Fannie Mae Offers Relief To Homeowners Facing Financial Difficulties Due To Natural Disaster
As hurricanes and wildfires ravish the nation, homeowners who hold government backed mortgages are being offered assistance. In addition to mortgage payment forbearance programs and funds to help pay missed payments, the program also offers several other types of disaster assistance. Fannie…
The Federal Reserve Is In The Spotlight
All eyes are on the Federal Reserve as they make important policy decisions and face the re-appointment of the chair and vice chair. The mortgage industry is most concerned with when bond buying will be tapered, which is expected to begin this fall. However, previous projections about inflation…
Artificial Intelligence Is Being Blamed For Racial Discrimination In Mortgage Lending
A recently published study shows that black mortgage applicants are 8o% more likely to be rejected for mortgage financing than their comparable white peers. Mortgage lenders continue to claim that they are fair and balanced in their lending decisions. One of their primary defenses…
Lending Requirements Remain Tight In Hot Housing Market
The hardest part of buying a home at the moment is finding one that is available and that you can afford. However, getting the mortgage is harder than usual as well. Lenders are maintaining very tight financial requirements for borrowers, and entry level mortgages for affordable starter…
Federal Reserve Turnover Could Affect Mortgage Rates
Two key leadership positions in the Federal Reserve are up for re-appointment this fall. The Biden administration is considering changing up the leadership to appoint officials who are more concerned with climate change, banking regulation, and income inequality. There is pressure from Progressive democrats to take this opportunity…
The VA Has A Little Known Program To Help Veterans Keep Their Homes
The federal mortgage forbearance program being offered through all of the governmental housing agencies is open for enrollment through September 30th, 2021. However, the VA has a second, separate plan available to veterans. This plan is known as the VA Partial Claim…
Renting Your Home May Be An Alternative To Foreclosure
Rental rates have risen drastically over the past year. Monthly rental payments are currently higher than average mortgage payments in the majority of US metro areas. For homeowners facing the end of forbearance program grace periods, renting out their home may be the best option…
Most Homeowners Are Missing Out On Refinancing Opportunities
Almost half of US homeowners say that they have not considered refinancing their home this year. This is largely due to a lack of understanding of how the mortgage markets work. 40% of homeowners do not know the interest rate that they are currently paying on…
Cash Investors Competing With New Home Buyers
Affordable starter homes are getting harder and harder to find. This is the sector of the market that has the least available inventory and is also seeing the lowest rates of new construction. But even if a new home buyer can find a starter home to bid on,…
New Study Confirms Racial Bias In Mortgage Approval Algorithms
A new analysis of data from over 2 million mortgage applications confirm that racial bias is baked in to the approval algorithms. While all minorities are affected, the bias most heavily impacts the black community. According to the study, black people were 80% more likely to…