Mortgage rates, loan limits and forbearance

We cover the increase in conforming loan limits for Fannie and Freddie and what forbearance numbers and record-low rates could mean for the housing market.

Untying business growth from the housing market cycle

Lenders need business growth that is not linear and is not tied to the market cycles – leveraging automation technology can help.

The practical use of AI for LOs

The combination of tightly-packed schedules and intensive oversight means augmenting loan officer’s efforts with intelligent systems is more relevant than ever.

HousingWire's 2020 Tech Trendsetters

This year’s list of Tech Trendsetters certainly earned their status as the industry was met with incredible challenges and new opportunities.

CoronavirusMortgage

Servicers face “greatest nightmare ever” as coronavirus spreads

Servicers taking hits on all fronts

Row of houses

There is no question that mortgage originators have faced difficulties the past few weeks when it comes to moving to remote work, handling the high levels of applications and requests for refinances and much more. But these issues are also carrying over to mortgage servicers. 

No one could have predicted what would happen to the mortgage industry after COVID-19 began to spread. The mortgage application volume increased a full 55% in one week, and was up 479% from the year before as rates tumbled. 

The Federal Reserve cut rates, and then cut rates again before even making it to the Federal Open Markets Committee’s March meeting. These rare inter-meeting cuts came after the worst stock market retreats since 2008, with the federal funds rate dropping to 0%.

But for servicers, the situation is much more dire as they face problems on multiple fronts caused by the virus, along with the increase in demand.

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The downside of the hot 2020 housing market: rapid home-price growth

The mismatch in the COVID deflationary impact toward the economy overall and the strength of the housing market due to demographics makes for a troubling formula for home-price growth, which we are seeing. The recent NAR existing home sales report showed 15.5% year-over-year growth in prices. HW+ Premium Content

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3d rendering of a row of luxury townhouses along a street

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