Posted To: Pipeline Press

Here’s something you can do for your friends, relatives, and borrowers, especially older ones: Remind them that the current batch of coronavirus relief payments are coming as VISA debit cards . Texas’ Larry C. reminded me that we’ve all unexpectedly received cards in the mail that we didn’t order and cut them up before throwing them in the garbage. Don’t do it this time! 2020 has been quite the year for unexpected things. In March, as huge fundings hit the secondary markets, REITs withdrew, and the Fed stepped in as a big buyer. But too big. Things balanced out, but when the CARES Act hit with its forbearance plan for anyone with government-backed mortgage, it “broadened the denominator” and thrust making the advances onto the servicer. That created…(read more)

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Source: Mortgage News Daily