Some good news and some more good news

September 01, 2020

Last week brought some cheer to the mortgage industry.

FHFA announced a delay in the implementation of Adverse Market Refinance Fee (yeah.. how did they come up with that name!). So lenders and borrowers have some time to lock in their refi rates without worrying about the additional fee.

FHFA made another announcement too and that is to extend the foreclosure and eviction moratorium for borrowers until Dec 31. While less reported, this actually is a bigger deal for many borrowers who are impacted by the ongoing crisis.

We all know that Refis are going through the roof. But it is not just Refis, even new home purchases are going up in a big way. How much you would ask? In July, they grew by 39% year on year. So all said and done, this is a good market for mortgage lenders.

Early this year, I wrote about how intelligent automation can simplify mortgage origination, boarding & servicing. With everything going around us, this is more relevant now than ever. So I decided to recycle it.

Check it out - this could easily be the most important white paper you read this week.

Cheers!

This fee was originally scheduled to come into effect from 1st September and would impose a 0.5% fee on Refinances.

Four days ahead of its previous expiration date, the FHFA extended its foreclosure and eviction moratorium for borrowers until Dec. 31.

Why & how of mortgage automation explained.