Mortgage Market Update – April 9, 2020

What is going on with the mortgage industry right now? To put it mildly, A LOT!!!! Covid-19 and the recently signed CARES stimulus package have caused a ripple effect across mortgage lending. The main culprit is the allowance for borrowers to defer their mortgage payments for several months. Without diving too deep, this decision or action has now forced lenders, servicers and investors to put a hold on many loan products, especially the riskier ones like renovation loans, jumbo loans and lower credit. Watch the video below to learn more and contact me with any questions or concerns. The GREAT news is Southern Trust is still lending! We’ve changed our business model which has opened up doors and helped lower the rates we can offer customers at this time. Win-win!