Origination

Sales of previously owned homes surged in February to the fastest pace in 13 years, highlighting a flurry of activity in the housing market before the economic repercussions of the coronavirus.

Mortgage industry hiring and new job appointments for the week ending March 20.

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.

The fallout from the coronavirus could turn a situation in the U.S. where many homes were overvalued into a scenario where prices drop, a Fitch Ratings report said.

It has all the trappings of a routine mortgage refinance closing. The mortgage broker, the lawyer and the homeowner, all signing off on the paperwork that will cut the interest rate on a home.

Mark Calabria said Fannie Mae and Freddie Mac are currently equipped to handle elevated delinquencies, but they might need congressional or Federal Reserve help if fallout from the coronavirus persists.

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.

Southern California's 2020 housing market got off to a good start before the pandemic shook the economy in mid-February, CoreLogic figures show, with both prices and home sales up in the six-county region from February 2019 levels.

Mortgage rates rose sharply this week as originators looked to manage the overwhelming demand from consumers, according to Freddie Mac.

The Bradenton-Sarasota, Fla., area has been a red-hot housing market with the median price at or above $300,000 for the past year, providing job opportunities for 7,000 real estate agents.