Practicing in a Pandemic: Mitch Irwin Discusses the Real Estate Lending Market
Description
Mitch Irwin of Bell Bank joins Tom to discuss mortgage challenges for parties going through divorce in light of COVID-19. He identifies difficulties the industry is facing in light of the low rates and high volumes of closings while shifting to working remotely. He discusses the challenges of borrowing for a new home where employment is uncertain. He identifies some unique approaches including seeking out co-signers, using retirement account distributions to satisfy Fannie Mae requirements, and seeking gifts or loans from family. He points out limitations in certain categories like jumbo loans and tightened requirements in FHA and VA. He identifies prospective concerns for lending based upon his experience in the Great Recession like raising credit score requirements or tightening loan to value expectations and thus increasing necessary down payments. Finally, he cautions people about pursuing loan forbearance offers unless absolutely necessary.
United States
