Servicing

Detroit
MSR
By JC Reindl
March 25, 2020 12:15 PM

Detroit-based mortgage giant Quicken Loans could be facing a cash crunch in coming weeks and possibly need temporary emergency federal assistance if lots of borrowers stop making payments on their home mortgages during the coronavirus pandemic, according to a news report.

3 Min Read
Colony Capital CEO Tom Barrack

Real estate investor Tom Barrack said predicted a “domino effect” of catastrophic economic consequences if banks and government don’t take prompt action to keep commercial mortgage borrowers from defaulting.

2 Min Read
The statement from the five agencies, including the Federal Reserve, said short-term loan modifications can include payment deferrals, fee waivers, extensions of repayment terms and other insignificant payment delays.
March 22, 2020 6:49 PM

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said.

1 Min Read
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New York Gov. Andrew Cuomo promised a 90-day moratorium on mortgage payments for financially strapped New Yorkers because of the coronavirus.

2 Min Read
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Paul Centopani
March 19, 2020 3:22 PM

As financial hardships mount with the COVID-19 outbreak, Fannie Mae and Freddie Mac released their plans for mortgage borrowers impacted by the pandemic.

2 Min Read
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Christopher Whalen
March 19, 2020 2:18 PM

A number of proposals have been floated for debt payment holidays and other types of moratoria, but such approaches offer solutions that are worse than the problems.

5 Min Read
Kevin Wack
March 17, 2020 9:30 PM

The pandemic has upended staffing plans, sparked concerns about servicers’ capacity to handle the expected crush of missed payments, and even raised questions about their ability to stay afloat.

7 Min Read
Townhouses/neighborhood housing
March 15, 2020 9:30 PM

A national moratorium would be costly to lenders and servicers, but proponents say it's needed to help cushion the economic blow of the pandemic.

6 Min Read
Brent Beardall, left, is CEO at WaFd, which is fast-tracking loans to customers whose revenues are down at least 10%. Reading Co-operative CEO Julieann Thurlow said the bank is exploring a plan to operate branches exclusively through drive-up windows. HomeStreet CEO Mark Mason said his bank is offering to defer or modify customers’ loan payments.
Laura Alix
March 12, 2020 9:30 PM

No-interest loans and overdraft forgiveness are among the lifelines banks are offering to consumers and small businesses whose livelihoods are being upended by the economic fallout.

5 Min Read
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Bonnie Sinnock
March 9, 2020 5:43 PM

Mortgage companies that borrow heavily to keep their operations running may face financial pressure from coronavirus-related market volatility as it affects the valuations of collateral securing their financing.

2 Min Read