Companies in the mortgage business were already focused on processing a lot of loans and generating efficiencies before the latest uptick in business hit.
The stock market plunge amid the COVID-19 pandemic increases the risk of a revenue shock for California and other states that depend on capital gains taxes.
Wells Fargo reports senior bondholders still hold significant protections against a worldwide slowdown in travel or a decline in aircraft values despite the reclassification of the global coronavirus outbreak as a pandemic.
Houston-area home sales experienced another double-digit gain in February as buyers came out in droves to take advantage of low mortgage rates.
“Anybody who’s having an event between now and May is considering what to do about it,” said Mike Nicholas, CEO of the Bond Dealers of America.
Paradoxically, mortgage rates actually increased this past week, even as the 10-year Treasury yield plumbed new depths, likely because lenders are too busy to handle the influx of applications.
Bank of America cut its ratings and price targets on several homebuilders and building products companies as the firm is bracing for the "inevitable" coronavirus impact on the U.S. housing market.
The coronavirus outbreak has thrust corporate policies on paid leave and workplace practices into sharp focus, especially for the retail and restaurant industries.
Michael Zezas, managing director of research at Morgan Stanley, notes that muni yields have not fallen as quickly as the Treasury equivalents and recession risk climbs the longer the coronavirus persists. Layer on top of those items the incipient oil competition and quite a storm is brewing. Even liquidity is becoming "disorderly." John Hallacy hosts.
More than six industry events have been cancelled or put on hold in five days, with more likely to follow.