Economy

Refinancing has been one of the bright spots in a difficult year for lending, and the industry has concerns that a fee to be imposed by Fannie Mae and Freddie Mac could slow down the business.

The new reality for investors and originators accounts for forbearances and ability-to-repay.

The number of new housing permits issued in Connecticut communities in July rose 10.2% over the same period in 2019, officials with the state Department of Economic and Community Development said.

As the end of the first six-month forbearance period arrives, the impact of the new cap is coming into focus.

Many mortgage companies are hoping to operate remotely through year-end and are asking regulators for relief to that end.

Both the Federal Housing Finance Agency and Federal Housing Administration are extending relief for homeowners and renters due to the pandemic crisis.

The California Assembly is considering a bill that would require local governments to permit duplexes on parcels now largely restricted to one house, in effect eliminating single-family zoning that dominates in most suburban residential neighborhoods.

The mortgage giants were criticized earlier this month for a plan to charge an "adverse market fee" to protect against losses resulting from the pandemic.

The housing market reaped the rewards of new construction increasing before the coronavirus took effect, netting a boost in July sales, according to Redfin.

There is a shortage of notaries and that is being made worse by those lenders that don't offer remote online notarization.

The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

If Trump is reelected, his administration would likely move forward with privatizing Fannie Mae and Freddie Mac and relaxing key rules, while a Joe Biden presidency would likely try to expand homeownership access and borrower protections.

Five months of remote work, bedroom-to-desk commutes and child-populated home offices have failed to ignite a great Bay Area exodus, but over in Lake Tahoe, July home sales more than doubled over last year.

Meanwhile, July saw a record surge in existing-home sales, while mortgages in serious delinquency were on the rise

There were questions about the GSEs' use of structured credit risk transfers in the single-family market given an earlier pandemic-related market disruption.

Uncertainty over the economy, the pandemic and politics are keeping existing owners from listing their homes.

Lenders initially won't be able to pass on the cost of the Federal Housing Finance Agency's "adverse market fee" to borrowers whose rates on GSE-backed mortgages and refinances are already locked in.

The higher charge on mortgages refinanced through Fannie Mae and Freddie Mac is supposed to cushion against a crisis but could contribute to one as the fees are passed on to struggling consumers.

Recent changes to housing policy and uncertainty regarding the coronavirus could slow that growth.

Both refinancings and purchases will be stronger than what Fannie Mae had previously forecast.