first_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago In a press conference, Treasury Secretary Steven Mnuchin addressed the impact of the coronavirus pandemic on mortgage servicers.“We’re going to make sure that the market functions properly,” he told reporters at a White House briefing. According to Bloomberg, Mnuchin added that the Treasury Department has had discussions with the Federal Housing Finance Agency about the mortgage market.“We have all the appropriate people on it,” he said. “We’re very aware of the issue.”Mnuchin said a Financial Stability Oversight Council task force had specifically studied the issue of mortgage servicer liquidity.Servicers will be impacted by the $2 trillion stimulus package as borrowers will be allowed to delay payments on government-backed mortgages for as long as a year. Analysis from Black Knight’s latest Mortgage Monitor Report found that if 5% of homeowners seek forbearance, servicers would need to advance more than $2.1 billion in principal and interest per month to security holders. If the number of homeowners seeking forbearance rises to 10%, the monthly cost could jump to $4.2 billion.“The various forbearance programs being offered to borrowers via the recently passed CARES Act, as well as via individual agencies and mortgage servicers, are a key difference today,” Black Knight Data & Analytics President Ben Graboske said.Department of Housing and Urban Development Director Dr. Ben Carson also gave an update on how the pandemic is impacting borrowers directly. In an interview with Daily Caller, Dr. Carson stated how future stimulus packages will need to offer assistance to servicers to provide some amount of liquidity.“What we have to think about, though, are the services and the people providing those mortgages, they have obligations as well,” Dr. Carson said. “Particularly the non-banks, who really do a lot of the mortgage lending these days, who don’t have, you know, enormous amounts of cash, we have to make sure in the stimulus package that we provide them a mechanism or we’re going to destroy the mortgage industry. So those are the things that we’re obviously thinking about.” April 15, 2020 1,604 Views The Best Markets For Residential Property Investors 2 days ago Tagged with: Mnuchin Stimulus Treasury Previous: CFPB, FHFA Partner on Borrower Assistance Program Next: DS5: Zoning Shifts and Adapting to Change Mnuchin Stimulus Treasury 2020-04-15 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Treasury, HUD Address Mortgage Servicer Liquidity Related Articles Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Treasury, HUD Address Mortgage Servicer Liquidity About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img