Mortgage News
The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.Quicken Loans Just Had Its Biggest Month in History
The nation’s top retail mortgage lender just knocked it out of the park, despite the ongoing coronavirus pandemic. Quicken Loans CEO Jay Farner was on CNBC’s “Squawk Box” this morning to discuss the state of the industry, along with how ... Read More »
Stimulus Checks Barely Make Dent in Mortgage
The so-called “coronavirus checks” have begun to hit Americans’ bank accounts this week, providing relief to those whose income has been curtailed or completely cut. It might be especially helpful to those who need to pay rent or make a ... Read More »
Mortgage Forbearance Rate Worsens, But Most Probably Won’t Lose Their Homes
Well, another week has gone by, and with that a new wave of mortgage forbearance requests. The total number of home loans now in forbearance is 3.74%, up from 2.73% a week earlier, per the latest Mortgage Bankers Association’s (MBA) ... Read More »
Chase Now Requires a 700 FICO and 20% Down to Get a New Mortgage
Following in the footsteps of many other mortgage lenders of late, JP Morgan Chase has upped its minimum requirements to get a home loan. Once again, it has to do with COVID-19, which has led to a flood of unemployment ... Read More »
Which Housing Markets Are Most at Risk From COVID-19?
While it’s hard to compare the current possible housing crisis to the very real one experienced about a decade ago, there are fears of negative market impact due to COVID-19. We’ve already seen listing prices fall, along with a big ... Read More »
Number of Mortgages in Forbearance Jumps Nearly 1000%
While estimates have ranged from two million to 12.5 million, we’re now getting our first clues as to just how many homeowners will request mortgage forbearance from their loan servicer due to COVID-19. And so far, it doesn’t look too ... Read More »
Wells Fargo Will Only Give You a Jumbo Loan If You Have $250k in Their Bank
In yet another sign that the mortgage market is completely volatile and far from liquid, top mortgage lender Wells Fargo has severely tightened its jumbo loan guidelines. Going forward, the San Francisco-based bank now requires customers to have $250,000 in ... Read More »
30-Year Fixed Mortgages Are Cheaper Than Adjustable-Rate Mortgages Right Now
Typically, you pay a premium if you select a 30-year fixed mortgage versus an adjustable-rate mortgage. The reason is simple – the interest rate is locked in and will not change during the entire loan term, which is a full ... Read More »
Real Estate Delistings Increase 148% From a Year Ago as COVID-19 Impact Grows
Housing supply was bad before the coronavirus epidemic reared its ugly head, and now it has gotten even worse, per new data from real estate brokerage Redfin. Homes Flying Off the Market 28,140 homes were taken off the market before ... Read More »
Generate a Mortgage Forbearance Request Letter with This Free Tool
You may (or may not) have heard that the CARES Act is allowing a huge chunk of homeowners to request forbearance for six to 12 months of mortgage payments. If you haven’t heard, you can review the details here, but ... Read More »
