Starion Bank Mortgage Update

AN UPDATE FROM THE DESK OF BRIAN SCHUTZ…

Hello all, Brian Schutz, Starion Bank mortgage banker here. Wow has this summer gone fast. I cannot believe it is August already and I have no clue where this summer has gone. It seems this was the fastest summer that we have experienced, and I think it has a lot to do with how last summer went.

I’m coming to you this month with good news on the mortgage forbearance program from Covid:

For the first time since March of 2020, the share of Fannie Mae and Freddie Mac loans in forbearance has dropped below 2 percent. The share in every investor type and almost every loan category dropped as well, bringing the number of homeowners in forbearance below 2 million. The rate of forbearance exits, and new forbearance requests remained at low levels and it’s expected that the pace of exits will increase in the coming weeks as well.

This is great news all around as the forbearance program was something that worried a lot of people. What would the timeline for the payback period look like and how many homeowners would be able to begin making payments again?

Starion Bank is a bank like no other. Not only do we serve the community in many aspects, but we also have every type of loan product Restaino and its clients would need or want. We can service our own loans and we can also be a broker since we work with several servicing mortgage companies to get you the best rate and product from FHA, VA, Conventional (FNMA, FHLMC), USDA, WHEDA, Jumbo’s, Construction/Renovation, Lot loans, and Bridge loans, to in-house portfolio loans. We are a one shop stop for all needs and have the ability to assist in your commercial and investment property loans as well.

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Brian Schutz
Mortgage Banking Supervisor, Starion Bank
608.829.4559
brians@starionbank.com
starionbank.com

Starion Bank has the Madison area covered with locations in Middleton,
Monona, and Sun Prairie.