Origination

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.

Ohio's homeownership rate rose in the first quarter of this year to the highest level since 2011, suggesting a robust housing market and growing economic stability.

The Federal Housing Finance Agency clarified that borrowers with Fannie Mae- or Freddie Mac-backed mortgages who have entered into forbearance plans can be eligible for a refi or new purchase once they are considered “current” on their mortgage.

Home construction starts plunged in April by the most in records back to 1959, as the nationwide lockdown to control the spread of the coronavirus hammered the housing market and broader economy.