The numbers are stacked against us yet we keep charging forward. Real estate agents celebrated last night when Governor Polis announced they could do showings starting on Monday the 27th. Is it back to business as usual? Not even close. Take a look at these numbers
This will cost servicers $2.3 billion a month! High forbearance numbers are pushing bank and non-bank lenders to tighten their credit box, hurting first-time homebuyers, move-up buyers and jumbo buyers alike! We all heard what Chase did. But did you know other banks are doing the same.. just a little more quietly?
Wells Fargo, USBank, and BB&T all raised their FICO minimum to 680; Flagstar raised it to 640; Navy Federal stopped doing FHA loans hoping to bring them back in 2021 and Better.com stopped doing FHA loans and raised their minimum FICOs. Meanwhile, virtual showings are up 400%!
WOW! This is your opportunity to engage in a whole new way because the way we did things won't be the way we work going forward. This is also the time when we all have to be more creative than ever. Supporting our clients with solutions that help them in their journey to build wealth through real estate.
Nicole Rueth The Rueth Team of Fairway Independent Mortgage Corporation 750 W Hampden Avenue, Suite 500 Englewood, CO 80110
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