Key Democrats Ask Mnuchin, Powell to Help Mortgage Servicers – NMP
Industry News

Key Democrats Ask Mnuchin, Powell to Help Mortgage Servicers

Apr 16, 2020
Hand coming up out of water.
A headshot of Navi Persaud
Director of Events

Key Democrats are advocating for more to be done by Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell to help mortgage servicers stay afloat during the heavy wave of missed payments by homeowners.
 
House Financial Services Chairwoman Maxine Waters and Sherrod Brown, a top Democrat on the Senate Banking Committee, called for the Fed and Treasury to provide liquidity to servicers who are struggling with missed payments.
 
"Mortgage servicers are expected to face increased strain as millions of homeowners and renters lose jobs, are furloughed, or see reduced hours, all of which will keep them from making mortgage and rent payments, as a result of this public health crisis. We must not allow the pandemic to destabilize critical markets, including our housing market," the lawmakers wrote in their letter.
 
Non-bank mortagge servicers have been facing added hardship during the COVID-19 crisis. Both Powell and Mnuchin have issued statements acknowledging that they are aware of the issues servicers are facing, however, no action has been taken by either agency. 
 
 

 

 
About the author
A headshot of Navi Persaud
Director of Events
Navi Persaud is Director of Events at NMP.
Link copied
Published
Apr 16, 2020
Get the NMP Daily
Regulation and Compliance
Condo Review Deadline Puts Lenders On The Clock

Fannie Mae and Freddie Mac will eliminate abbreviated project reviews for condo applications dated on or after Aug. 3

Mortgage lenders have just over a week before Fannie Mae and Freddie Mac retire the abbreviated project-review pathways that have helped qualifying condominium loans avoid the cost and documentation demands of a Full Review.For loan applications dated on or after Aug. 3, Fan...

Continue reading
Diversity & Inclusion
Movement Adds Bilingual LO Support, Brings ITIN Lending In-House

The retail lender is pairing Spanish-language operations with an ITIN program offering financing up to 85% LTV

Movement Mortgage has launched a centralized bilingual support team designed to help its retail loan officers serve Spanish-speaking borrowers, including originators who do not speak Spanish themselves.The Diverse Lending Support Team will provide bilingual LO assistants and...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News
Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Industry News
Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Industry News
Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Industry News
Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Industry News
Jul 02, 2026
President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Industry News
Jun 24, 2026