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There were no dramatic mortgage product changes last week and it feels like things have stabilized in the mortgage world. |
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Riskier programs have either been eliminated or tightened up significantly, but Conforming loans remains strong with few changes and a more streamlined process. |
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The Federal Reserve meets on Wednesday and investors will be closely tuned in to learn more about the Fed’s plan for future bond purchases. |
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A growing concern is furloughed or laid-off borrowers who won’t be able to qualify until they go back to work. |
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The longer self-employed and commissioned employees are out of work, the longer they will need to be back at work to show their income is consistent with pre-virus levels. |
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Thankfully, Fannie Mae and Freddie Mac announced they will buy loans that have entered into forbearance (except cash-out refinances). |
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