Refinance

Mortgage lenders impose steep pricing adjustments for cash-out refinancing; bankers fear massive borrower fraud in the Paycheck Protection Program; some worry the coronavirus is giving banks an excuse to spy on employees; and more from this week's most-read stories.

Mortgage lenders have imposed steep pricing adjustments for cash-out refinancing as more borrowers seek forbearance.

Lenders and small businesses are hoping this round goes more smoothly than the chaotic first one (and if it doesn't, Joe Biden warns, many mom-and-pop shops are done for); originators are adding staff, cutting marketing to handle massive uptick in refinance applications.

The governors want more regulatory power as federal oversight slips; U.S. and European banks dropped sharply Monday as coronavirus-related problems multiply.

Refinance application activity last week was the highest in nearly seven years, with more than triple the volume from one year ago, according to the Mortgage Bankers Association.