HousingWire CEO Clayton Collins sat down with Association of Independent Mortgage Experts Chairman Anthony Casa to discuss some of the most pressing issues pertaining to the housing industry as the coronavirus that causes COVID-19 continues to create uncertainty within the market.
The pair evaluate the Federal Reserve’s move to drop interest rates, which has created an increased demand for mortgage-back securities, the nation’s recently announced all-time high in jobless claims and United Wholesale Mortgage’s decision to tighten underwriting standards on verifying income and employment as more and more American borrowers face unemployment.
Additionally, Casa addresses Congress’ call of encouragement to the mortgage industry in the hopes of providing forbearance to consumers who are experiencing financial difficulty during this tumultuous time.
According to Casa, when the housing industry looks back on this period of crisis, they will have to consider the impact U.S. political figures had on the market during the pandemic.
Here are the important timestamps during the interview to help you navigate the biggest issues.
- 1:54 How the Fed’s rate cut is impacting mortgage lending
- 5:29 What bank and lending CEOs are hearing about Fed buying habits
- 7:00 What forbearance entails for both lenders and borrowers
- 11:00 What mortgage lenders need to be telling consumers
- 12:08 Will servicers have to make modifications to their loans
- 15:00 UWM’s decision to tighten loan standards as unemployment climbs
- 17:20 What happens if a borrower loses their job before their first mortgage payment
Click the video below to watch the full interview.