Tag Archives: covid-19

I’ll be right back. How to protect your energy during Zoom meetings

 

I’ll be right back. How to protect your energy during Zoom meetings
[Photo: Prostock-Studio/iStock]

I knew that working from home would be a massive shift, especially as spouses and kids became new “coworkers” for many individuals.

A problem I didn’t anticipate, which is coming up frequently for my time management clients with heavy meeting schedules, is Zoom fatigue.

Individuals that could make it through a day of in-person meetings with minimal issues have found themselves incredibly drained by a full docket of video calls. Many of us have been problem-solving for solutions to reduce the fatigue  that can hit hard at the end of the day. Here are some of the most common culprits of the remote-work energy drain, as well as ways you can combat it.

A “ZERO BREAK” SCHEDULE

Even if it felt like you had no breaks between meetings before the coronavirus—you did. In order to get from one room to another, you had at least a few minutes of physical movement and a quick mental break. Now, with videoconferencing, you literally have no time between meetings and to go from one call to the next.

This marginless schedule saps your mental batteries. To avoid this issue, schedule your meetings with some short gaps in between, or make it a rule to wrap up one call 5-10 minutes before the next one begins. This gives your brain a short span of time to process the meeting’s substance, make note of next steps, and prepare for the next conversation.

ONE POSITION FOR ONE SCREEN

Another reason that video calls can be exceptionally tiring is that you need to physically hold yourself in one position. In an in-person meeting, you’d likely shift from side to side, tilt back in your chair, swivel from looking one way to another depending on who is speaking, and lean over to take notes. Unfortunately in a video call, you’re stuck in one place trying to stay in the center of the screen, and moving in any other direction can cause your face to become awkwardly cropped. Furthermore, if you move backward and have a virtual background on Zoom, your face will literally disappear into the ether.

There aren’t a whole lot of ways you can overcome this challenge during your calls unless you shut off your camera for a while. But you can work on intentionally moving your body more. One small shift is to alternate between standing and sitting during your video calls. You can do this using a standing desk or simply place your computer on a bureau to elevate it. Also in between calls, walk around and do some gentle stretching of your back, neck, shoulders, and arms. This will get your blood flowing and reduce mental fatigue caused by the physical fatigue of your muscles.

EYESTRAIN INCREASE

With the shift to virtual, you’re all of a sudden receiving a double dose of time in front of the computer. Not only are your work meetings shifted to all virtual meetings, but your personal time may be filled with video calls, as well.

Research says we blink half as often when we watch things on screens as we normally would with face-to-face interactions. This means our eyes have a higher probability of getting dry, irritated, and tired. A few suggestions seem to help. One is to practice the “20-20-20” rule where every 20 minutes you take 20 seconds to look at something 20 feet away. Another recommended tip is to take a break every two hours for 15 minutes so your eyes can have a rest.

VISUAL OVERLOAD FROM CONSTANT STARING (EVEN AT YOURSELF)

Unless you’re watching a panel discussion, it’s usually impossible to look at everyone in a group during in-person interactions. Typically, your gaze rests on the one main speaker and then everyone else is in the periphery or even behind you. But thanks to the glories (and more concerning attributes) of Zoom, you can see everyone all at once, along with one person you never usually observe—yourself.

This creates visual overload because when we look at a screen, whether it’s a computer or a TV screen, our minds are accustomed to processing what is in front of us as a unified whole. But a Zoom meeting in gallery view isn’t one unified whole. It’s the equivalent of trying to watch 5, 10, 20, or more different TV shows, side-by-side, meanwhile checking a mirror to see how you look. This is incredibly exhausting.

To overcome this visual fatigue, you can start by putting your Zoom into speaker view instead of gallery view. That way you’ll have the more “natural” sensation of having your focus on one main person at a time.

Another step you can take, depending on the meeting and your role within in it, is to stop your video camera for part or all of the call. This can give you the ability to change position in your chair like you normally would in a meeting and reduce the visual overload from looking in a tiny mirror throughout the call.

Finally, if it’s possible, do a phone call. When you’re looking to connect, video calls help a great deal. But when you just need to work through some practical items, oftentimes a phone call suffices and takes much less energy. With a phone call, you automatically eliminate three of these four issues. You’re not stuck in one place; instead you can at least shift in your chair or at times walk around the room while you talk. You don’t need to look at a screen. Most importantly, you don’t need to take in anything visually.

Until we can go back to in-person interactions, the increased fatigue from video calls won’t be fully eliminated. But by paying attention to these top drains to our reserves and appropriately addressing them, you can end your day on a higher, more productive energy level.

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Latest in Mortgage News: Six-Month Deferrals Could Cost You Up to $12,000

Nearly 600,000 Canadians have so far taken advantage of some form of mortgage deferral assistance due to the COVID-19 crisis, according to the Canadian Bankers Association (CBC).

With the average mortgage payment amounting to $1,326, this has freed up roughly $778 million per month, according to the Canada Mortgage and Housing Corporation.

“This keeps money in the pockets of people who need it now,” the CBA noted. “Banks have publicly reported that more than 90% of those seeking a deferral are approved.”

But, of course, taking advantage of mortgage payment deferrals naturally comes at a cost. And that has been calculated at up to $12,000 in extra interest costs for those taking the full six-month deferrals, according to math from Integrated Mortgage Planners Inc. mortgage broker Dave Larock, published recently in the Globe and Mail.

Mortgage deferral costs for someone with a mortgage rate of 3% and amortized over 25 years (and assuming they just bought a house and immediately deferred payments) would amount to $2,082 in additional interest for a one-month deferral, $6,217 for six months and $12,346 for a six-month deferral, when added back into the life of the mortgage and assuming no extra repayments.

House Sales Down 14% in March

lenders provide covid-19 updateHome sales were down 14% nationally in March on the heels of the COVID-19 pandemic, according to the Canadian Real Estate Association (CREA).

The declines in sales volumes varied by region, with drops of up to 24.9% in Hamilton-Burlington, 20.8% in the Greater Toronto Area, 26.3% in Calgary and 7.9% in Ottawa.

“March 2020 will be remembered around the planet for a long time,” said Jason Stephen, president of CREA. “Canadian home sales and listings were increasing heading into what was expected to be a busy spring [but] after Friday the 13th, everything went sideways.”

Average prices came in at $540,000, unchanged from February and up 12.5% from last year. Excluding the higher priced markets of the Greater Toronto and Vancouver Areas, the average price comes in at $410,000.

Looking ahead to April, CREA senior economist Shawn Cathcart said this: “Preliminary data from the first week of April suggest both sales and new listings were only about half of what would be normal for that time of year.”

Mortgage Rates Falling

After a recent rise in fixed mortgage rates, they have since started to fall back down, with a number of big lenders cutting rates between 5 and 20 bps.

Rates are declining due to falling bond yields (which lead fixed mortgages), as well as a decline in risk premium costs for borrowers, according to a recent post on RateSpy.com.

“…the trend implies we could see conventional 5-year fixed rates dip at least 20 more basis points (under 2.50%), if funding costs don’t shoot much higher,” the rate-comparison site noted. “Few would have expected that a month ago. At the time, spooked investors were forcing banks to pay far more for their funding. Since then, the Bank of Canada, Finance Department and CMHC have committed to buying hundreds of billions in money market instruments, bonds and mortgage securities, putting a lid on rates.”

HELOC Borrowing Down

HELOC borrowing growthHome Equity Line of Credit (HELOC) borrowing growth continued to decelerate in February, falling to a rate of 1.6% year-over-year, according to data from OSFI.

That’s down from an annual rate of more than 7% in 2018.

“Despite the overall stabilization of home prices in recent years, HELOC borrowing has been persistently slowing since the start of 2019, noted a recent Scotiabank report. “It is unclear if borrowing has been actively declining due to a change of consumer preferences or due to limited ease of accessing these funds.”

Overall mortgage growth remained strong in February, although that will certainly decline as data post-COVID-19 starts to roll in.

“Recent economic turmoil will likely lead to weaker mortgage credit growth in the months ahead,” Scotiabank noted. “In March, the Canadian labour market lost over 1 million jobs and home sales rapidly declined in the month. Mortgage credit growth is expected to stall in the coming months as the Canadian economy remains impacted by the pandemic.”

Source: Canadian Mortgage Trends – Mortgage Broker New

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Family Renovations: Tips for Involving the Kids

Undertaking a large renovation with children can be stressful, especially if they are toddlers. These tips for safely involving your kids in a small-scale renovation will make the experience both fun and educational.

Six quick tips for involving your children in a renovation:

1) Brainstorming

Explain what will happen during the renovation and ask them to share their design ideas with you! This is especially helpful if you’re planning a renovation that will benefit the whole family, like a new playroom in the basement.

2) Customized to Their Needs

Consider what will make your children’s lives easier and how they will use the new space/addition. Keep this in mind when planning the layout! Updating your kitchen? Consider or an extra sink in the kitchen island for easy clean up after baking cookies with the kids. Finishing the basement? Consider adding a half-bathroom near the playroom for quick bathroom breaks! SANIFLO®’s range of products makes it easy. SANIFLO®’s quiet macerators, pumping systems and self-contained toilets are cost-effective and easy to install, often in as little as one to two days with minimal construction or damage to existing walls and floors

3) Gain Inspiration and Build Excitement

Let your kids partake in paint color choices and overall decor. You get the final say, of course, but your children may have some great ideas you wouldn’t have considered otherwise! Encourage younger children to draw what they imagine the new space will look like and keep the artwork in a renovation scrapbook!

4) Age Appropriate Assistance

Depending on their age and skill level, children can help rip down wallpaper, paint walls or hand you small tools. Older children and teens can help with heavier work, clean up, and more!

5) Safety First

Safety is always the first concern when renovating a home, especially with small children running around. They are naturally curious and will want to see what is going on. Sharp tools, heavy furniture or harmful products can be dangerous so it is important to set up barriers around the work area, keep tools out of their reach and unplug all equipment when not in use. Set specific safety rules and don’t leave children unsupervised near the work area.

6) Adjusting Routines

A renovation can be a big disruption to a child;’s daily routine, especially when they are younger. Set up alternative areas for them to eat and play in while the renovation is underway and try to be mindful of quiet times like bed time or nap times, delegating quieter tasks to those time periods. Nothing makes a renovation more stressful like an over tired, crabby toddler!

Source: Canadian Home Trends

 

 

 

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7 Tips for Using Zoom Videoconferencing With Remote Teams

Getty Images

Note: This post was updated 3/20/20.

Here are some helpful tips to improve your next video meeting.

If you’ve suddenly found yourself spending a lot more time looking at your colleagues through a Zoom videoconference as a result of the coronavirus outbreak, you’re not alone. If you’re not used to video meetings, it can be a little intimidating at first.

Fortunately, there are best practices that you can use, like keeping yourself on mute and always keeping your camera on (unless you have a good reason otherwise). Both of those go a long way toward fostering a productive and engaging meeting with your remote team.

Here are a few additional tips for getting the most out of your Zoom meetings.

1. Use a Waiting Room

If you have a lot of meetings, especially with a full calendar, there’s always a chance that the person or people in your next meeting will log on a few minutes early, or a meeting might run long. Fortunately, Zoom has a waiting room feature that allows you to have new attendees placed there instead of just appearing in your meeting room.

To do this, log in to your account on Zoom.com, select Preferences, and scroll down to Meeting (advanced), where you can toggle the waiting room on or off.

2. Create Recurring Meetings

If you meet with the same people on a regular basis, you can create a recurring meeting within Zoom, which uses the same settings as well as the same meeting link. This makes it easy to set up a schedule, and since it doesn’t use your personal meeting invitation, you can keep different groups of attendees separate. Simply log in to Zoom, select “Meetings” and select “Schedule a Meeting.” Then click the box for “recurring meeting.”

3. Use Attention Tracking

One of the hardest things when you’re hosting a meeting, especially if you’re sharing your screen, is that it’s hard to see your participants. Naturally, some of those participants are probably working on something else or not giving you their full and undivided attention. If that’s a problem, you can turn on the “Attention Tracking” feature, which will let you know if one of your attendees has moved another window in front of Zoom. This feature is also under the advanced meeting settings.

4. Request Control of Another Desktop

Sometimes helping a co-worker diagnose a problem or work on a project would be so much easier if you could be sitting next to that person. While Zoom hasn’t completely solved that problem, it does allow you to request control of your participant’s desktop. They’ll have to approve the request, but you’ll be able to maneuver their cursor with your own mouse and keyboard, which is especially helpful for demos or technical support.

5. Pay Attention to Your Background

We don’t usually pay much attention to what is behind us until we log on to a meeting and can see ourselves. It’s often then that you realize that it might have been worth paying a little more attention to what everyone else sees. If you don’t have a great option, Zoom has a “virtual background” that you can set within the Zoom app on your laptop.

6. Record Your Meetings

The free version of Zoom allows you to record calls to your computer, which is convenient for meetings and demos especially. The paid version also allows you to save recordings to the cloud, which makes it easy to share with team members later by simply emailing a link.

7. Touch Up Your Appearance

If you want to have a little fun, or if you have a meeting before you had a chance to fully get ready for the day, you can choose the “touch up my appearance” setting. From the Zoom App on your laptop, choose “preferences” and then “video settings,” to add a subtle skin-smoothing effect.

Bonus: Use a Good Pair of Ear Buds or Headphones

Making sure your team can hear you well is important, especially if you’re working somewhere where there might be background noise. The same goes for being able to hear them. I’m a personal fan of the Apple AirPods Pro, but honestly, any paid of wired or wireless headphones will do.

By the way, if you’re new to videoconferencing, Zoom also has a really helpful resource guide dedicated to supporting teams affected by Covid-19. It includes free training as well as a handful of best practices you can use to keep your team connected.

Source: Inc.com –    By Jason AtenTech columnist@jasonaten Published on: Mar 20, 2020
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
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5 Ways My Home Has Calmed Me Down During the Coronavirus

I’m usually pretty calm during a crisis—I’m a New Yorker, after all. I’ve endured everything from the horrors of Sept. 11 to the blackouts of Superstorm Sandy and beyond. But the coronavirus feels even scarier, perhaps because it will last so much longer—and that definitely has me on edge.

Yet as I was folding an enormous basket of laundry the other morning (the piles have exploded since my college-aged girls returned home), I decided to light a pine-scented candle, still on display in my living room since Christmas. And as I breathed in its calming scent, I instantly felt my shoulders relax.

Thymes Frasier fir–scented candle for the win!
Thymes Frasier fir–scented candle for the win!Jennifer Geddes

Yup, one of the unexpected upsides of having to shelter in place is my rediscovery of the joys within my own home—a sentiment that many of my friends and family say they’ve felt, too.

So, in case you need something positive to focus on as you’re holed up at home, here are a few things about home that are making me and my fellow neighbors smile during this bleak hour.

1. Discovering food I totally forgot I had

The deeper you dig, the more you'll find.
The deeper you dig, the more you’ll find.Jennifer Geddes

Since we can no longer pop out to local restaurants and even grocery runs are discouraged, I decided to do a full excavation of my pantry—and was pleasantly surprised by what I found in its depths.

I could probably live for weeks using the forgotten foods in my pantry and deep freezer. I unearthed seven kinds of rice, pork and cabbage dumplings, boxes of bread crumbs, and a few cans of tuna.

Larry Perlstein of Westport, CT, reports discovering parts of his pantry that he hasn’t seen since he moved in to his house 12 years ago. The items included a box of raisins dating to 2015, which he wisely decided not to eat.

“But I also found lots of sprinkles, both rainbow and chocolate, and I’ve read they last forever,” he says. Baking projects are now on deck with his 12-year-old.

Christina Vercelletto of Babylon, NY, has reaped the same sweet rewards at her house.

“I’m baking with my daughter using every neglected box mix we have, plus a bag of coconut and white chocolate chips that we bought in the fall but never used,” she shares.

2. Having time to organize and declutter my house

New York City resident Anne Levy did a colossal cleaning and reorg of her house in order to prepare both of her daughters to learn remotely, and so her school teacher husband could teach from home.

“The place feels lighter—and I feel mentally lighter, too,” she says. Levy gathered nine bags of clothing and textile donations and plans to keep on purging.

One person does not need more than a dozen tablecloths.
One person does not need more than a dozen tablecloths.Jennifer Geddes

Meanwhile, I’ve finally whittled down my linen drawer. My amazing mother-in-law, you see, gives me every tablecloth she’s tired of—and she runs through several a year, which means the two dresser drawers where I store these linens is full to bursting. During this virus crisis, I’ve finally had a chance to tackle this spot and embrace only the tablecloths I truly love—and toss that yellow-and-green tropical number in the middle!

3. Taking long, luxurious baths

A nightly soak is a must during turbulent times.
A nightly soak is a must during turbulent times.Jennifer Geddes

I used to complain about this tub (too big, takes too long to fill, a pain to clean), but I no longer sing that tune. Instead, I’m digging around for bath salts, oils, and other potions to pour in so I can soak my stress away. I’m using it as long as the coronavirus lasts—and maybe longer.

4. Having date nights—in the basement

No movie theater? No problem. We watch shows in the chilly basement with our pup Django.
No movie theater? No problem. We watch shows in the chilly basement with our pup Django.Jennifer Geddes

Stressful days like these were made for streaming mindless movies and TV shows, which I’m suddenly finding pretty enjoyable in my little basement. It’s dark and cold, but we have excellent Wi-Fi and comfy chairs, so I’m ready to embrace regular date nights here with my hubs.

5. Checking off home to-do lists

Working from home has given me pockets of down time, and as a result, my perpetual list of household chores is just about whittled to zero. Burned-out lightbulbs? Replaced! No-slip mats finally laid under dangerous throw rugs? Done. Next up, I’m steeling myself to enter the basement “scary closet” (so named because of the occasional mouse that pops up) to sort through my garden pots that I hope to plant once this crisis is over.

Granted, I will be thrilled once this coronavirus scourge has finally lifted—but until then, I will try to look at the silver lining and relish all the comforts and opportunities that staying at home has to offer.

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COVID-19 pandemic: Tips to remain ‘sane and safe’ during social distancing

social-distance.jpg

Photo: Crystal Eye Studio/Shutterstock

Muncie, IN — Maintaining a routine, helping others and taking time to focus on self-care are among the tips one Ball State University professor is sharing to help people stay “sane and safe” while practicing social distancing during the COVID-19 pandemic.

Jagdish Khubchandani, a health sciences professor, has 15 recommendations to “counterbalance” the physical and psychological effects of social distancing, which involves reducing close contact with others in an effort to help stop the spread of the disease, per guidance from the Centers for Disease Control and Prevention.

Khubchandani’s tips:

  • Maintain a routine. As much as possible, social distancing should not disrupt your sleep-wake cycle, working hours and daily activities.
  • Make social distancing a positive by taking time to focus on your personal health, training, diet, physical activity levels and health habits, as well as reassessing your work.
  • Cook for yourself and others in need. Add more fruits, vegetables, vitamins and proteins to your diet. (Most U.S. adults don’t consume enough fruits and vegetables). Eat two or three meals a day.
  • Go for a walk or exercise at home. “Definitely go out in nature as much as possible. Only half of American adults today get enough exercise.”
  • Don’t let anxiety or being at home lead to binge eating or alcohol and drug use. Don’t oversleep, but try to sleep at least seven hours a day.
  • Know that social distancing can cause anxiety and depression because of disruption to routines, isolation and fear over a pandemic. If you or someone you know is experiencing either, help is available.
  • Make the best use of technology to finish your work, attend meetings and engage with co-workers with the same frequency required during active office hours. “The good news: Working from home can make people more productive and happier.”
  • Small breaks during social distancing are also good times to reassess your skills and training – consider taking an online course, pursuing certification, undergoing training or personality development, or learning a new language.
  • Engage in spring cleaning, clear clutter and donate household items. Home clutter can harbor pollutants, lead to infections and result in unhygienic spaces.
  • Social distancing shouldn’t translate to an unhealthy life on social media. Although you can certainly become a victim of myths, misinformation, anxiety and fearmongering, you can also inadvertently become a perpetrator, creating more trouble for communities.
  • Based on the Bureau of Labor Statistics’ American Time Use Survey and leisure-related time-spending patterns worldwide, “too much time” is spent on screens. Except for one to two times a day to watch, read or listen to national news for general consumption and local news for updates on the spread of COVID-19 in your community, you’re likely overconsuming information and taking away time for yourself and from friends and family.
  • Reach out to others and offer help. Social distancing should help reinvest in and recreate social bonds. Consider providing for and helping those at risk or marginalized (e.g., the elderly, disabled and homeless; survivors of natural disasters; and people living in shelters). “You will certainly find someone in the neighborhood who needs some help.” This can be done from a distance via a phone or by online activities, as well as giving.
  • Check your list of contacts on email and your phone. It may be a good time to check on your friends’ and family members’ well-being. This will also help you feel more connected, social, healthier and engaged. “Be kind to all; you never know who is struggling and how you can make a difference.”
  • Engage in alternative activities to keep your mind and body active. For example, listen to music or sing; try dancing or biking, yoga or meditation; take virtual tours of museums and places of interest; sketch or paint; read books or novels; solve puzzles or play board games; try new recipes; and learn about other cultures.
  • Don’t isolate yourself completely – social distancing shouldn’t become social isolation. Don’t be afraid, don’t panic and do keep communicating with others.

“Social distancing can be tough on people and disrupt the social and economic fibers of our society,” Khubchandani said. “Given the existing crisis of isolation in societies — with probably the loneliest young generation that we have today — social distancing can also take a personal health toll on people, causing psychological problems, among many others.”

Source: Safety & Health The Official Magazine – March 18, 2020

 

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The next financial crisis: A collapse of the mortgage system

Federal Reserve

The U.S. mortgage finance system could collapse if the Federal Reserve doesn’t step in with emergency loans to offset a coming wave of missed payments from borrowers crippled by the coronavirus pandemic.

Congress did not include relief for the mortgage industry in its $2 trillion rescue package — even as lawmakers required mortgage companies to allow homeowners up to a year’s delay in making payments on federally backed loans.

When individuals stop making payments on their home mortgages, the companies that handle the loans and process those payments, so-called mortgage servicers, are still on the hook: They’re legally obligated to keep sending money to insurers and investors in mortgage-backed securities, the giant bundles of home loans that are packaged and sold on the securities markets.

Now industry executives and regulators are worried that Congress’s generosity toward homeowners could wipe out those companies, causing investors not to get paid and potentially bankrupting the entire mortgage finance system — a domino effect that would make it much harder for borrowers to access credit to buy homes.

Housing lobbyists sounded the alarm to Senate staff about the potential danger, but the sheer scale of the rescue bill and the focus on communicating the industry’s other big concerns — such as the details of how long mortgages would be suspended — meant their warnings were unheeded in the rush to finish the massive legislation.

Yet while the final bill allocates $454 billion for the Treasury Department to support the Federal Reserve’s emergency lending programs, including for large corporations, there is no overt requirement for lending to mortgage companies, despite a weeklong lobbying push by the industry.

“There was a strong desire on the part of housing lobbyists to have the bill explicitly direct the Fed and Treasury to use some of that money to finance servicing advances,” said Michael Bright, CEO of the Structured Finance Association, which represents 370 financial institutions in the bond market.

Now industry lobbyists are turning their efforts to Trump administration officials.

“We have been in constant contact with many parts of the administration to ensure that they understand the urgency of this liquidity facility being set up,” said Bob Broeksmit, president and CEO of the Mortgage Bankers Association, a trade group.

Concerns about liquidity in the mortgage finance system have been building for years, as the companies that service mortgage loans are increasingly nonbanks — which don’t have banks’ access to Fed loans or their strict capital requirements and deposits to fall back on. Banks, which once dominated the business, have steadily pulled back since the 2008 housing market meltdown.

Usually, a mortgage company can withstand a few borrowers failing to make payments, but the breadth of the coronavirus pandemic has sparked industry estimates of between 25 and 50 percent of borrowers being unable to pay.

That “could threaten the ability of a mortgage servicer, particularly nonbank servicers, to remain a going concern,” the Conference of State Bank Supervisors warned Fed Chair Jerome Powell and Mnuchin in a March 25 letter.

State regulators wanted to weigh in because “our members are the primary regulators of the nonbank servicers,” said Margaret Liu, CSBS senior vice president and deputy general counsel.

If 25 percent of borrowers fail to make their mortgage payments, the industry would need $40 billion to cover three months of payments, according to Jay Bray, CEO of the servicing company Mr. Cooper. Depending on how long the situation lasts, Broeksmit said demands on servicers “could exceed $75 billion and could climb well above $100 billion.”

And if mortgage companies fail across the board, “the system breaks down,” said Andrew Jakabovics, vice president for policy development at Enterprise Community Partners, an affordable housing nonprofit.

“The kinds of relief we did during the foreclosure crisis — all of that had to do with the fact that we wanted to ensure that investors from across the world would continue to treat U.S. mortgage-backed securities as an incredibly safe investment,” Jakabovics said. “That would have very serious ramifications for the availability and price of mortgage credit.”

Bright, who formerly managed the $2 trillion portfolio of government-run mortgage financier Ginnie Mae, said he believes the Fed will come through with an emergency lending program for the industry.

“Even though that language wasn’t included [in the Senate bill], I do think it’s likely that this could be part of [the Fed’s Term Asset-Backed Loan Facility Program] in the end,” he said.

Federal Housing Finance Agency Director Mark Calabria — who regulates Fannie Mae and Freddie Mac, the two government-sponsored mortgage giants that prop up about half of the nation’s $11 trillion market — said this week in a Bloomberg TV interview that he was confident that large banks would continue to extend credit to mortgage servicers for the time being.

Stillhe said, “if we get to a situation where this goes longer than two months, absolutely there’s going to need to be a bigger solution.”

Broeksmit said some mortgage companies won’t make it that long, depending on the share of loans in their portfolios located in areas of the country where the virus has hit particularly hard.

“Some servicers will need the liquidity sooner than others, so we’re hoping that the facility will be set up immediately,” Broeksmit said.

Liu also said the credit lines from banks wouldn’t be enough to keep the system afloat.

“The mortgage market is one of the many multiple complexly interconnected pieces of our financial system, so those assurances are really important, but I think the role of the government in being a reliable and available source of credit for the mortgage market and mortgage servicers during a crisis is even more important,” she said.

In the meantime, the industry is crossing its fingers that the individual cash relief in the Senate bill will lead to fewer people needing to request forbearance on their payments.

“We’re hoping that the take-up rate won’t be too high and that the duration is not extended, but we have to prepare for both,” Broeksmit said.

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