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MBS RECAP: That Escalated Quickly, But MBS Recovered Fairly Nicely
Posted on Friday June 05, 2020

Posted To: MBS Commentary

That Escalated Quickly, But MBS Recovered Fairly Nicely After weeks and weeks (6, to be specific) of extraordinarily calm and narrow trading ranges in ultra-low-yield territory, the bond market has suddenly decided it's time to jump back up toward higher yields. The move is fairly large, abrupt, and serious. It was made all the more serious by the most terribly botched NFP forecast in history. So are the good times over? Econ Data / Events 11:30-11:50 AM (ET) - Fed 30yr UMBS Buying Nonfarm Payrolls: +2.509m vs -8.000m forecast (biggest beat ever, by a wide margin) Unemployment Rate: 13.3% vs 19.8% forecast, 14.7% previously Market Movement Recap 08:16 AM More pain overnight as the broad recovery mentality barrels ahead at full throttle. Stocks surged. Bonds utterly capitaluated (there was...(read more)

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CFPB Warns Servicers and Lenders to Adhere to CARES Act
Posted on Friday June 05, 2020

Posted To: MND NewsWire

A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors cautions mortgage servicers about their obligations in complying with the Coronavirus Aid, Relief and Economic Security (CARES) Act. The Act includes provisions granting a right to forbearance to mortgaged homeowners impacted by the COVID-19 pandemic. Under these provisions, servicers of federally-backed mortgages including those from the GSEs Fannie Mae and Freddie Mac as well as FHA, the VA, and USDA must grant forbearance to borrowers with pandemic-related hardships for as long as two consecutive 180-day periods during the National Emergency declared in response to the outbreak. Servicers are advised by CFPB and the Supervisors that they can approve a shorter than 180-day plan...(read more)

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Reverse Daily Mortgage

New Reverse Mortgage Sales Opportunities, Reduced Second Appraisals During Pandemic
Posted on Thursday June 04, 2020

While the effects of the COVID-19 coronavirus pandemic have continued to have a pronounced effect on the economic stability of the United States, it has also managed to create some decidedly unique opportunities for selling reverse mortgages and providing additional benefits to seniors — and some financial organizations — that have suffered an economic shock. […]

The post New Reverse Mortgage Sales Opportunities, Reduced Second Appraisals During Pandemic appeared first on Reverse Mortgage Daily.

CFPB Issues Guidance Related to LIBOR Transition
Posted on Thursday June 04, 2020

The Consumer Financial Protection Bureau (CFPB) on Thursday issued several pieces of guidance related to the anticipated discontinuation of the London Interbank Offered Rate (LIBOR) index in 2021, in an effort to better facilitate creditors’ transition away from using LIBOR as an index for variable-rate consumer credit products. “The Bureau released an updated Consumer Handbook […]

The post CFPB Issues Guidance Related to LIBOR Transition appeared first on Reverse Mortgage Daily.