After an unexpected jump in February, existing home sales in the US fell back to disappointing levels in March, according to the National Association of Realtors.https://t.co/N0mGDscBry#mortgageindustry #homesales #housingmarket #economy
— Mortgage Professional America Magazine (@MPAMagazineUS) April 19, 2024
Plenty of work is also often needed to get creditworthiness to the required level to qualify for a mortgage in the current climate, Bennett added.
“[For] the types of borrowers that have straightforward situations, what I’m having to do now is if there are credit issues, we’re spending months working on getting credit to where it’s acceptable,” she said. “If there are income issues, we’re having to pivot and typically work on non-traditional loans like the non-QM, bank statement loans.
“And so the situation today seems to be more challenging from a qualifying perspective than in my 30-plus years [it] normally has been.”
Those hurdles are presenting plenty of obstacles for originators and their clients at present – but Bennett is staying positive, noting that now is the time to keep an open mind in the current market and go through every possible option for clients to get a deal over the line.
“In the past, I might have been more selective, but I am exploring every opportunity,” she said. “I’m pushing as far as they can to try to make a deal happen when in the past, it may not have.
