Origination

The MBA also said it has been lobbying for a measure that would enable cash-out refinances in forbearance to be sold to the GSEs.

Austin-area home sales declined sharply in April as the fuller impacts of the coronavirus pandemic and local shelter-in-place orders left their mark on the housing market, new figures from the Austin Board of Realtors show.

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.

The Mortgage Bankers Association's forecast anticipates tremendous coronavirus stimulus-related debt coming on to the market.

Illustrating the chilling effects the coronavirus crisis has had on the housing market, Southern California home sales fell 26.6% in April compared with a month earlier, while year-over-year sales were down 31.5%.

Progress Residential is bringing its next securitization of single-family rental properties to market, even as concerns mount on the depth of pandemic-driven tenant forbearance and delinquency trends.

Other safety measures taken to protect settlement agents and consumers include drive-up closings and overnight mail.

The sale completes First Choice affiliate Berkshire Hills Bancorp's exit from the mortgage origination business.

Sellers are currently willing to concede discounts of around 5%, while bidders are hoping for about 20% off pre-pandemic prices. That estimated gap, which is likely wider in specific cases, has put a freeze on deals.

The coronavirus pandemic took a toll on the Baton Rouge, La., area housing market in April, with sales dropping 12.6% compared to last year, but prices are holding up.