As your go-to resource for all the latest news and market updates, we invite you to check back daily for the most relevant information that can help you and your business stay in-the-know.
What’s top-of-mind with industry leaders right now? Learn the latest right here.
A lot of issues have surfaced, along with COVID-19, and Rocke Andrews can’t think of a better reason-or time-to review best practices for broker shops. In this video, he addresses why you shouldn’t put all your eggs in one basket as far as wholesalers are concerned, and why reading and understanding your broker agreements are critical. He talks margin calls, cash-out refis, checking wholesale sheets daily, buybacks, and the importance of building relationships. It’s great information, especially right now.
Is the FHFA crushing the hopes of millions of borrowers? Watch Frank Garay, Kimber White and Rocke Andrews discuss Mark Calabria’s latest move that could devastate consumers looking for cash-out refis, hurt first time homebuyers, favor big banks and put the squeeze on non-bank loan originators. If there was ever a time to take action, this is it. Contact your member of Congress.
The FHFA just announced a move to help struggling mortgage firms, but at what price? Will the hefty fees attached to the sale of loans be cost-prohibitive for many non-banks and limit affordable options for buyers? David Stevens and Brian Stevens discuss forbearance and first-payment forbearance loans and what it all means for the industry. Watch the video and then contact your congressman! Now more than ever, it’s time to speak out.
To watch all of our video resources, click here.
Resources: What you know can help you.
If your business is affected, help is available.
With stay-at-home orders in place across our country, the impact may be hitting your business hard. Fortunately, under the Small Business Act, there are several programs in place that can help you, including the Paycheck Protection Program Economic Injury Disaster Loan and Loan Advance, SBA Debt Relief, and more. To find out all the details, click here.
FHA COVID-19 Questions and Answers - UPDATED
The Federal Housing Administration (FHA) wants to assure its mortgagees and other interested stakeholders of its continued business operations in this evolving environment, should some or all its offices be required to close. Their latest update to their Q&A document revolves around eNotary, closing documents, new information on forbearance options for borrowers, and more. See all updates to the Q&A highlighted in yellow here.
Fannie Mae COVID-19 Resources: Now and after the pandemic
Fannie Mae is standing by with valuable resources and solutions to help your business, and your borrowers, during and after the pandemic. Find out more here!
Additional Tips for Small Businesses
We’ve put together some helpful information on sharing facts (not rumors), protecting yourself, preventing the spread of the virus and staying healthy right now.
Your CFPB Guide to Mortgage Relief Options
The CFPB has put together a comprehensive site
available to consumers to help them navigate trying times as a result of COVID-19. It’s a valuable and informative resource with mortgage relief options that you’ll want to share with your borrowers!