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 · Mortgage Lenders Ask Borrowers to Commit to Not Seek Forbearance · 26 Aug 2020 podcast

by upping minimum credit score requirements, by putting a cap on how high your debt-to-income ratio can be, just to make sure or to try to take the best guess at who is creditworthy. matched

A lot of the forms state that the loans won't be eligible for forbearance if it falls into that time period before it's government backed, specifically because it's not government backed, which is the only case where lenders have to provide forbearance. matched

So they're kind of just giving themselves more coverage to the lenders to say no if the lender does request it within that time frame. matched

I think the main downside for the borrowers in that situation was just not being able to get the forbearance, or having the form shown back to them saying, you know, but you said you had no plans to request it. matched

I think they still can request it, they just, in a lot of cases, probably wouldn't get it. matched

One form I did see, it spoke of penalties, including prosecution for fraud and... matched

being declared delinquent on your mortgage if it was proven true that any of the statements signed were untrue. matched

But again, those statements just talked about plans or intentions to apply for forbearance. matched

So, you know, it's kind of hard to tell retrospectively what somebody's plan was at a given point. matched

Thanks, JR. matched

WSJ Your Money Briefing · Mortgage Rates Fall to Another Record Low · 17 Jul 2020 podcast

For people who can take advantage of these low rates, you can save hundreds of thousands of dollars on your monthly payment over the course of your 30-year loan. voice-verified

So it really is a good time to lock something in or even wait for a couple of months down the road. voice-verified

So historically, rates reached their highest rate, 18.6%, if you can believe it, in October 1981, after the Fed raised short-term rates in order to combat inflation. voice-verified

So since then, they've been trending down. voice-verified

More recently, the last decline we've seen has been from about the fall of 2018, and then an acceleration in that decline starting this year. voice-verified

Yes, and they even expect them to go lower here in the next three to six months. voice-verified

And that's because the gap between mortgage rates and this other indicator that influences them in a major way, the 10-year treasury yield is unusually wide. voice-verified

And because there's that much space, as that space narrows, rates will fall even further. voice-verified

On the surface, the housing industry looks resilient as rates are low and there's still a lot of demand for new homes. voice-verified

But a little deeper down, sales really have fallen this spring as people don't want to move out of their homes during the pandemic, which creates a really voice-verified

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