- Forbearance Update - Lending standards remain tight as Forbearance numbers continue to rise. The pace of forbearance requests may appear to be slowing, however there are now more than 4.7 million homeowners in forbearance. This translates to over $1 trillion in unpaid principle payments. Servicers of mortgage loans in government-backed securities must continue to make advance principal and interest payments as well as property taxes & home owners insurance payments each month on behalf of the borrower. Based on today’s number of homeowners in forbearance, mortgage servicers of these loans need to advance approximately $3.6 billion in combined payments per month on behalf of these borrowers (which is the primary reason why we continue to see tighter lending standards).
- Rate Flash – Keller mortgage remains committed to offering aggressively low interest rates to maximize savings while also maintaining ALL ZeroPlus loan program advantages. There are many factors that go into determining available rates. Although not every client will qualify for the same rate, KM’s average fixed rate for the week of 5/25/20 through 5/31/20 held below 3.375%.
*Information intended for internal KM/KW use only.