Today’s News Synopsis:

Can lenders balance access to credit with increasing risk?  According to the latest MBA Weekly Survey, mortgage applications decreased 17.9% from last week.  More and more borrowers are seeking relief as requests for mortgage delays increased by almost 2,000%.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-8-2020)

“Mortgage applications decreased 17.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 3, 2020.”

HousingWire – “Can lenders balance access to credit with increasing risk?” (4-8-2020)

“Many lenders are tightening lending standards as COVID-19 spreads, but is there room to increase credit access to help first-time homebuyers and others achieve their goals of homeownership?”

CNBC – “Requests to delay mortgage payments jump nearly 2,000% as borrowers seek relief during coronavirus outbreak” (4-8-2020)

“Mortgage payments for the month of April are not even officially late until the 15th, but borrowers are flooding into the government’s mortgage forbearance program.”

Curbed – “In the Hamptons, coronavirus heightens tensions” (4-8-2020)

“The spread of COVID-19 has exposed divides between second-home owners and year-round residents.”

HousingWire – “Calabria does not expect widespread delinquencies due to coronavirus” (4-8-2020)

“While some in the housing industry are expecting mortgage delinquencies to climb to 20% or more due to the impact of the coronavirus, Federal Housing Finance AgencyDirector Mark Calabria said he feels the figure will be much lower than that.”

Mercury News – “Despite budget shortfall, San Jose spends $17 million on tiny homes for homeless amid the coronavirus outbreak“ (4-8-2020)

“With thousands of San Jose residents on the streets with no safe place to ride out the mounting coronavirus pandemic, city leaders are fast-tracking a $17 million plan to build hundreds of tiny homes for the homeless population”