The government shut down drags on and more lenders are coming around to allowing temporary exceptions to the norm which is a mandatory processing of a 4506-T form by the IRS. For W2 employees they’ll require us to verify income with the borrower’s employer. Continue reading
Jeni Pfeiffer presents mortgage update courtesy Jason Smiley: The government shut down has had little impact on Mortgage Bond pricing so far however there is an impact to the loan process that may delay escrows. Prior to the mortgage crisis in 2007 many loans were done with stated income and assets with no verification of tax returns. Continue reading
By MARCY GORDON AP Business Writer
WASHINGTON—Average U.S. rates on fixed mortgages fell again to new record lows. The decline suggests the Federal Reserve’s stimulus efforts may be having an impact on mortgage rates.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.40 percent. That’s down from last week’s rate of 3.49 percent, which was the lowest since long-term mortgages began in the 1950s.
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