Help! Help Me, Rhonda!

This past month or so, I have been helping people deal with issues with their mortgage lenders. This isn’t entirely unusual, but it seems to be happening more often in this current market. Sometimes, the client leaves the lender and I “adopt” their transaction and other times, they are able to work it out with the other lender.

I think that part of the issue is that mortgage rates are so volatile right now… and have been for a few months. With mortgage rates in a higher range than what we’ve become accustomed to, more people are focused in on interest rates. Yes, the interest rate you pay on your mortgage IS important, but it’s not the only factor and, in the event a lender is not able to close on a mortgage, choosing a lender mainly because of interest rates can be an expensive decision.

Another factor is that, in Washington state, only about 60% of licensed mortgage loan officers opted to renew their license in 2023. A 40% reduction is pretty significant… this does not factor in the loan officers who work for banks or credit unions (that are not required to be licensed) and who have been laid off or chosen to find another field for employment. [Read more…]

Potential Recording Delays for Properties in King County

The entire real estate industry is inundated from the historically low mortgage rates that have caused a refi boom during a pandemic, no less! When you buy or refinance a home, documents are recorded in that specific county to give “public notice” of the transaction. Once your transaction is “recorded” it is typically considered “closed”. [Read more…]

Forbearance Guidelines Updated for Conventional Financing

This week Fannie Mae and Freddie Mac updated guidelines for how soon home owners can obtain a new mortgage if they have entered into a forbearance agreement with their current lender. Most of the focus with this program is that it’s not suppose to impact their credit score. Although the credit score may not be impacted, the credit report reflects that payments were not made on the mortgage. It seems that many home owners are not aware that taking advantage of not having to make mortgage payments will impact their ability to get a new mortgage for refinancing or buying a new home [Read more…]

Some things to Consider before you do Forbearance with your Mortgage

Politicians and the media have made it sound like entering into a forbearance with your mortgage because of the pandemic is something that many Americans are taking advantage…and maybe you should too, right? Well…maybe not. [Read more…]

Governor Jay Inslee clarifies requirements for Loan Officers and Real Estate Agents during the Pandemic

Last Friday, Governor Inslee issued clarification to real estate agents and lenders regarding real estate and mortgage transactions during the corona virus pandemic. Originally, real estate agents were clarified as “non-essential” which caused a bit of an uproar in the real estate industry. [Read more…]

Getting a Mortgage During the Coronavirus

What strange times we’re in! Last night, Governor Inslee declared we are in a minimum two week “shelter in place” with only essential businesses allowed to operate, unless you can work from home.

Mortgage companies are currently considered essential and Mortgage Master Service Corporation is open to help you with your mortgage needs. I am currently working from my home office as I navigate mortgage rates that are off the charts! We are still helping people with their refinances and home purchases. [Read more…]

Were you potentially hacked from the massive Equifax breach?

Equifax announced yesterday that they’ve were hacked on a scale unlike any we’ve seen potentially impacting half of our population.

From Equifax: “…a cybersecurity incident potentially impacting approximately 143 million U.S. consumers. Criminals exploited a U.S. website application vulnerability to gain access to certain files. Based on the company’s investigation, the unauthorized access occurred from mid-May through July 2017.” [Read more…]

Mortgage rates dropping following the Brexit

Mortgage_Porter_Rates_GapInvestors had been banking on the Brits staying in the European Union. This morning’s Brexit narrow vote to leave the EU results stunned the markets. The Dow was down over 500 points. This morning, mortgage rates are dropping.

Want to lock in a historically low mortgage rate? You can start with getting a rate quote or by starting a pre-application. NOTE: I am licensed to originate mortgages for homes located in Washington State.