FHA

Mortgage applications decreased 2.6% from one week earlier, as tighter underwriting drove the refinance index to its lowest level since March, according to the Mortgage Bankers Association.

Pent-up demand is already pushing buyers to a gradual return to the market, the report asserts.

But in the worst-case scenario, the number of forbearances could grow by 3 percentage points through the end of June.

The agency's announcement came one day after the agency said it would provide borrowers struggling to stay current with an additional payment deferral option.

While overall mortgage application volume remained flat, purchase activity continued to rebound — and that should be the case through the remainder of the spring, according to the Mortgage Bankers Association.

By the end of the first quarter, the number of borrowers 30 days late on their mortgage increased by 59 basis points.

Specialized Loan Servicing will pay more than $1 million to settle Consumer Financial Protection Bureau allegations that it foreclosed on protected consumers and failed to send required evaluation notices in 2014.

Many originators stopped making riskier products, including jumbo loans and low credit score offerings, during April.

With mortgage rates plummeting, the refinance share of closed loans from millennial borrowers rose for the third straight month, to the highest level since Ellie Mae began tracking the data in 2016.

Purchase mortgage activity rose for the third consecutive week, although the total volume was flat compared with the previous seven-day period, according to the Mortgage Bankers Association.

With unemployment mounting, new mortgage forbearance requests could sharply increase in early May when payments are due.

About 7.3% of U.S. mortgages entered forbearance plans in April, providing temporary relief to more than 3.8 million borrowers who have lost income during the coronavirus pandemic.

Even though mortgage application volume decreased from one week earlier, lenders had their best week for purchase business since the coronavirus shutdown began, according to the Mortgage Bankers Association.

Recognizing the leading originators of Federal Housing Administration mortgages in the 2020 Top Producers survey.

The Federal Housing Administration has provided struggling homeowners with payment flexibility and explored other measures. At the same time, the agency is mindful of protecting itself against downside risks.

Mortgage applications decreased 0.3% from one week earlier, although purchase activity was higher for the first time in six weeks, according to the Mortgage Bankers Association.

Efforts to calm lenders’ fears about coronavirus-related forbearance may not offset tightening standards, and the FHA is less likely to boost volume than it was during the financial crisis.

Federal backing for firms facing a deluge of missed mortgage payments is still on the table despite recent comments by an official who questioned the need to help the industry.

Mortgage application volume increased 7.3% over the prior week, as rates for the 30-year fixed loan reached the lowest level since the Mortgage Bankers Association started tracking this information.

Tenants have threatened to suspend payments during the pandemic to pressure officials into providing rental assistance, but the effects on multifamily loans would compound concerns about servicers' liquidity and, ultimately, lenders' performance.