A borrower might have previously fulfilled all requirements for a loan, but new flood maps could potentially cause them to be declined for flood insurance since the future monthly costs could push ratios beyond qualifying, Rob Chrisman noted in his Daily Mortgage News and Commentary blog.
Flood insurance hinders borrowers from qualifying for loans
Most Popular Articles
Latest Articles
DOJ charges one of America’s top LOs in alleged mortgage fraud scheme
Christopher Gallo was charged with one count of conspiracy to commit bank fraud.
-
Top Producer Review: Features, pricing & alternatives
-
A&D Mortgage names new servicing manager
-
HUD aims to help protect communities from extreme heat
-
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products
-
Realty One Group joins growing list of firms to settle commission lawsuits