I had the pleasure of attending my third virtual AR meetup on Zoom today. We had over twenty people on today. Once again we had Kathy Streib and Jeff Dowler, CRS and Kat Palmiotti and Lottie Kendall. Also, this week I noticed Hannah Williams , Will Hamm , Lise Howe , and John Meussner . Oh yes, and this time we had a full view of Brian England. Brian had been volunteering and following on his Android in previous weeks.
Our speaker today was George Souto . George is a mortgage expert coming from Middletown Connecticut. He has 15 years experience in all types of conforming mortgages.
George has explained how Covid-19 has affected the mortgage process. First of all rates have jumped up slightly since the beginning of Covid-19. Some people who qualified before Covid found that afterward, when they were ready to buy, they no longer qualified.
Some other related topics were title searches and appraisals. The title search process has slowed down so much that is wise advice to call for a title search before even receiving a mortgage committment. There have also been more appraisal waivers because of the pandemic. Or those that are being done are "drive by." These appraisals might not be that accurate and would be detrimental to most of the time to sellers.
Banks have shortened the time to recheck employment status to 48 hours before closing. This creates a challenge to location the authoritative person in a company in such a short period of time.
One other bit of information. Mortgage forebearance will not damage credit rating.
Lot of great information today from George Souto .