Why it's suddenly more difficult to get a mortgage.
Other roadblocks currently make it hard to close on a loan, such as lenders being unable to verify employment or income because the would-be borrower’s employer is closed., as well, such as lenders being unable to verify employment or income because the would-be borrower’s employer is closed or otherwise unreachable, municipal offices being shuttered and appraisers barred by social distancing protocols from visiting homes in person.
“We’re hearing that lenders are tightening up their standards or putting overlays on mortgages they're willing to fund,” said Barry Zigas, senior fellow and housing expert at the Consumer Federation of America. “Right now, there's more demand than supply for new mortgage originations. Almost 95 percent of this is coming from refinancing on existing homes, especially in the last month or so,” Leon said. “If you look at the largest banks, up until this past week or so, they've been very, very active on refinancing.”
“Borrowers who have less cash to put down and weaker credit scores are, statistically speaking, viewed as having an elevated risk of delinquency,” he said.
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