After an unexpected jump in February, existing home sales in the U.S. fell to disappointing levels in March, the National Association of Realtors said.https://t.co/N0mGDscBry#mortgagesector #homesales #housing market #economy
— Mortgage Professional America Magazine (@MPAMagazineUS) April 19, 2024
It also often takes a lot of work to get credit to the level required to qualify for a mortgage in the current climate, Bennett said.
“[For] What I have to do now is that if there are credit problems, we spend months trying to get credit where it is acceptable,” she said. “If there are income issues, we have to pivot and generally work on non-traditional loans like the non-QM, bank statement loans.
“And so the situation today seems to be more challenging from a qualification perspective than in my 30-plus years [it] has normally been.”
These hurdles present numerous obstacles for originators and their customers right now – but Bennett remains positive, noting that now is the time to keep an open mind in the current market and work through all possible options for customers to pursue over the course of the time to get a deal. line.
“I may have been more selective in the past, but I’m exploring every possibility,” she says. “I’m doing my best to try to get a deal done, while in the past I may not have been able to.