Mortgage News
The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.46% of Homeowners in Forbearance Plans Still Made Their Mortgage Payments
Another interesting trend has emerged from the latest mortgage forbearance data, this time courtesy of a new report from data analytics company Black Knight. Nearly 5 Million Now in Mortgage Forbearance Plans 4.75 million borrowers in active forbearance plans (9% ... Read More »
Only 5% of Homeowners Who Got Approved for Mortgage Forbearance Needed It
Just five percent of homeowners who recently got approved for mortgage forbearance actually needed it, according to a shocking survey from home loan comparison company LendingTree. The company said 70% of those in forbearance plans could have made mortgage payments, ... Read More »
Despite COVID-19, You Can Still Get a Jumbo Home Loan
While lots of lenders have recently cut back on offerings that aren’t backed explicitly by the government, some are rolling out new loan programs to help homeowners get the financing they need. We’ve already seen non-QM lending basically dry up ... Read More »
There Will Be a 3-Month Waiting Period to Get a Mortgage After Forbearance
We’ve finally got some clarity regarding what happens after mortgage forbearance in terms of obtaining a subsequent home loan. The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, announced temporary guidance regarding the matter today. Waiting ... Read More »
Mortgage Forbearance Rate Only Rises 3% From a Week Ago, But Second Wave Could Be Coming
Maybe there’s some good news out there, or maybe it’s just the calm before another storm. The mortgage forbearance rate barely budged during the week ending May 10th, per the latest installment of the Forbearance and Call Volume Survey from ... Read More »
LoanSnap: Using AI to Make Smart Home Loans
Everyone wants to be the next big thing in the mortgage industry, promising a digital experience or even a funded loan in days as opposed to weeks. We’ve seen signs of this disruption for years now, and while it has ... Read More »
Home Buyer Demand Bounces Back, Small Towns Become Hot
Well that didn’t take long – demand to buy a home is now back above its so-called “pre-coronavirus levels,” per a new analysis from real estate brokerage Redfin. The company said demand was a seasonally-adjusted 5.5% higher during the week ... Read More »
Payment Deferral Will Be an Option to Repay Mortgage Forbearance
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac have launched a new payment deferral option in light of the unprecedented disruption caused by the coronavirus. The new workout option, known as “COVID-19 payment deferral,” ... Read More »
Will Forbearance Prevent You from Getting a Mortgage in the Future?
Since the CARES Act rolled out in early April, more than four million Americans have reportedly put their mortgage payments on hold for up to 12 months. The massive numbers taking part can be attributed to the widespread fallout from ... Read More »
It’s Now Possible to Get a 2.5% Mortgage Rate on a 30-Year Fixed
Here’s a good sign mortgage rates might be moving even lower than they already are. Pontiac, Michigan-based United Wholesale Mortgage (UWM), which refers to itself as the #1 wholesale lender in the nation, has launched an exclusive new program that ... Read More »
