It's been a bumpy ride for mortgage companies lately. What does that mean for borrowers? Here are answers to common questions, whether you're shopping for a mortgage or paying off a home loan.
It's been a bumpy ride for mortgage companies lately. Some lenders have gone out of business, merged with other companies or narrowed their focus. And more changes are likely in 2023.Here are answers to common questions, whether you're shopping for a mortgage or paying off a home loan.
And for homeowners who had locked in historically low rates in prior years, the spike removed money-saving incentives to refinance their mortgages. Unless your primary aim is to cash out some home equity, it doesn't make sense to refinance to a higher rate. Indelicato, whose firm is the lead counsel for unsecured creditors in the First Guaranty Mortgage Corp. case, does not expect to see a big wave of mortgage company bankruptcies."It's not so bad that you're going to see the wholesale bankruptcies like you saw of mortgage originators in 2007 and 2008," he says.
Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | Omny Studio What happens if my mortgage servicer changes?You'll be notified of where to send your mortgage payments. Your mortgage servicer is the company that processes payments and manages the loan. If the servicing rights are transferred to a different company, generally the old and new servicers should notify you, according to the Consumer Financial Protection Bureau.
Will mortgage company layoffs compromise customer service?Not necessarily. Layoffs generally correspond to lower loan volume; there's less work to go around, so fewer employees are needed. Lending standards have been strict in recent years, and a lot of buyers made sizable down payments, Hepp noted. In addition, most homeowners now have a lot of home equity, thanks to rising home prices.
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