The MBA keeps track of forbearance requests and in Q3 2020, the percentage of loans in forbearance was steady at 5.54%. While this is a drop from the reported 8.18% on July 5, 2020, we still have a long way to go. Summer 2020 saw the MBA report that Fannie Mae and Freddie Mac loans [...]
The Federal Housing Finance Agency (FHFA) is considering implementing hybrid appraisals that enlist a third party – typically an appraiser trainee, home inspector or real estate agent – to collect the data for a lender and certified appraiser once past the automated underwriting system. Doing so would help increase appraisal coverage for rural areas as [...]
If you work in the mortgage industry, you know what a FICO score is. Fair Isaac Corporation is a benchmark of credit score modeling used by the mortgage industry. In 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act passed which required Fannie Mae and Freddie Mac to solicit third-party credit scoring models that [...]
Why is the Housing Market Thriving in a Pandemic? The deadliest pandemic in more than a century has failed to derail the housing market because of the lowest mortgage rates ever recorded coupled with a shift in how people use their homes. Chief economist of the National Association of Realtors, Lawrence Yun posted that buyers [...]
How are Interest Rates Determined? What’s the current rate? As loan officers we get this question daily. While it seems like an innocuous question that should be simple enough to answer, there are many variables that play a role in determining the “current rate.” While there is no such thing as the “current rate,” there [...]
I may sound like I am beating a horse at this point…for the 2nd time, but again interest rates are on absolute fire at a 50-year low. No matter what your goals are, how many homes you have…now is the time to strike while the iron is hot. Make sure to take advantage and pick [...]