With 30- year rates continuing to hover below 3%, the refinance and purchase market is exceptionally strong. I hope this note finds you all safe and healthy!  My name is Joe Boyle, and I am a Mortgage Loan Originator with Cornerstone Home Lending, LLC. What a year 2020 has been thus far.  Sitting down to write a column regarding the mortgage business is tough today for one reason!  Where do I start!?  Covid-19, mortgage backed securities, interest rates, supply/demand, a looming Presidential Election, volume/capacity, liquidity crunches, margin compression, governmental regulation, forbearance, furlough…. these are all items we in the mortgage business and real estate industry are dealing with.  First off,…

As we enter our 5th month of the COVID-19 Pandemic and Safer at Home lifestyle, to say these months have been interesting for all of us would be a huge understatement.  Not one day has gone by in these past months that I haven’t thought how blessed I am to be in the residential lending business.  While many industries and businesses have gone through severe struggles, the real estate and mortgage industries have persisted, and in many cases thrived.  Learning how to do business in a new way and to take advantage of the technology we have access to has been great, we have learned new ways to communicate and effectively…

We have all been through a lot of change and adjustment this last 120 days, no one could have anticipated all the new challenges that presented themselves in this ‘new normal’, we have had to just figure it out. Specifically looking at the lending industry, it has been practically turned upside down, teams working from home, updating technology for some to be able to work from home efficiently, tightening of underwriting guidelines due to concerns about job loss, furloughs and forbearance requests, learning quickly how do allow borrowers to e-sign closing documents effectively and easily along with a list of numerous other adjustments too long to share in this newsletter.…

We are now entering our tenth week of the current order and guidelines of Safer at Home, instituted since the COVID-19 outbreak in 2020. In our current environment of limited contact and social distancing, we have seen a dramatic shift in how consumers are doing their research for home shopping, viewing properties and making mortgage applications. Customers and borrowers who had not previously weighed in using these resources for digital and online services, are now utilizing and embracing these technology options from the comfort and safety  at home while  Sheltered in Place. Numerous workers are working remote from home, including most of the mortgage and real estate professionals, even though…

The world certainly has changed quickly over the couple of months.  We first started the year with low interest rates and low inventory on homes for sale.  Now we are living in a new environment because of COVID-19.  COVID-19 has had a tremendous impact on our economy and the health and welfare of our citizens.  Millions of people have been temporarily been laid off.  This  is causing economic hardship for all of them.  Businesses and families have to adjust to the stay at home mandate that Governor Evers has implemented.    Essential employees are still working while we over this terrible virus.  I want to give a big shout out to…

It is safe to say the thought of getting a mortgage loan is overwhelming to most people, especially the first time around.  But with today’s technology, the process of getting a mortgage loan isn’t as complicated as one may think.  The process can actually be pretty easy and is much more efficient than it has been in the past.  A recent Deloitte banking survey found that 33% of people already use online platforms to apply for loans.  With most lenders you can complete an online application in the comfort of your easy chair (if you have such a thing) any time, day or night.  If you are shopping for a…

The easiest way to boost your credit score is to establish good habits but knowing where to start and what to prioritize can be tricky. We break it down into five easy steps. Your credit score is one of the most important numbers in your financial profile. It helps determine whether banks will lend you money, how much and at what rate. If you don’t know your score offhand, you can check it for free with your bank. To build and maintain your credit score, follow these five steps. 1. Know what determines your score Most credit scores are tallied by companies like FICO (Fair Isaac Corporation), an analytics software…

Pictured Left to Right: Dan Leeder, Tyler Lentz, Kathy Leeder, and Dave Leeder The Federal Housing Finance Agency (FHFA) recently announced new and improved 2020 loan limits for Conforming and High balance mortgages.   The maximum Conforming Loan Limit for 2020 for a majority of our country will be $510,400 (for one-Unit properties). This is an increase of 5.38% from $484,350 recorded in 2019. For some context into what a Conforming Loan Limit is, Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “Conforming Loan Limit.”. It is this limit that will be affected by the change.…