This week, the “V-shaped” recovery in purchase applications is mimicked by the inverted “V-shaped” recovery of the St. Louis Stress Index. According to HousingWire Columnist Logan Mohtashami, this signals a return to a much more calm financial market.
HousingWire is excited to have Eric Simon, better known by his social media handle The Broke Agent, join us as our featured guest for HousingWire’s virtual happy hour after we wrap up day one of the engage.marketing summit.
The joint statement warned servicers about enacting additional interest, fees or penalties “beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract.”
Mortgage servicers are getting the short end of the stick under the CARES Act. Unlike the decade-old financial crisis, it cannot be argued that the mortgage industry created the problem underlying the need for borrower relief. Rather, Congress unilaterally altered the original mortgage loan terms without requiring a borrower to demonstrate that the borrower needs the relief.