Mortgage News and Notes

Last week we reported on the financial upheaval in the mortgage market as a result of the coronavirus pandemic. The market remains extremely volatile, with rates changing daily, even hourly at times. But we are very encouraged by the fact that homes are being purchased and refinance mortgages are closing, even under these extraordinary conditions. Everyone is taking proper precautions, and avoiding face-to-face meetings.

Almost all parts of the mortgage lending process can be done electronically. An interior appraisal inspection, however, is not one of them. We have heard from our clients their very valid concerns about allowing the appraiser to tour their homes. So, I am happy to give you some good news. Fannie and Freddie have instituted temporary appraisal requirement flexibilities that allow many mortgages to qualify for an appraisal waiver, or an exterior only inspection. This includes purchases, which sometimes can qualify for a desktop appraisal, for which the appraiser need not even visit the property. 

We expect more announcements regarding temporary accommodations during the crisis, and we will report those to you as they happen. Also, please keep in mind that rates are changing so often that locking a loan now requires patience and close attention. Please contact Margie to see what is being offered.  

We want all of you and your families to stay healthy and safe.

Posted by Steven Hofberg on April 15th, 2020 10:45 AM

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