COVID-19 Updates and Forbearance Info

As a designated “essential business,” JVM Lending is open and funding mortgage loans during the COVID-19 crisis. Most types of mortgage financing remain available for qualified borrowers. If you are looking for information relating to payment forbearance, please see JVM's Forbearance Resource Center.

Posts

“Rate Quotes” Are Worthless Prior to Getting In Contract; Misleading

We recently lost a borrower to another lender after spending an enormous amount of time educating her (this happens in our industry, and we will be fine). The borrower was steered to the other lender by a Realtor. The other lender told our borrower that he had lower rates. There are two issues with this: […]Read More

Getting FHA Offers Accepted By Offering SPEED; 5 Day Contingencies

We probably beat this dead horse too often, but because the issue surfaced again, we want to address it again. We recently met with a Realtor who was telling his FHA buyers to hold off on making offers until the market cools off a little. He was under the impression that it is simply impossible […]Read More

Wells Fargo Will No Longer Allow Upward Price Re-Negotiations

Wells Fargo has grown “suspicious” of contract renegotiations that result in price increases, and other lenders are expected to follow suit. The price increases invariably occur after an appraisal comes in higher than expected and they invariably result in increased seller-concessions. As a result, Wells will no longer allow upward renegotiations after January 25th. There […]Read More

Turn Times

There is little economic news today, as bank stocks continue to get hammered in the market, and interest rates remain about the same. We keep getting asked by Realtors if 30 days is enough time to close escrow. It is more than enough time. We can close as fast a 14 days if necessary. The […]Read More