On NPR, there’s an interesting example of the predicament many homeowners now face. Thad Salter is an underwater homeowner who is actually one of the lucky ones: After swimming through red tape for a year, he was approved for a mortgage modification, which lowered the interest rate from 6.8% to 2% and cut his payment in half, but also extended the mortgage from 30 to 40 years. So what is Salter’s current state of mind? He’s tentatively staying put, even though he thinks it would be smarter to strategically default.
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J.D. Power’s 2019 U.S. Primary Mortgage Origination Satisfaction Study, released Thursday morning, showed that there are some lenders that customers seem to love working with more than others. Here are the ones that borrowers are partial to.
The House Financial Services Committee postponed a vote on H.R. 2445 on Wednesday, a bill that would fix the so-called QM Patch that’s set to expire in early 2021.