Good morning! Today is Monday, October 19. Covid-19 cases are climbing in almost every state. A woman who vanished in Zion National Park nearly two weeks ago is found alive. Several wildfires continue to burn hundreds of thousands of acres across Colorado.
And in mortgage and housing news …
MISSED PAYMENTS: More than 6 million households in the United States missed rent or mortgage paymentsand 26 million missed student loan payments in September as the economic effects of the Covid-19 pandemic stretched into their seventh month.
CREDIT SCORES: The average credit score hit a record in July after millions of Americans had lost their jobs, scrambling lenders’ underwriting models.
IFFY BORROWERS: There’s good news for mortgage applicants who don’t fit into the precise mold demanded by Fannie Mae and Freddie Mac: After pulling back at the start of the pandemic in March, other non-QM loan lenders are returning to the market.
PRINT IT AND THEY WILL COME: Learn how one builder is using 3D printing and robotics to produce affordable homes more quickly.
FHA STREAMLINING: Is a fast mortgage a better mortgage?
COMMERCIAL REAL ESTATE: As tenants stop paying and shrink their offices, commercial real estate is cratering.
LOW-INCOME BORROWERS: Mortgages are harder to get, especially for low-income borrowers.
REVERSE MORTGAGE RISKS: Many seniors that have been in their homes for decades could havehundreds of thousands of dollars of home equity but do not have hundreds of thousands of dollars in their 401(k) or IRA.
INVESTORS: While many investor funds own scores of buildings around the country, some real estate investors are joining others in groups to buy specific buildings in particular places.
FINANCIAL APPS: In a company first, Detroit’s Rocket Cos. has announced a partnership with a financial empowerment app based in California to create a fast, simplified refinance experience for homeowners.