This ARTICLE On The Coronavirus Update For Purchase And Refinance Mortgage Borrowers Was PUBLISHED On March 25th, 2020
- Gustan Cho Associates continue to work vigorously to close our current pipeline and originate new mortgage loans during these crazy times
- We would like to update our clientele in our current situation
- The COVID-19 coronavirus is something that has swept the nation and world by storm
- Our hearts go out to those who are sick, their families, and everybody in a compromised position
- We are all making sacrifices in order to stop the spread
- In this blog, we will detail some current updates to our loan operations, a few key coronavirus updates, and a message to our readers
In this article, we will discuss and cover the Coronavirus Update For Purchase And Refinance Mortgage Borrowers.
Coronavirus Update For The 2020 Housing Market
It is no secret that the coronavirus has negatively impacted the global economy in an unmeasurable way.
- Many experts agree this crisis will take us a long time to recover from
- Many individuals may not live long enough to see the full recovery
- This is unfortunate because life as we know it was booming just a few weeks ago
- The market was at an all-time high while employment was at an all-time low
- A global pandemic has significantly changed the lives of the world’s citizens in just a few short weeks
- Yesterday we learned the entire country of India went on a 21-day mandatory lockdown
- They have over 1.3 billion people, a number hard to fathom
- In Spain, you are not allowed to leave their home without a valid reason, if you do, you will be fined
In the United States, California, Colorado, Connecticut, Delaware, Florid, Illinois, Indiana, Louisiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Texas, West Virginia, and Wisconsin have put some sort of shelter in place order in effect. Just yesterday Denver County, Colorado (where I live) sent out this alert.
It is important that the world comes together to curb the spread of the COVID-19 Coronavirus.
- Working together on a global level is the only way we will get back to life as we knew it
- As Americans, we are strongly urged to stay inside with only our immediate families, wash our hands more than normal, and keep a safe social distance if we must leave our homes
- Places like New York, Chicago, and Washington state have been hit very hard!
- We hope to see medical supplies and staff continue to fight the virus in these areas of high infection
All health experts are asking anyone who traveled to these areas to self-quarantine to save lives.
Coronavirus Update On Politics
As our elected officials struggle to find common ground, millions of Americans are suffering.
- This global pandemic is something that has affected almost every industry in our nation
- Many huge industries are going to need some relief such as airliners, cruise ships, the automotive industry, financial industries, restaurants and bars, and even the supply chain, and on and on
- This morning it looks like Republicans and Democrats have come to an agreement on a stimulus bill worth about $2 trillion dollars
Let’s hope this is the first step to get our economy back to record highs.
The Importance Of Unity During The Coronavirus Pandemic Crisis
If there are a few key takeaways that stick out, we need to be less reliant on other nations. As manufacturing left the United States over the past multiple decades, in times like this we realize how vulnerable we can be. It is not acceptable to rely on foreign nations for our pharmaceutical drugs. Yes, they are produced cheaper overseas, but at what price? In times like this, we need to come together as one and learn from this pandemic. We must take a long look at our healthcare system. A few weeks ago, everything seemed to be more than the status quo. Enough hospital beds, ventilators, masks, surgical supplies, medical supplies, and most importantly staff. When something as bad as the coronavirus starts to spread, we also can see how vulnerable our healthcare system is. We do not strive to get political, but we do want to see our elected officials meet in the middle and help our people. It is tough to watch TV and see some career politicians act like children during these tough times. The American people need them more than ever.
Coronavirus Update On Non-QM Mortgages
Message to our readers:
A quick update on the current effects of the COVID-19 coronavirus in the mortgage industry.
- As you know, we specialize in NON-QM mortgage loans
- We have numerous investors for this type of mortgage product
- At this time, every investor has put a stop on all NON-QM mortgage lending
- Some of our investors have gone as far as not funding loans currently in the pipeline while others are no longer accepting new applications
- Either way, for the foreseeable future or until further notice, NON-QM loan options are not available
- This is a major burden on our small business owners and other self-employed individuals
They are the backbone of the American economy. they employ millions of Americans and are doing everything they can to stay afloat during these tough times.
How The Coronavirus Pandemic Is Causing Disruption In The Mortgage Industry
Besides NON-QM mortgage lending, we have seen title companies take dramatic steps in order to keep the real estate industry alive. There are currently drive through closings for real estate transactions. As of today, the real estate industry is still considered essential business meeting appraisers, inspectors, agents, and title companies are still allowed to work. A recent article estimated about 80% of the mortgage industry is currently working from home in order to do their part of slowing the virus.
Gustan Cho Associates want to stress one last time that we are not taking a political stance. We are all human beings with one common goal. We want to get everybody’s life back to normal as soon as possible. Please continue to keep yourself in your family as safe as possible. It may be best to get some fresh air and unplug from the news each day. Please continue to wash your hands, use hand sanitizer, and keep a commonsense approach to grocery shopping. We wish everyone the best in these tough times. For any general questions, please call Mike Gracz on 630-659-7644.
March 25, 2020 - 5 min read