Orla McCaffrey

speaker

593 appearances 13 recordings 1 series first heard Mar 2020 last heard Jun 2022

Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Getting Mortgage Payments on Track Proves Harder for Black Homeowners · 4 May 2021 podcast

And that's designed to help the large number of borrowers who are expected to exit forbearance later this year when those relief programs end.

Yeah, so there have been a couple of extensions.

Now people can be in forbearance through June or through September based on when your forbearance started and the type of loan you have.

But the folks in the housing policy space that I've talked to do believe that there will be further extensions of these forbearance programs because people still need the help.

So the situation is different for people with private loans.

They're not required, servicers of private loans, to give borrowers the kind of options, the kind of more reasonable repayment plans, like adding the payments to the end of someone's loan, that servicers of federally backed mortgages are.

So what that means is when...

people with these kinds of loans come out of forbearance, they're going to be expected to either pay higher monthly payments or come up with the entire missed amount.

So that is definitely a concern.

But the foreclosure moratorium that the CFPB is proposing through the end of the year, that would apply to all kinds of loans.

WSJ Your Money Briefing · In a Strong Mortgage Market, Millions Can't Get Housing Loans · 2 Apr 2021 podcast

We're really at extremes now with prices, with low inventory, just with the cutthroat competition that's out there to get almost every kind of home. matched

Sure. matched

So they have been pretty strict all throughout the post-financial crisis era, but they have fallen even further since the pandemic started because when the economy was really uncertain and nobody knew what the extent of job losses would be, lenders became concerned that if they gave a mortgage to a certain borrower, that borrower within a week or a month could be out of work because of the pandemic. matched

So the record low inventory is what's driving really a lot of dynamics in the housing market right now. matched

So there are just under two months of homes available to purchase on the market, which is itself a record low. matched

And when supply is so tight, it drives prices higher than people think homes are worth or higher than they were expecting to pay for homes. matched

And if I'm a borrower requesting $300,000 for a mortgage, matched

Maybe with my credit score and my credit history, I would be approved for that amount. matched

But now if the house I'm looking at has increased in price over the last year or two, $350,000, maybe because lending standards are tighter and because prices are higher, I don't qualify for that higher loan amount that I would need to get the house. matched

By far, the most important thing is a borrower's employment history. matched

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