Coronavirus

Banks, lenders, and fintechs have been on a path toward digitizing the mortgage process from end-to-end — long before the term coronavirus entered our daily lexicon. How has the pandemic affected progress?

But an expected drop in refinancings as mortgage rates rise should more than cancel that out, resulting in declining overall volume through 2023.

The pandemic has turned stress-testing around liquidity from theory into an actual case study. And while lenders shore up their cash reserves, they explain why many have been hesitant to take advantage of Ginnie Mae's Pass-Through Assistance Program.

A total of 34 states have offered coronavirus-related rental or mortgage assistance, much of which is funded by the CARES Act, according to the National Council of State Housing Agencies.

The overall forbearance rate was under 6% for the first time since April as another large swath of loans fell out of CARES Act coverage, according to the Mortgage Bankers Association.

There will be no cocktail parties, breakfasts, lunches and dinners at this year's annual convention for the Mortgage Bankers Association. Instead of industry folks traveling to Chicago as was planned, arranging meet and greets in the exhibit halls, participants will sit in front of their computers in homes scattered across the country, thanks to the precautions created by the pandemic.

As financial distress mounted, 12.4% of mortgagors missed payments across the second and third quarters of 2020 — and it could get worse, according to a study from the Mortgage Bankers Association.

Customers' needs and expectations changed drastically in 2020, overturning conventional thinking about their experience in the process. How can we strike the right balance between embracing digital channels and recognizing the value of human touch?

Providers, including investors in low-income housing tax credits, have become hesitant to make deals.

The San Francisco bank reported record loan originations thanks to explosive growth in single-family home loans, and profits beat analysts' expectations.

Forbearance rates dropped below 7% for the first time in six months, but the decrease is largely due to the ending of the initial six-month term of forbearance granted by the legislation, according to the Mortgage Bankers Association.

Record-low interest rates, high origination volumes and social distancing created a perfect storm for mortgage fintechs like SnapDocs and LoanSnap to score a cash infusion.

What Jason Gardner, founder and CEO of Marqeta, has learned leading a 450-person fintech from home.

The metro areas surrounding New York, Washington, Philadelphia and Baltimore face the highest risk of impact from the pandemic based on home affordability, equity and foreclosures.

The industry says the 2017 cut in the corporate rate helped position lenders to support the economy when the pandemic hit. But a plan proposed by Democratic nominee Joe Biden could strain banks' capital investment and hiring, observers say.

The industry has long talked about embracing digital technology — but the time for talk may be over.

GSE mortgages in forbearance fell for the 17th straight week, spearheading the overall downtrend, according to the Mortgage Bankers Association.

Over 3.6 million borrowers sit in coronavirus-related forbearance with portfolio and private-label securitized loans driving the week's increase, according to Black Knight.

Whether low rates will continue to outweigh health and employment concerns for millennials and Generation Z remains to be seen.