In the early stages of the pandemic, when job losses were skyrocketing across the country, millions of homeowners asked for forbearance on their mortgages, which they were allowed to do under the CARES Act. But now, even as COVID-19 cases are on the rise, the number of borrowers in forbearance is steadily declining.
While much of the economy suffered in the wake of the pandemic, historically low interest rates are continuing to drive both home purchases and refinances. In fact, new data suggests that the mortgage business is going to have the best year it’s ever had.
In most years, home sales begin to slow as it gets closer to the end of the year, but that doesn’t seem to be the case this year. New data from Realtor.com shows that homes actually sold faster in October than they did in September; the first time that’s happened since 2011.
To put it simply, underwriting is a process where a mortgage company examines your credit profile and determines whether you qualify for a mortgage loan.
The Federal Housing Administration recently announced that it is extending some of its pandemic-driven rule changes on appraisals until at least the end of the year. Here are the details.
Fannie Mae is warning the housing industry that there are some questionable sources of income appearing on mortgages. The GES's Mortgage Fraud Investigations unit issued an alert in October stating that it has uncovered some 'borrower income concerns' on loans originated by third-party originators in Southern California.
Given everything that's going on in the world these days, predictions about what's going to happen in the next year should be taken with a grain of salt. However, one area where things seem to be relatively stable is the nation’s housing ecosystem. In that spirit, here's a look at the hottest housing markets for the next 12 months.
If you've been following the news lately, you may know that mortgage rates are just about as low as they've ever been. And that may have you thinking about refinancing your mortgage.
The housing industry has just over a month to get ready as Federal Housing Finance Agency Director Mark Calabria reiterated last week that Fannie Mae and Freddie Mac will implement a 50-basis-point fee on certain refinances on Dec. 1, 2020.
The piece of federal lending law that allows borrowers whose mortgages are sold to Fannie Mae and Freddie Mac to have a higher debt-to-income ratio than other types of qualified mortgages was all set to expire on Jan. 10, 2021. But that's not the case anymore.
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