.59% – another three-month low for the GSE’s.According to the report, the pace of borrowers exiting forbearance slowed last week as homeowners wait for deliberation of the HEROES Act, which would grant a 60-day mortgage forbearance automatically if their mortgage became 60 days delinquent between March 13 and the day the bill was enacted.Despite falling 30 basis points the week prior, Ginnie Mae securities – mortgages backed by the Federal Housing Administration, the Veterans Administration, and the U.S. Department of Agriculture – rose slightly by 1 basis point last week to 10.27%.Following the main story, HousingWire covers an announcement that the Senate has confirmed Dana Wade as the new Federal Housing Administration commissioner, and MBA’s weekly mortgage applications survey that shows mortgage applications fell 0.8% last week. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Loans in forbearance fall for the sixth straight week Senate confirms Dana Wade as new FHA commissioner Mortgage applications remain steady amid continued economic stress

In today’s Daily Download episode, HousingWire covers Fannie Mae’s endorsement from CICERO Shades of Green for its single-family homes. For some background on the story, here’s a summary of the article: Fannie Mae, the largest issuer of green bonds in the world, said on Monday it received an endorsement from CICERO Shades of Green for its mortgage-backed securities that are the first containing loans backed by single-family homes that are energy efficient. Fannie Mae has issued over $40 million of the MBS since the first bond was created on April 22 to commemorate the 50th anniversary of Earth Day, the company said in a statement. The bonds contain mortgages backed by newly constructed single-family homes with ENERGY STAR certification. On average, the homes backing the loans in the MBS are 20% more efficient than single-family homes built to code, Fannie Mae said. CICERO is a global provider of green ratings for bonds. “We’ve heard from investors that there is greater demand than there ever has been for investments that are socially responsible,” said Renee Schultz, Fannie Mae’s senior vice president of capital markets. In the multifamily market, Fannie Mae has issued $75 billion of green MBS since 2012 backed by either green-certified properties or properties targeting a reduction in energy or water consumption, the company said.Following the main story, HousingWire covers a report from Zillow that claims multifamily households will be hit hardest by the loss of CARES Act unemployment benefits, and an outlook on how the HEROES Act could help the nation’s renters and homeowners. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Fannie gets CICERO certification for its single-family green bonds Renter households will be hardest hit by loss of CARES Act unemployment benefits Here’s how the HEROES Act could help renters and homeowners

In today’s Daily Download episode, HousingWire covers Tesla’s plans to build a $1.1 billion factory in Austin, Texas. For some background on the story, here’s a summary of the article: Electric car giant Tesla unveiled plans this week to build a $1.1 billion factory in Austin. Rumors had swirled for months prior that it might be happening, but this week, the news became official.In building the factory on some 2,100 acres, Tesla has said it could hire 5,000 people over time.The news follows 2018 and 2019 announcements by tech giants Apple and Google that they too plan to hire thousands of people in the Austin area in coming years. While the jobs created by Tesla will definitely only fuel the city’s economic boom (Austin has ranked on numerous lists in recent times, including coming in at No. 3 on the Milken Institute’sBest-Performing Cities 2020 report), they will come at a lower salary than those created by the likes of Apple and Google. According to the Austin Business Journal, the factory could employ about 5,000 workers with an average annual salary of $47,147 and a median salary of $68,303.Still, the new factory combined with a continued influx of people moving from both coasts – which has only reportedly increased in the wake of the COVID-19 pandemic– will no doubt lead to an even tighter housing market. And while Austin’s median home price may be significantly lower than say, New York or San Francisco, it’s been on such a rise that many have questioned whether the city remains affordable by Texas standards.Following the main story, HousingWire covers House Speaker Nancy Pelosi’s scathing critique of the Trump administration’s decision to overturn an Obama-era fair-housing rule, and a report from the Commerce Department that indicates sales of new houses jumped to a 13-year high in June. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: News of $1.1 billion Tesla factory revs up already hot Austin housing market Pelosi calls out Trump’s repeal of Obama’s fair housing rule Sales of new houses jump to a 13-year high

In today’s Daily Download episode, HousingWire covers The Trump administration’s plan to abolish the Obama-era AFFH fair housing rule. For some background on the story, here’s a summary of the article: The Trump administration will terminate the Obama-era rule regarding the implementation of the Affirmatively Furthering Fair Housing, or AFFH, provision of the 1968 Fair Housing Act, according to Housing and Urban Development Secretary Ben Carson. In a press release issued on Thursday, Carson alleged the provision has proven “to be complicated, costly, and ineffective.”“After reviewing thousands of comments on the proposed changes to the Affirmatively Furthering Fair Housing (AFFH) regulation, we found it to be unworkable and ultimately a waste of time for localities to comply with, too often resulting in funds being steered away from communities that need them most,” said Secretary Carson in the release. “…Washington has no business dictating what is best to meet your local community’s unique needs.”The 2015 rule requires cities and towns that receive federal funding to examine local housing patterns for racial bias and design a plan to address any measurable bias. Following the main story, HousingWire covers a report from TransUnion that indicates the percentage of accounts in financial hardship began to level off in June, and a report from ATTOM Data Solutions that claims profits on home sales rose 16% in the second quarter of this year. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: HUD to abolish Obama-era AFFH fair housing rule TransUnion: the percentage of accounts in financial hardship began to level off in June Seller’s market: Profits on home sales climb 16% in second quarter for a total ROI of 36%

In today’s Daily Download episode, HousingWire covers Freddie Mac’s latest Primary Mortgage Market Survey that shows an uptick in mortgage rates. For some background on the story, here’s a summary of the article: Mortgage interest rates rose from a record low this week, increasing above the 3% threshold, as a resurgence in COVID-19 infections in the U.S. caused lenders to worry about the jobs market.The average rate for a 30-year fixed mortgage is 3.01%, Freddie Mac said on Thursday, up from 2.98% last week, which marked the first time the rate fell below 3%. The 15-year rate averaged 2.54%, up from last week when it was 2.48%, the lowest in a data series going back almost 30 years, according to the mortgage financier.Mortgage rates rose as lenders reacted to news of record-setting COVID-19 infections in some of the nation’s biggest states. The resurgence of the pandemic caused jobless claims to rise this week for the first time since late March, the Labor Department said in a report on Thursday.“The concern is that the pause in economic activity will cause unemployment to remain elevated, which will lead to longer-term labor market distress,” said Sam Khater, Freddie Mac’s chief economist.Following the main story, HousingWire covers the National Association of Realtors announced support of the First Time Homebuyer Pandemic Savings Act and Realtor.com’s newly launched iBuying partnership site. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Mortgage rates rise on job-market concerns NAR lends support to First Time Homebuyer Pandemic Savings Act com launches new iBuying partnership site to show home sellers all their options

In today’s Daily Download episode, HousingWire covers a forecast from Fannie Mae’s Chief Economist Doug Duncan that projects mortgage lending is set to top $3 trillion this year. For some background on the story, here’s a summary of the article: Mortgage lending is set to reach $3.14 trillion this year, the highest since 2003, as the annual average rate for a 30-year fixed home loan falls to a record low of 3.2%, according to Doug Duncan, chief economist of Fannie Mae. Next year, rates are heading even lower, he said.In 2021, the annual average rate probably will fall to 2.8%, said Duncan, who spoke to HousingWire via a video conference call on Monday in an exclusive interview. That would be the lowest ever recorded.Duncan said his forecast is based on the open-ended commitment by the Federal Reserve to purchase $40 billion a month in mortgage-backed securities, coupled with the expectations that “margins” – meaning the difference in the yields for 10-year Treasury yield and mortgage bonds – will continue to shrink as the lending industry adjusts to doing business amid the COVID-19 pandemic. Mortgage rates are set by bond investors who decide what yield, or return on investment, they’re willing to accept. Market-watchers compare rates between long-term Treasuries and MBS to see what kind of “risk premium” lenders are adding, meaning a buffer to protect profits in case some loans go bad or other problems arise. Following the main story, HousingWire covers a report from The Mortgage Bankers Association that claims the forbearance rate has dropped to a 2-month low and a report from Unison that shows a direct correlation between a housing market’s performance and its economic resilience. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Mortgage lending set to top $3 trillion as mortgage rates tumble Forbearance rate drops to 2-month low Housing market performance directly correlates with economy’s resilience

Today’s Daily Download episode features an interview with Varci Media CEO Shondell Varcianna. In this episode, Varcianna explains why content strategy is important for mortgage and real estate companies as they try to reach more consumers. During the interview, Varcianna also discusses why companies in the housing space need to “bridge the gap” when educating customers. According to her, as more consumers rely on the internet for answers to their homebuying questions, financial institutions will need to reach them online. “While working on the inside [as a mortgage originator], I found that a lot of financial institutions have a lot of information inside, but that information doesn't always make it out to the public,” Varcianna said. “For example, a lot of homebuyers will ask questions in Facebook groups and on forums online. Sometimes they get answers from people who are real estate investors or people who have bought a few properties. But they're not usually from the experts.” Varcina says this discrepancy inspired her to create Varci Media as she believes that bridging the educational gap between consumers and housing companies will lead to more sales. “The content you provide to your audience needs to speak them. So, whether that be answering questions or solving problems online, you've got to know your audience extremely well so you're able to provide content that resonates with them,” Varcianna said. “Financial institutions need to be providing the answers to the questions consumers are searching on Google or social media, and that's where good content comes in.” To listen to the rest of the interview, make sure to catch today’s Daily Download episode! The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

In today’s Daily Download episode, HousingWire covers a 10-year study by QuestSoft that reveals since 2019, the percentage of “Outstanding” ratings on Community Reinvestment Act performance evaluations has dropped across the board. For some background on the story, here’s a summary of the article: A 10-year study by QuestSoft revealed that since 2019, the percentage of “Outstanding” ratings on Community Reinvestment Act performance evaluations dropped across the board for large, intermediate and small institutions.However, the decline was greatest for large institutions, which saw a 10.4% drop, compared to a 2.32% drop for intermediate institutions and a 4.44% drop for small institutions.The 2010 to 2020 study reviewed 14,765 CRA performance evaluations on large, intermediate and small institution exams from the Federal Reserve Bank, Federal Deposit Insurance Corporation, Office of the Thrift Supervision and Office of the Comptroller of the Currency with recently appointed acting head, Brian Brooks.Even with their 10% drop, the report revealed large institutions were more than three times as likely to receive an “Outstanding” rating on CRA performance evaluations when compared to small institutions.Large institutions were also more than twice as likely to receive an “Outstanding” rating compared to intermediate institutions, though nearly 79% of large institutions received a “Satisfactory” rating.Following the main story, HousingWire covers a report from Ellie Mae that claims the average FICO score rose across the board in June and data from the U.S Census Bureau that indicates new home construction continued to recover from April’s five-year low in June. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: It’s getting harder to get an “Outstanding” rating on CRA performance evaluation Average FICO scores rise across the board, according to Ellie Mae New home construction jumps 17.3% in June

In today’s Daily Download episode, Mortgage Marketing Radio’s Geoff Zimpfer and HousingWire columnist Logan Mohtashami discuss why the U.S. housing market is winning in spite of the COVID-19 pandemic’s economic impact. For some background on the interview, here’s a brief summary of Mohtashami’s latest HousingWire column: The U.S. economy started the year off in an expansionary mode. Retail sales were positive year over year, job openings were roughly at 7 million and the housing data for the first time in a long time started to outperform other sectors of the economy. Existing and new home sales hit cycle highs, purchase application data showed steady double-digit year over year growth and housing starts had almost 40% year over year growth in February. Then we were hit with COVID-19, and the fear of this virus along with the economic decline due to the stay-at-home orders whipped the housing bubble boys into a frenzy of crash calls.My long-standing core thesis has been that the housing market would have the weakest recovery from a crash in the years 2008 to 2019, but it would improve in years 2020-2024 because U.S. demographics would become favorable for housing. This is the time frame where we should see 1.5 million total housing starts and the purchase application index will get over 300. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: It’s official: The U.S. won’t see a housing bubble crash anytime soon

In today’s Daily Download episode, HousingWire covers Freddie Mac’s weekly Primary Mortgage Market Survey that shows mortgage rates have now fallen below 3% for the first time ever. For some background on the story, here’s a summary of the article: The average mortgage rate fell to 2.98% this week, breaking the 3% threshold for the first time, as investors concerned about a resurgence of the COVID-19 pandemic fled to the safety of the bond markets and the Federal Reserve continued to scoop up securities backed by home loans.The average rate for a 30-year fixed mortgage fell to the lowest in almost five decades of data, down from 3.03% last week, Freddie Mac said in a statement Thursday. The average 15-year rate fell to 2.48%, the lowest in a data series going back almost 30 years, according to the mortgage financier. Mortgage rates have hit a series of new lows in recent weeks as investors poured money into U.S.-dollar-denominated bonds – mainly Treasuries and mortgage-backed securities. Money managers are reacting to a stream of bad news about the coronavirus pandemic, with some of the nation’s biggest states setting records for new infections this week.The Federal Reserve has continued to support the mortgage markets by purchasing about $4.5 billion a day of securities containing home loans packaged by Fannie Mae, Freddie Mac and Ginnie Mae.Following the main story, HousingWire covers a report from Buildfax that claims June’s construction activity experienced the greatest annual decline since 2015 and data from Clever that indicates 34% more homes sold within two weeks in June this year. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Average U.S. mortgage rate falls below 3% for the first time June’s new construction activity sees greatest year-over-year decline since 2015 34% more homes sold within two weeks in June this year

In today’s Daily Download episode, HousingWire covers a request from Quicken Loans and the National Association of Realtors for the Department of Housing and Urban Development to take a look at deeper causes of systemic discrimination. For some background on the story, here’s a summary of the article: In recent days, both Quicken Loans, the nation’s largest lender, and The National Association of Realtors, the nations’ largest trade organization, have called on the Department of Housing and Urban Development to withdraw its proposed rule to amend the HUD interpretation of the Fair Housing Act’s disparate impact standard.Bill Emerson, vice chairman of Quicken Loans, expressed his company’s concern about the impact of the proposed rule changes during the pandemic in a letter sent to HUD Deputy Secretary Brian Montgomery on Friday.“We recognize that the proposed changes are intended to clarify the use of disparate impact in housing discrimination cases. We agree that unclear rules in the housing and mortgage markets can, and often do, constrain lending and investment in the space, harming those the rules are intended to help. “However, legitimate concerns have been raised about how the proposed rule proposed would make it difficult to address some of the more challenging systemic issues of discrimination that the Fair Housing Act should be used to address,” the letter continues.Following the main story, HousingWire covers the Mortgage Bankers Association’s weekly mortgage applications survey and a survey from the Pew Research Center that claims young adults are more likely to have moved because of COVID-19. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Quicken and NAR ask HUD to withdraw proposed amendments to Fair Housing Act Mortgage applications increase 5% from last week Young adults are more likely to have moved because of COVID-19

In today’s Daily Download episode, HousingWire covers a report from the Mortgage Bankers Association that claims the share of mortgage loans in forbearance has fallen for the fourth consecutive week. For some background on the story, here’s a summary of the article: The share of mortgage loans in forbearance fell for the fourth week in a row to 8.18% according to the Mortgage Bankers Association’s Forbearance and Call Volume survey. The MBA approximates 4.2 million homeowners are now in forbearance. Broken down by investor type, Fannie Mae and Freddie Mac loans fell for the fifth week in a row to 6.07%, according to the report.Ginnie Mae mortgages – primarily backed by the Federal Housing Administration and the Veterans Administration – fell to 10.56%. As loans were brought out of Ginnie Mae pools and into bank portfolios, the share of portfolio loans and private-label securities in forbearance increased to 10.93%.“These buyouts enable servicers to stop advancing principal and interest payments, and to work with borrowers in the hope that they can begin paying again before they are re-securitized into Ginnie Mae pools,” said Mike Fratantoni, MBA’s senior vice president and chief economist.Following the main story, HousingWire covers data from Redfin that indicates more than half of home offers were in a bidding war in June and an announcement from Apple that it will spend $400 million this year to support affordable housing in California. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Redfin: Over half of home offers were in a bidding war in June Share of mortgage loans in forbearance falls for the fourth week in a row Apple spending $400 million to support affordable housing in California this year

In today’s Daily Download episode, HousingWire covers an announcement from the Federal Housing Administration that it has expanded its menu of loss mitigation options in succession with the U.S Department of Housing and Urban Development’s eviction prevention and stability toolkit. For some background on the story, here’s a summary of the article: The Federal Housing Administration announced on Wednesday an expanded menu of its loss mitigation options in succession with the U.S Department of Housing and Urban Development’s eviction prevention and stability toolkit in an effort to help homeowners avoid foreclosure. The FHA’s loss mitigation options employ a “waterfall method” to assess a homeowner’s eligibility if they do not qualify for its COVID-19 National Emergency Standalone Partial Claim. FHA compared the waterfall method to that of a filter, meaning when homeowners fail to meet the qualifications of servicing interventions they are moved down the waterfall of options as servicers attempt to get the borrower into a sustainable mortgage payment.“Due to the fact that servicers are facing an unprecedented number of loss mitigation actions on the backside of this, we want to make it as easy for them as possible to get borrowers in a feasible situation on the other side of forbearance,” said a HUD official.Following the main story, HousingWire covers plans by Wells Fargo to loosen its jumbo lending requirements for current customers and a report that claims apartment vacancies in New York have reached record-high levels as more people migrate to rural areas and larger living spaces. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: FHA employs “waterfall method” to expand home retention measures Wells Fargo loosens jumbo lending requirements for current customers New York City apartment vacancy rates reach record highs

Today’s Daily Download episode features two change agents at the Quicken Loans and the Rock Family of Companies who are not only making an impact in our industry but in the nation for their work on diversity, inclusion and systemic change. Those two change agents are Trina Scott, chief diversity officer at Quicken Loans, and Laura Grannemann, vice president of strategic investments at the Quicken Loans Community Fund. Both women share tangible tips on how listeners can create impactful change in their own communities or companies. This interview spotlights the Kudos feature for HousingWire Magazine's August issue, which covers the impact people are having in our industry that goes beyond the four walls of the office. These two interviews, in particular, are extra special too, so be sure to check out the August issue when it comes out to learn more. While both of these interviews are condensed for the podcast, they still showcase the work they're doing and ways listeners can implement change in their own world. Here’s a sneak peak of the August Kudos feature: As Quicken Loans’ first chief diversity officer in a dedicated diversity and inclusion role, Scott leads the charge in aligning strategic leadership efforts with overall strategy around key initiatives: diverse recruits and team members; engaging, retaining and developing all team members; community impact; and what they’re doing in the marketplace. To Scott, diversity and inclusion begins with culture.“Oftentimes, when people are in the diversity, equity and inclusion space, the knee jerk reaction is to turn to programming,” she said. “I'm proud to say that while we have programmatic things that are in place, we really started to do some self-reflecting of our organization.”Meanwhile, leading another company within the Quicken Loans and Rock FOC that shares the same ISMs and drive as Scott, is Laura Grannemann. As vice president of strategic investments at the Quicken Loans Community Fund, Grannemann oversees the philanthropic arm of Quicken Loans and the Rock FOC, helping drive systemic change through investing $30 million annually.“The opportunity that we saw when we first founded this organization was that we have such a dramatic influence across several different spheres,” she said. “It's not just our philanthropic capital, although our philanthropic capital is really important. The best way to make an impact in our communities has been to pull all of those different resources together and leverage them at the same time towards one mission.”The August issue is also the official relaunch of HousingWire Magazine, and Kelsey Ramírez, HousingWire Magazine editor, left no section untouched. The deadline to get a physical copy of the August issue is Friday, July 10. Act fast and subscribe today to HW+ today to be one of the first people to experience the new HousingWire Magazine. Also, for every subscriber that takes a picture of the August issue, posts it on social media and tags HousingWire, HousingWire will donate $5 to the MBA Opens Doors Foundation. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

In today’s Daily Download episode, HousingWire covers Freddie Mac’s weekly Primary Mortgage Market Survey that shows mortgage rates have fallen to a new all-time low. For some background on the story, here’s a summary of the article: Rates for a 30-year and 15-year fixed mortgage fell to all-time lows this week as a resurgence in the pandemic caused investors to buy more bonds, including mortgage-backed securities.The average rate for a 30-year fixed mortgage was 3.03%, down from 3.07% last week. That marks the lowest in a data series that goes back to 1971, Freddie Mac said in a statement Thursday. The average 15-year rate fell to 2.51%, the lowest in almost 30 years of data, according to the mortgage financier. Mortgage rates fell as investors reacted to news of a record-setting COVID-19 resurgence in some of the nation’s biggest states. The surges erased optimism from last month’s economic reports showing the jobs market recovering quickly from the virus-induced recession.The low mortgage rates will boost demand for housing, but it’s a delicate balance, said Sam Khater, chief economist of Freddie Mac. Bad economic news pushes mortgage rates down. However, if states are forced to close businesses again and job losses mount, it will eat into the reservoir of people eligible to purchase properties.Following the main story, HousingWire covers a study from the Urban Institute that claims gentrification comes from a lack of housing supply, and a report from the Mortgage Bankers Association that shows the forbearance rate continues to decline. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Mortgage rates fall to all-time lows Gentrification comes from lack of housing supply, Urban Institute says Forbearance rate declines after June’s economic improvements, but will it hold?

In today’s Daily Download episode, HousingWire interviews OJO Labs Chief Marketing Officer Karen Starns, who was recently named a HousingWire 2020 Woman of Influence winner, about marketing in the housing industry's changing landscape. Here’s some background on the conversation: This year the unprecedented outbreak of COVID-19 and the response from local, state and even the national government changed how business operate, where they operate from and importantly, their marketing strategies. The housing industry fluctuates quickly, creating the need for consistent changes in marketing strategy, but with the onset of COVID-19 many companies were forced to pivot with little to no notice. Spoiler alert: HousingWire 2020 Woman of Influence Karen Starns spoke with us about the role marketers played in the COVID-19 crisis. She explained that marketers need to find out what works for them and double down on it, however they should always have an experimental campaign in the works. “Never be afraid to try something new,” Starns said in the interview. Starns is a force within the consumer tech space. As chief marketing officer at OJO Labs, Starns focuses her attention on the revamping of OJO Labs’ brand to better reach a rapidly increasing number of consumers through the company’s proprietary AI advisor for homebuying. Starns is featured heavily in our 2020 HousingWire Magazine redesigned August issue. To sign up for our all-new magazine and access our HW+ premium content, sign up here. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: HW Women of Influence Program Details

In today’s Daily Download episode, HousingWire covers Goldman Sachs’ warning that the U.S. will suffer economic consequences for not containing the COVID-19 Virus. For some background on the story, here’s a summary of the article: The U.S. has failed to contain the COVID-19 virus, alone among developed economies, and will suffer the economic consequences, Goldman Sachs economists said in a report issued on Independence Day.“Over the last few weeks, the covid situation in the U.S. has worsened significantly to the point where the US is now a notable outlier among advanced economies,” the report said. “Other advanced economies show that it is clearly feasible to resume economic life to or beyond current US levels without triggering a spike in virus cases.”Instead, the virus in the U.S. is spiralling out of control, the report said. In part, it blamed the lack of national leadership – what it called a “bottom-up approach.” The resultant pull-back in consumer spending, which accounts for about three-quarters of U.S. GDP, will likely cause job losses and a steeper recession than expected, the economists said.“The U.S. took a more bottom-up approach to reopening than most countries, with policy set mostly at the state and city level, and there were bound to be setbacks in at least a few parts of the country as the economy reopened,” the report said. Following the main story, HousingWire covers a report from the Federal Reserve Bank of Atlanta that indicates the danger of mortgage forbearances turning into foreclosures is rising as COVID-19 infections surge, and an announcement from Zillow that it will resume buying homes via Zillow Offers in five more markets, bringing the total to 20 out of 24 markets. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Goldman Sachs warns of economic fallout from U.S. virus response Foreclosure threat grows as COVID-19 surges, Fed says Zillow Offers resumes in five more markets, bringing the total to 20 out of 24 markets

Today’s Daily Download episode features an interview with United Wholesale Mortgage CEO Mat Ishbia. In this episode, Ishbia shares UWM’s journey to becoming the top wholesale lender, his goal to be the top lender in the nation and how UWM has managed to successfully navigate COVID-19. This episode digs deeper into the main feature from the July issue of HousingWire Magazine, which spotlights how UWM captured the wholesale market. During the interview, Ishbia also gives an update on how the company is performing now and their plans for the rest of the year. One of the biggest updates from UWM was the launch of its Conquest program for new UWM customers. The new loan program offers borrowers an interest rate as low as 2.5% for both purchase mortgages and refinances. “If you go back to May 11, the day before we rolled out Conquest, nobody was talking about 30-year fixed in the 2s. A lot of people said you could never go below 3%, and all of a sudden, now we’ve done almost 100,000 loans since that day, with a 30-year fixed-rate mortgage in the 2s,” said Ishbia. Ishbia wraps up the podcast by commenting on the journey of the broker channel, looking back at the fall and rise of brokers since the financial crisis more than a decade ago. “The big thing here is that the broker channel is back and is stronger than ever,” he said. “With what UWM has done and a lot of other great wholesale lenders, it makes it so that you can be an independent mortgage broker – you’re not captive to a retail lender – with access to the best lenders in America with different turn times, different products, different service levels, different pricing, and basically take care of your clients, make the same if not more money and do more business as an independent broker.” The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: How UWM captured the wholesale market (HW+) UWM CEO Mat Ishbia promises no layoffs during coronavirus slowdown UWM now offering mortgage interest rates as low as 2.5%

In today’s Daily Download episode, HousingWire covers Freddie Mac’s Primary Market Mortgage Survey that shows mortgage rates have now fallen to a new all-time low. For some background on the story, here’s a summary of the article: Mortgage rates dropped to a new all-time low in the U.S. this week as a resurgence of COVID-19 infections caused investors to pile into the bond markets.The average rate for a 30-year fixed mortgage was 3.07%, the lowest in a data series that goes back to 1971, and down from 3.13% last week, Freddie Mac said on Thursday. The average 15-year rate fell to a seven-year low of 2.56%, according to the mortgage financier. Bond yields, used as a benchmark by mortgage investors, have fallen to near-record lows over the last week on news of a resurgence in COVID-19 infections, erasing hopes for a V-shaped recovery that would have the economy rebounding quickly from the virus-induced recession. States including Texas, California and New York have either paused reopening plans or reversed course to stem the spread of COVID-19. “The spread of the virus is worsening in almost every state,” Goldman Sachs economists said on Tuesday. “Over half of the US has now reversed or placed reopening on hold.” Following the main story, HousingWire covers a prediction from the Federal Open Market Committee that the COVID-19 pandemic will worsen in the second half of 2020, and Realtor.com’s weekly Housing Market Recovery Index that shows signs of recovery in the housing market. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Mortgage rates fall to new all-time low this week FOMC worried virus resurgence will trigger new spike in layoffs, minutes show Housing market recovery: things are looking up

In today’s Daily Download episode, HousingWire covers a report from Moody’s Investors Service that claims the COVID-19 pandemic has delayed the mortgage industry’s efforts to transition away from LIBOR. For some background on the story, here’s a summary of the article: The COVID-19 pandemic has slowed the transition from the London Interbank Offer Rate, or LIBOR, an interest-rate benchmark once known as the world’s most influential number.Some loans and other instruments are still being written using LIBOR as an index for the interest rate, adding to the legacy stock of financial products that will have to be dealt with when benchmark expires at the end of 2021, according to a Tuesday report from Moody’s Investors Service. The pandemic has slowed efforts to transition to another benchmark, the report said.“The global coronavirus crisis is only delaying solutions to LIBOR’s end,” the report said. “For many market participants, addressing liquidity needs has been a higher near-term priority than addressing their existing LIBOR exposures or launching non-LIBOR initiatives.”LIBOR is being phased out about a decade after regulators discovered traders were manipulating the rate set by Britan’s biggest banks. Before details of the scandal were unveiled by investigative journalists, LIBOR was the most popular index for U.S. adjustable-rate mortgages.Following the main story, HousingWire covers the Mortgage Bankers Association’s weekly applications survey that shows mortgage applications fell 1.8% last week despite mortgage rates staying low, and a report from the National Association of Realtors that shows U.S. pending home sales surged a record 44% in May. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: COVID-19 pandemic delays efforts to transition away from LIBOR, Moody’s says Mortgage applications continue to slow despite low-rate environment S. pending home sales surged a record 44% in May

In today’s Daily Download episode, HousingWire covers an announcement from Freddie Mac Multifamily that it has created three additional forbearance options to assist multifamily borrowers who have been impacted by COVID-19. For some background on the story, here’s a summary of the article: Freddie Mac Multifamily announced Monday that it has created three additional forbearance options to assist multifamily borrowers who have been impacted by COVID-19. Those options also extend tenant protections.The options include delaying the start of the repayment period following forbearance; an extension of the repayment period; and, an extension of the forbearance period with an optional extended repayment period.“Many borrowers are still facing hardship even though they may soon exhaust the 90-day forbearance granted in the initial iteration of our COVID-19 relief program,” said Debby Jenkins, executive vice president and head of Freddie Mac Multifamily. “These additional relief options will provide more flexibility to borrowers and extend tenant protections for renters who also continue to struggle with the economic effects of the pandemic.” According to Freddie Mac, any extension of the forbearance period will also extend the prohibition on evicting tenants solely for nonpayment of rent, which was part of its original forbearance program established in response to Hurricane Harvey in 2017.Following the main story, HousingWire covers a survey from Fannie Mae that shows mortgage servicers want clarity on post-forbearance options for borrowers, and a report from the Mortgage Bankers Association that shows the forbearance share of mortgages backed by Fannie Mae and Freddie Mac has dropped for the third consecutive week. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Freddie Mac Multifamily offers new forbearance options and tenant protections Fannie Mae survey shows mortgage servicers want clarity on post-forbearance options for borrowers GSE forbearance rate drops for third week, MBA says

In today’s Daily Download episode, HousingWire covers data from the Consumer Financial Protection Bureau that highlights 2019’s top mortgage lenders. For some background on the story, here’s a summary of the article: The Consumer Financial Protection Bureau released its annual report on Home Mortgage Disclosure Act data on June 24 with reports from 5,496 financial institutions.The report stated banks collectively originated 32.4% of all reported originations in 2019 with 2.6 million loans. Credit unions followed with 714,000 loans making up 8.8% of originations. Independent mortgage companies took the lion’s share in 2019, originating 4.4 million loans. That accounts for 54.5% of all reported loans. Overall, the top 25 lenders accounted for 37.2% of all loan originations in 2019, a slight increase from 33.8% in 2018’s report.“These same firms also provided additional funding by purchasing approximately 922,000 loans from other lending institutions during 2019 (these loans could have been originated prior to 2019), equal to 44.5% of total purchased loans,” the CFPB said. Following the main story, HousingWire covers data from CoreLogic that claims 7.4 million homes will be at risk during hurricane season and a report from Black Knight that indicates mortgage forbearances have risen after three consecutive weeks of decline. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Here are the top 10 mortgage lenders of 2019 CoreLogic: 7.4 million homes are at risk during hurricane season Mortgage forbearances rise after three weeks of decline

In today’s Daily Download episode, HousingWire interviews the National Association of Real Estate Brokers President Donnell Williams about the organization’s mission as well as a recent town hall meeting NAREB conducted to gauge strategies that are aimed to increase black homeownership. For some background on the episode: In a town hall meeting hosted by the National Association of Real Estate Brokers on Thursday, members of the real estate community came together to discuss inequalities in Black homeownership and how to remedy them.Strategizing Black homeownership, down payment assistance and fair housing were just some of the topics brought up in the hour-long video discussion. Another large portion of the conversation was directed to Black homeowners with mortgages underwater.Nikitra Bailey, executive vice president at the Center for Responsible Lending, said that Black homeowners lack the same amount of equity as white homeowners due to being in an underwater mortgage, owing more than the home is worth.“We are at a point of reckoning in our country,” Bailey said. “Our nation’s discriminatory practices and how they are at the root of many of the injustices that we see people, leading protests calling for repair for, we know that the COVID-19 pandemic is falling disproportionately on Black communities because of the structural discrimination. So structural and historic discrimination has left our families more vulnerable.”The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: NAREB town hall: Here are strategies to improve Black homeownership

Today’s Daily Download episode features an interview with housing data analyst and expert Logan Mohtashami. In this episode, Mohtashami not only provides unique insight into the latest housing numbers, but he shares the information in a way that leaders are able to understand. Mohtashami also discusses the biggest trends he is following in the housing market data, along with what listeners can expect from housing for the rest of the year. And with the latest purchase application now out from the Mortgage Bankers Association, he digs into how the housing market has officially experienced a V-shaped housing recovery. When asked what trends he is following right now and why, Mohtashami responded saying, “The first and the most important thing is that the United States housing market just had a legitimate V-shaped housing recovery, and we see that in the purchase application data.” “We’ve had the hottest four-week period on a year-over-year average in the purchase application data,” he said. “If you actually follow housing data, the year-over-year data for purchase applications matters more than anything because it gives you the trend. It doesn’t exactly give you a percentage of sales measure, but it gives you the trend,” Mohtashami said. “After today, we can legitimately say that the United States of America’s V-shaped recovery in housing is complete.” The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: The Good, the Bad and the Ugly of the housing market 5 months into the pandemic Purchase apps fall for the first time in 10 weeks

In today’s Daily Download episode, HousingWire covers the Mortgage Bankers Association’s weekly applications survey. For some background on the story, here’s a summary of the article: Purchase applications fell 3% last week, according to a report from the Mortgage Bankers Association. This marks the first decline for purchase applications in 10 weeks following the highest level of purchase applications in over 11 years the week prior.According to the report, mortgage applications decreased 8.7% from last week. Applications for refinancings dropped to their lowest level in three weeks after they fell 12% from the previous week. However, that is still 76% higher year-over-year, according to the report.“Even with high unemployment and economic uncertainty, activity has climbed above year-ago levels for five straight weeks and was 18% higher than a year ago last week,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.The refinance share of mortgage activity fell to 61.3% of total applications from 63.2% the week prior. But, the MBA is anticipating refinance originations to increase to $1.35 trillion in 2020 – putting it at the highest level since 2012, according to the report.Following the main story, HousingWire covers data from RealPage that indicates rent prices are dropping across the country and a survey from Qualia that claims remote online notarizations have surged 40% during the pandemic. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Purchase apps fall for the first time in 10 weeks Rent is dropping across the country Remote online notarizations surge 40% during pandemic

In today’s Daily Download episode, HousingWire covers the share of loans in forbearance falling for the first time since March. For some background on the story, here’s a summary of the article: The share of mortgage loans in forbearance plans fell to 8.48% last week from 8.55% the week prior, according to the Mortgage Bankers Association’s Forbearance and Call Volume survey. This marks the first time the total number of loans in forbearance decreased since the survey’s inception in March.The MBA approximates 4.2 million homeowners are now in forbearance, a decline from the almost 4.3 million estimated the prior week.Broken down by investor type, Ginnie Mae mortgages – primarily backed by the Federal Housing Administration and the Veterans Administration – had the largest overall share of loans in forbearance at 11.83% for the third week in a row, the MBA reported. Following the main story, HousingWire covers a forecast from the Mortgage Bankers Association that claims mortgage lending will surge to a 14-year high this year and an announcement from the Consumer Financial Protection Bureau about limiting the DTI requirement from qualified mortgage standards. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Share of loans in forbearance falls for the first time since March Mortgage lending will surge to a 14-year high this year, MBA says CFPB to eliminate DTI requirement from qualified mortgage standards

In today’s Daily Download episode, HousingWire interviews the National Association of Realtors’ Chief Economist Lawrence Yun on the organization’s five-point plan for supporting Black homeownership. For some background on the episode, here’s a brief summary of the article:The National Association of Realtors laid out a five-point plan for how the real estate industry can step up to provide support in increasing the number of Black American homeowners. While the homeownership rate for Black households has slightly improved and now sits at 44%, compared with an overall U.S. rate of 65.3%, it was only a year ago that it fell to 40.6%, which not only was the lowest level in the Census Bureau’s quarterly data going back to 1994 but was also the smallest share recorded for Black households since the 1950 decennial Census when it was 34.5%The five-point plan includes: Build more homes to increase supply: Yun stated that since the pool of potential first-time buyers is higher in the minority population, if the industry can increase supply, it could help minority households lock in a home. Build more homes in Opportunity Zones: Yun posed the question: “Since the industry needs to build so many homes, why not build or sell homes in the Opportunity Zones to help revive some of those areas?” He added that there is even a tax break in certain geographically defined opportunity zones for developers to go in and build homes, helping the revitalization of economically-distressed areas. Increase access to down payment assistance: While family members are stepping in to help address affordability issues, NAR stated that it is still much more difficult for Black Americans to obtain substantial financial assistance from family members. They added that increased access to federal down payment assistance based on a certain income threshold is vital, particularly for Black Americans. Strengthen FHA’s loan program: Yun explained that many minority households are able to become first-time buyers by using FHA mortgages, making the product an important source of financing. NAR stated that shifting federal dollars to strengthen the FHA program could lower mortgage insurance premiums and monthly mortgage payments. Expand alternative credit scoring models:NAR outlined that expanding credit scoring models to include rent and utilities payments would help Black Americans boost their credit score. Yun also shared an estimate from the National Association of Real Estate Brokersthat alternative credit scoring would open up buying to 115,000 Black Americans annually. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: NAR’s plan to help increase Black American homeownership</

In today’s Daily Download episode, HousingWire covers data that shows the real estate market is beginning to heat back up to pre-pandemic levels. For some background on the story, here’s a summary of the article: Demand for houses continues to skyrocket, according to a report from Redfin CEO Glenn Kelman. Seasonally adjusted demand for houses during the week of June 1 through June 7 was 25% above pre-pandemic levels. Kelman said that bidding wars have caused listings to move quickly, and sales prices are up 3.1% year over year. The percentage of newly listed homes to accept an offer within 14 days increased from 42% in May to 47% in June.“Our abiding concern in May was about the number of homes for sale, but that’s improving too,” Kelman said. “After falling to 21% below last year’s level the week of May 25-31, new listings last week continued their recovery; last week’s new listings were 15% below last year’s level.”Following the main story, HousingWire covers data from Realtor.com that indicates housing markets in tech hubs are likely to recover faster from the COVID-19 pandemic and a survey from 72Point and the National Association of Realtors that claims 47% of homeowners have considered selling their home due to the pandemic. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: The real estate market heats up: Housing demand is 25% above pre-pandemic levels Housing markets in tech hubs likely to recover faster from pandemic Even with mortgage assistance, 47% of homeowners have considered selling their home due to pandemic

In today’s Daily Download episode, HousingWire covers the Federal Housing Finance Agency’s extension of its foreclosure mortarium. For some background on the story, here’s a summary of the article: The Federal Housing Finance Agency on Wednesday extended the foreclosure and eviction moratorium for borrowers with mortgages backed by Fannie Mae and Freddie Mac until “at least” Aug. 31, the federal watchdog said.“During this national health emergency no one should worry about losing their home,” said FHFA Director Mark Calabria, who oversees the two mortgage companies that back more than half of the outstanding mortgages in the U.S.The FHFA will continue to monitor the COVID-19 pandemic and “update policies as needed,” the agency said in a statement.The moratorium would primarily apply to the 2 million mortgages that were in default at the end of February, as measured by Black Knight. Both the delinquency rate and foreclosure rate for mortgages reached multi-decade lows before the pandemic began hitting the U.S. at the end of February.Borrowers with Fannie Mae and Freddie Mac mortgages are eligible for forbearance of up to one year if they are impacted by COVID-19, as mandated by the CARES Act passed by Congress. But, borrowers have to be current on their mortgage payments to qualify.Following the main story, HousingWire covers Federal Reserve Chairman Jerome Powell’s plea for examiners to go easy on forbearances, and Freddie Mac’s Primary Mortgage Market Survey that indicates rates have now fallen to another all-time low. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: FHFA extends foreclosure moratorium to end of August Powell urging examiners to go easy on forbearances Mortgage rates tumble to another all-time low

In today’s Daily Download episode, HousingWire covers Federal Reserve Chairman Jerome Powel’s statements to Congress about the nation’s economic vitality. For some background on the story, here’s a summary of the article: Failure to provide additional legislative support to an economy reeling from COVID-19 will worsen the inequality that has led to mass protests in America in recent weeks, lead to more small-business failures, and extend the recession, Federal Reserve Chairman Jerome Powell told the Senate Banking Committee on Tuesday.Powell said he wouldn’t comment on whether or not specific programs should be enacted or extended, including the beefed-up unemployment benefits scheduled to expire at the end of next month. But he did say more help was needed from Congress. “If a small or medium-sized business becomes insolvent because the economy recovers too slowly, we lose more than just that business,” Powell said. “The small businesses of America, that’s where the jobs are created on net, and while there are people going in and out of business all the time, what you don’t want is a wave of insolvency that will weigh on the economy for years.”Following the main story, HousingWire covers a forecast from Fannie Mae that claims mortgage rates will remain at record lows throughout 2021, the Mortgage Bankers Association’s Weekly Applications Survey that indicates purchase applications now sit at an 11-year high, and a forecast from the National Association of Realtors that projects home building will continue to lag household formation. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Economy needs more help from Congress, Powell says Fannie Mae sees record-low mortgage rates through 2021 Purchase applications reach highest level in over 11 years Here’s why there aren’t enough homes to buy right now

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews Movement Mortgage’s Director of Corporate Strategy Montell Watson about his HousingWire [PULSE] article, titled 3 ways to increase and empower black homeownership. For some background on the story, here’s what Watson had to say in the article: Over the last several months, I’ve read many articles talking about the homeownership gap for black Americans. Each article fuels me to speak with more families to bring awareness to the importance of homeownership and how owning a home can have a positive generational impact on their households. Although the current gap is staggering, I believe we have an opportunity to change the systemic long-term trust issues black households have with financial institutions while empowering all potential homeowners to believe homeownership is for them.Today, the homeownership gap for black households stands at 44%. This rate has ticked up from a recent staggering 50-year low that traces back to the passing of the Fair Housing Act. This gain is positive, but we have a long way to go. Homeownership is still one of the best ways to grow wealth and low homeownership rates in black communities has a direct correlation to net worthThis results in a lack of opportunity for home equity growth and a natural built-in savings account earned by making mortgage payments vs. a rental payment. According to “The Road to Zero Wealth” report by Prosperity Now, the median wealth of black Americans will fall to zero within 23 years if current trends continue. This is daunting. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: [PULSE] 3 ways to increase and empower black homeownership The Urban Institute’s Alanna McCargo on black homeownership after COVID-19

IIn today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd discusses and announcement from Google that the company will now make it impossible for lenders and Realtors to target consumers based on ZIP code and other demographics. For some background on the story, here’s a summary of the article: Google announced it is tightening its policies, prohibiting employment, housing and credit advertisers from targeting or excluding ads based on certain demographics and ZIP codes.The company explained that it has long prohibited advertisers from targeting users based on “sensitive categories” related to their identity, beliefs, sexuality or personal hardships. This means the company doesn’t allow targeting based on categories like race, religion, ethnicity, sexual orientation, national origin or disability.But now, Google is adding several new categories to that list to improve access to housing, employment and credit opportunities. The new policy will prohibit impacted advertisers from targeting or excluding ads based on gender, age, parental status, marital status or ZIP code. The company expects these changes to take effect by the end of 2020.Following the main story, HousingWire covers data from Black Knight that indicates U.S. mortgage forbearances declined last week for the second consecutive week, and an announcement that Ithaca, New York has become the first city in the U.S. to cancel rent payments in response to COVID-19. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Google will make it impossible for lenders and Realtors to target consumers based on ZIP code, demographics Mortgage forbearances fall for the second straight week Ithaca, New York says it will cancel rent payments

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd discusses claims that Quicken Loans, the No. 1 mortgage lender in the U.S., is preparing an initial public offering. For some background on the story, here’s a summary of the article: Quicken Loans, the No. 1 mortgage lender in the U.S., is preparing an initial public offering, according to an article by CNBC.The article explained that Quicken filed its IPO prospectus confidentially, but it could go public in the next month. From the article: Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan to manage the deal, said the people, who asked not to be named discussing private information. The targeted valuation is still being decided, but it is likely in the tens of billions of dollars, one of the people said. That would imply a multi-billion-dollar IPO, one of the largest – if not the largest – this year.However, in a statement from a Quicken spokesperson sent to HousingWire, they stated:“As the nation’s largest mortgage lender, Rocket Mortgage is continuously looking for new ways to invest in and grow our business, while also contributing in significant ways to our home communities. Following the main story, HousingWire covers a lender letter sent by Fannie Mae that announces the GSE has expanded its temporary policies, and a new Housing Market Recovery Index from Realtor.com. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Quicken Loans files for IPO Fannie Mae lender letter expands its temporary policies Average U.S. mortgage rate rises to 3.21% com launches Housing Market Recovery Index

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers the Department of Housing and Urban Development Secretary Ben Carson’s statement to Congress that he supports DACA recipients to receive Federal Housing Administration mortgages. For some background on the story, here’s a summary of the article: Ben Carson, secretary of the Department of Housing and Urban Development, told Congress on Tuesday that he supported Deferred Action for Childhood Arrival recipients being eligible for mortgages backed by the Federal Housing Administration.Carson initially denied in his testimony that DACA recipients had been banned from getting FHA loans after President Donald Trump was sworn into office in 2017, then backpedaled.“Do people have conversations? Yes they do,” Carson said. “And I’m sure they will continue to have those conversations. Am I privy to all their conversations? No. Do their conversations change the policies? Absolutely not,” he said.“The whole thing started as the result of a question that was asked about it, and it then came to light that maybe some rules were being violated and people decided that they better pay closer attention to the rules,” Carson told Congress. Carson’s comments on so-called Dreamers, as DACA recipients are known, came four days after HUD records and internal communications released as part of a Freedom of Information Act confirmed HUD changed its policy to deny FHA loans for DACA recipients even as top officials told Congress the opposite. Following the main story, HousingWire covers the Federal Reserve’s pledge to keep buying Treasuries and mortgage-backed securities, a report from LendingTree that claims potential homebuyers are going to face historically low inventory this summer, and a survey from Assurant that indicates 38% of American renters will need rent relief in the next 90 days. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Under fire, Carson says HUD will allow DACA recipients to get FHA mortgages Fed pledges to maintain current pace of MBS purchases Potential homebuyers are going to face historically low inventory this summer Assurant survey: 38% of renters will need relief in the next 90 days

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers statements made by Federal Housing Finance Agency Director Mark Calabria regarding the nation’s downturn in forbearance requests. For some background on the story, here’s a summary of the article: Mark Calabria, who heads the government’s watchdog agency overseeing Fannie Mae and Freddie Mac, told the Senate Banking Committee on Tuesday that forbearance requests for loans backed by the GSEs have begun to level off. The forbearance rate for the GSEs, which back more than half of U.S. mortgages, have plateaued at about 6.6%, a level that’s “manageable,” said Calabria, the director of the Federal Housing Finance Agency.“We’ve seen over the last few weeks those numbers start to stabilize,” Calabria said. “Within the GSE portfolio, you see as many borrowers canceling their forbearance programs as you see rolling on.”Following the main story, HousingWire covers a plea from the National Association of Realtors for Congress to take action on emergency rental assistance, a report from Weiss Analytics that indicates some home sellers are pricing their homes below the market and the Mortgage Bankers Association’s weekly applications survey. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Fannie Mae, Freddie Mac forbearance rate is ‘manageable,’ Calabria says NAR urges Congress to pass emergency rental assistance for housing providers Looking for a bargain? There’s still time to find houses that are “pandemic priced” Mortgage applications jump 13%

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers a report from the Mortgage Bankers Association that claims the share of mortgages in forbearance has now risen to 8.5%. For some background on the story, here’s a summary of the article: Almost 4.3 million mortgages were in forbearance during May’s final week, representing 8.53% of outstanding home loans, the Mortgage Bankers Association said on Monday.The numbers increased from 4.2 million mortgages in the prior week, which accounted for an 8.46% share, MBA said.Private-label loans led the increase, rising to a 10% share from 9.67%, the report said. The forbearance share for mortgages backed by Fannie Mae and Freddie Mac rose to 6.4% from 6.39%, while the percentage for loans backed by the Federal Housing Administration and the Veterans Administration increased to 11.83% from 11.82%. “While servicers reported only a 1-basis-point increase in the forbearance share for GSE and Ginnie Mae loans, the increase for private-label securities and portfolio loans rose to over 10 percent, which is higher than the rate on GSE loans,” said Mike Fratantoni, MBA’s chief economist. Following the main story, HousingWire covers a TCPA ruling from the U.S. Court of Appeals for the Ninth Circuit in San Francisco to block certain debt calls, a report that claims renters may be less likely to renew their lease after the COVID-19 pandemic passes, and data from Black Knight that claims only 1 in 10 borrowers in forbearance is equity poor. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Share of mortgages in forbearance rises to 8.5% TCPA ruling by appeals court blocks some debt calls Renters say they are less likely to renew lease after pandemic Only 1 in 10 borrowers in forbearance is equity poor

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers a joint statement from the Consumer Financial Protection Bureau and Conference of State Bank Supervisors. For some background on the story, here’s a summary of the article: The Consumer Financial Protection Bureau and Conference of State Bank Supervisors have issued a joint statement regarding forbearance as it relates to the CARES Act.The three-page statement defines protections for borrowers with federally backed mortgages. Under the terms of the guidance, servicers must grant forbearance after receiving a request from a borrower citing financial hardship caused by the COVID–19 emergency.While servicers cannot request information supporting the need for forbearance, the new joint statement declared they could “work with the borrower to better understand the borrower’s situation so long as (i) borrowers are not misled about the requirements of, or dissuaded from proceeding with, a CARES Act forbearance if they have a COVID-related hardship and (ii) any information obtained from the borrower has no bearing on the servicer’s provision of a CARES Act forbearance.” Following the main story, HousingWire discusses a report from Black Knight that claims the number of mortgages in forbearance declined last week for the first time since the start of the COVID-19 pandemic and the Federal Housing Administration’s temporary policy change that is designed to offer guidance for lenders on how to obtain FHA insurance endorsements on mortgages where the borrower either obtained or requested a COVID-19 forbearance. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Mortgage forbearances fall for the first time CFPB and CSBS issue statement on mortgage forbearance warning servicers on borrower guidance FHA enacts temporary policy shift on forbearances

in today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews Genworth Mortgage pricing analyst Unikqua Shannon, who is a winner of HousingWire’s 2020 Rising Stars Award Program. For some background on the award program, here’s a summary: HousingWire’s Rising Stars program recognizes industry professionals who have become leaders in their respective fields. Those who are helping move markets forward, each and every day.They help run major corporations, and are the entrepreneurs building tomorrow’s great businesses. They work in any and every area of the housing economy: lenders, servicers, investors, and real estate. They come from diverse backgrounds but share one common trait: an outsized impact on the industry and their businesses.In this interview, Shannon, explains how her use and understanding of robotic process automation transformed her department at Genworth. Additionally, the rising star discusses what has fueled her success, and how she navigates the industry as a woman of color. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Introducing HousingWire’s 2020 Class of Rising Stars 2020 HW Rising Star: Unikqua Shannon

In today’s Daily Download episode, HW+ Managing Editor Brena Nath interviews former Consumer Financial Protection Bureau Director Richard Cordray. Cordray served for six years as the first director of the CFPB, and before joining the bureau, he served as Ohio’s Attorney General. In this interview, Cordray explains why he thinks the industry needs to redefine how they look at foreclosures. He does this by sharing lessons from the financial crisis and what the road ahead looks like as the industry figures out how to handle the fact that 8.8% of U.S. mortgages are in forbearance. He also discusses the immediate threats in the foreclosure process. “There's a lot of market pressure right now, and there will continue to be. Everybody's going to be fighting to handle this,” Cordray said in response to what advice he would give lenders and servicers given all the unknowns in the market. “The more friendly you can be toward consumers and the more compliant you can be, the better off you are. But again, there are significant economic pressures that are making that hard,” he said. “In the long run, the industry should insist on reforms,” said Cordray. “Right now, I think it's a very, very dramatic and dangerous situation that many services are in, and we could avoid this in the future, and we should. That's what congressional reforms should look to and should put in place so that we learn from the past, just as we did in the last crisis, we can do it again.” HousingWire articles covered in this episode: [PULSE] How should we think about foreclosures? [PULSE] Does the mortgage industry view foreclosure as a last resort? [PULSE] Will servicers be able to flatten the curve in foreclosures? Former CFPB Director Richard Cordray: Are servicers prepared to provide relief to borrowers?

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd discusses the impact Airbnb properties could have on a housing market that is already short of supply. For some background on the story, here’s a summary of the HW+ article: While the real estate market has lots of challenges during the COVID-19 pandemic, a tsunami of houses being sold by Airbnb hosts isn’t one of them.Airbnb’s tally of 850,000 whole-house listings is just 0.8% of the nation’s stock of single-family homes. Even if a big chunk of them came on the market – and there’s no evidence that will happen – it would be a welcome relief to the severe shortage of housing inventory.Some property owners who bought or leased real estate with the aim of maximizing profits through Airbnb rentals are finding they’re in a jam. Airbnb hosts saw $1.5 billion in bookings cancelled in mid-March when the COVID-19 pandemic arrived in the U.S. While guests got full refunds, per an Airbnb decision, hosts still had to pay mortgages on the properties.The company has provided grants to a selection of hosts to offset the cancellations, but for some it may not be enough to make their monthly home loan payment.Following the main story, HousingWire covers the Mortgage Bankers Association’s weekly applications survey, a housing market rebound in Washington D.C. and data from the MBA that claims the mortgage forbearance pace is slowing. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Airbnb properties wouldn’t make a dent in housing market Summer home-buying set to take off Washington D.C. housing market seeing quick rebound from pandemic Mortgage forbearance pace continues to slow, MBA says

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers an announcement from the Mortgage Industry Standards Maintenance Organization.For some background on the story, here’s a summary of the article:The Mortgage Industry Standards Maintenance Organization, or MISMO, a subsidiary of the Mortgage Bankers Association that sets rules for handling the registration of home loans, announced Monday it would assess a new fee for every origination.The fee is just 75 cents per mortgage, but that would add up to more than $4.4 million a year if all purchasers used a home loan, based on Fannie Mae’s projection of 5.8 million sales of new and existing homes in 2021. And, that doesn’t include refinanced mortgages.The fee will be collected by the Mortgage Electronic Registration Systems when it registers a new loan on its system The announcement cited the COVID-19 pandemic and the need to advance technology for electronic mortgages, including remote notarization, although the new fee was approved by the MBA board in October. Following the main story, Housingwire discusses a report from PropertyNest that indicates more New York renters are falling behind on rent, three mortgage lenders that are pumping up their hiring volume, and a survey from the National Association of Realtors that claims homebuyers and sellers are ready to return to open houses. But before you listen, here’s a brief word from our sponsor.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: MISMO will charge a new fee for every loan registered on MERS The number of New Yorkers who can’t pay rent this month has doubled Three mortgage leaders pump up the hiring volume Homebuyers and sellers are ready to return to open houses

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers whether or not significant declines in housing inventory could be on the horizon if more sellers don’t list homes to meet the nation’s rising demand. For some background on the story, here’s a summary of the article: Throughout metropolitan areas nationwide, the tight supply of for-sale homes – already constrained pre-coronavirus – is continuing.Although the increase in purchase mortgage applications signals a rebound of home-buyer interest and record-low mortgage rates could spur that further, “steeper declines in inventory could be on the horizon if more sellers don’t list homes to meet rising demand,” Realtor.com said in its weekly inventory report released Thursday. For the week ending last Saturday, May 23, total inventory for sale dropped 22% year-over-year, the Realtor.com report said. That’s a larger drop than prior weeks.NAR’s most recent numbers echo similar supply constraints. The number of homes for sale at the end of April totaled 1.47 million, the National Association of Realtors said last week. That’s the lowest level ever recorded for April, said Lawrence Yun, NAR’s chief economist, on a call with reporters. Following the main story, Housingwire discusses a Black Knight report that says mortgage forbearance requests are slowing, Redfin’s mortgage lending expansion announcement and a letter from Fannie Mae to lenders on self-employment income. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Housing market rebound? To get a home in these cities you have to win a bidding war Mortgage forbearance requests slow to a trickle, Black Knight says Redfin begins mortgage lending in Arizona, Delaware, New Hampshire Fannie Mae issues lender letter on self-employment income

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses former Consumer Financial Protection Bureau Director Richard Cordray's take on whether or not the U.S. housing industry views foreclosures as a last resort. For some background on the story, here’s a summary of the article: Markets are shaped by the forces of supply and demand, buying and selling, and how they come into some sort of balance. Markets that operate properly tend toward a discernable equilibrium that is predictable and sustainable. But many things can disturb this equilibrium. We might say, paradoxically, that market forces are fragile in being liable to disturbances, but once disturbed they have a powerful tendency to recover an eventual balance.But economic markets differ in the mechanisms that restore them to equilibrium after any notable disturbance. Some markets experience greater frictions that slow their recovery. In the pure models of academic economists, prices immediately (or at least quickly) adjust to achieve balance among buyers and sellers, the mathematics take their own course, and equilibrium is restored as the natural and seemingly inevitable state of the market.As the Great Recession showed, however, that does not happen in any serious dislocation of the housing market. When a borrower falls behind on the mortgage, there is one ultimate method for collecting on the unpaid debt: foreclosure.Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Labor Department data that indicates another 2.1 million Americans filed for unemployment last week, Freddie Mac’s Weekly Primary Mortgage Market Survey that shows mortgage rates fell to another all-time low, and fintech news from SmartRent and Amazon. But before you listen, here’s a brief word from our sponsor. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: [PULSE] Does the mortgage industry view foreclosure as a last resort? Jobless claims top 40 million as pandemic layoffs hit 1 in 4 workers Mortgage rates hit another all-time low Amazon among companies helping apartment platform SmartRent raise $60 million

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses whether or not the U.S. housing market is beginning to recover from the COVID-19 pandemic’s impact. For some background on the story, in an article, columnist Logan Mohtashami writes: If we are diligent, we will be able to identify the return of hope and light coming back into the American economy. While no one could truly know when we’ll see the end of the coronavirus, we can at least know what signs to look for that the housing market is on the rebound: Flattened Curve: The first, and in fact, a prerequisite event that will indicate that the economy will come out of this tunnel is the turning of the number of new cases of infection from positive to flat or negative. End of Stay-at-Home Orders: The second and also prerequisite indicator that the economy will be getting back on track is the lifting of stay-at-home orders. 10-Year Yield Goes Above 1%: Dramatic changes in the bond markets were the harbingers of our oncoming economic decline and will be the beacons for our recovery. Decline in Credit Stress and Jobless Claim: When credit stress and jobless claims start to fall, you can believe we are on the road to recovery. Data from the hardest-hit sectors starts to trend upward: Some of the hardest-hit business sectors will show recovery first because the declines have been so horrific. Following the main story, HousingWire Digital Producer Alcynna Lloyd covers the Mortgage Bankers Association’s weekly applications survey, an announcement from Zillow that it has resumed and expanded its ibuying service, and house price gains in Massachusetts’ housing market. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Is the housing market already rebounding from COVID-19? Jump in mortgage applications for home purchases shows buyers are back Zillow Offers resumes buying in five more markets Massachusetts house prices gained 11%, outpacing the nation

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses how the mortgage industry should be thinking about foreclosures during the nation’s economic downturn. For some background on the story, here’s a brief summary of the article: The current economic collapse raises pressing questions about what lessons we learned from the last one. No two crises are ever the same. Although they have many common elements, which flow directly from an extended plunge in economic activity, they have distinct causes and hence different trajectories. At a minimum, the reform measures that were put in place to address aspects of the prior crisis will alter the course of the next one.The Great Recession, which lasted from December of 2007 to June of 2009, is of special interest here because it was an economic collapse brought about specifically by failures in the housing and mortgage markets. Some blame government policy for those failures, and it bears some share of the responsibility. Yet the greater weight of the evidence has shown that rampant Wall Street financial speculation was the core of the problem. The traditional approach to housing and mortgage financing became distorted by new mortgage-based investment instruments, leveraged lending, and lax underwriting, all of which turned out to be grounded in ill-founded assumptions.Following the main story, HousingWire Digital Producer Alcynna Lloyd covers a forbearance report from the Mortgage Bankers Association, data from Zillow that shows a rebound in April’s pending home sales and Fannie Mae and Freddie Mac’s new online resources for consumers. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: [PULSE] How should we think about foreclosures? Mortgages in forbearance rise to 4.2 million, MBA says More good news for May: newly pending sales up almost 50% from same period in April Fannie Mae, Freddie Mac launch online resources for consumers

In today’s Daily Download episode, HW+ Managing Editor Brena Nath interviews Mortgage Bankers Association Senior Vice President and Chief Economist Mike Fratantoni on the giant uptick in forbearance requests in the industry, along with the impact these requests are having on the industry. According to the latest information from the MBA’s Forbearance and Call Volume Survey, as of May 17, the total number of loans now in forbearance now sits at 8.36%, meaning there are about 4.2 million homeowners now in forbearance plans. When it comes to the biggest challenges that servicers are facing, Fratantoni said, “For servicers, one of the real challenges that they’ve been wrestling with is how to clearly communicate what those potential exits are from forbearance.” “Thankfully, Fannie Mae and Freddie Mac have been out with some recent updates to their scripting and the launch of their deferral option, which we think in many cases is probably the most likely exit for a lot of borrowers,” he added. Fratantoni also commented on the biggest challenges that lenders are dealing with, saying “On the lending side, there have been all kinds of complications for someone who does or does not miss pay their payments under forbearance. Does just the simple fact of being in forbearance alter their ability to get a refinance or buy a new home? That’s something that I think the FHFA and the GSEs are still struggling with.” Fratantoni wraps up the interview by sharing his thoughts on the impact that the increase in forbearance requests could have on the potential for future delinquencies as borrowers start to exit forbearance at the end of this pandemic. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing and mortgage industries but are also helping Move Markets Forward. Hosted by the HW team and produced by Digital Producer Alcynna Lloyd.

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews Odeta Kushi, deputy chief economist at First American Financial, about the COVID-19 pandemic’s impact on this year’s homebuying demand. For some background on the interview, here’s what has happened in the industry so far: At the end of February and the beginning of March, it was projected that the spring homebuying season would arrive early.In fact, January 2020 was the strongest January for purchase mortgage applications in 11 years, according to the Mortgage Bankers Association.The beginning of March also showed that homebuyers were anxious to get moving into homebuying season, but that was before the coronavirus changed everything.Although there were still homes being sold in early March, they were likely under contract in February, before COVID-19 forced most of the U.S. economy to shut down, Redfin said.But towards the end of March, when stay-at-home orders were put into place and people were left unemployed, there was a 148% year-over-year increase in homes being delisted during the week ending March 29, coming to a total of 28,140 homes pulled off the market, according to Redfin.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: New listings and home sales drop in what would have been peak homebuying season Mortgage rate drops to within 1 basis point of all-time low Housing starts plummet to a five-year low Mortgage refinancings set to surge to a 17-year high April home sales take biggest hit in almost a decade

In today’s Daily Download episode, HW+ Managing Editor Brena Nath spotlights New York City’s struggling housing market, as the metro is experiencing a significant decline in residential sales. For some background on the story, here’s a brief summary of the article: New York City is the U.S. epicenter of the coronavirus pandemic, and the local economy has been harshly impacted by the health crisis. But the city’s residential real estate market was facing problems before the pandemic hit town. According to the Real Estate Board of New York, the city’s total sales volume during the first quarter of this year fell 16% year-over-year from $10.5 billion to $8.7 billion. Total residential transactions also took a 16% year-over-year hit, down from 10,382 sales in the first quarter of 2019 to 8,702 sales during the first three months of this year.But after the pandemic paralyzed the city’s economy and created a healthcare nightmare in its hospitals, the housing market took an even sharper dive.According to data from PropertyShark, residential sales activity sank from the second week of March to the end of the month in a 61% year-over-year freefall. Sales activity during the first two weeks of April were 62% below the same period one year earlier.Following the main story, HousingWire Digital Producer Alcynna Lloyd covers a report from Black Knight that claims U.S. mortgage delinquencies nearly doubled in April, data from Redfin that indicates the nation’s affordable housing markets are experiencing an uptick in home prices, and Freddie Mac’s weekly Primary Mortgage Market Survey. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: New York City’s housing market struggles under lockdown with residential sales down 61% YOY Mortgage delinquencies nearly double in April on COVID-19 shock Affordable housing markets see prices rising as the number of homes for sale continues to drop Mortgage rate drops to within 1 basis point of all-time low

In today’s Daily Download episode, HW+ Managing Editor Brena Nath interviews HousingWire Mortgage Editor Ben Lane to discuss the current record low interest rates and the likelihood that rates will sink below 3% this year as the coronavirus pandemic continues to affect the economy. For some background on the interview, here’s a small snippet of his article:Until about three months ago, it was basically unthinkable that interest rates would ever fall below their record low of 3.31%, which was set in November 2012. But then the coronavirus happened.And as the virus was wreaking havoc on the world and its economy, interest rates not only broke that record; they’ve since settled comfortably below the previous all-time record level and stayed under 3.3% for three straight weeks.But is it possible that interest rates are on the verge of falling to levels no one ever thought they’d see: under 3%? The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Are mortgage rates about to fall below 3%?