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…]
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 
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. 
What strange times we’re in! Last night, 
Investors had been banking on the Brits staying in the European Union. This morning’s 
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