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What's Working and What Needs to Change For Mortgage Process -Urban Institute

Posted To: MND NewsWire

Two Urban Institute (UI) researchers pose a pertinent question in a recent paper. Laurie Goodman and Aaron Klein ask, “What is the purpose of the Fed lowering short term rates to zero and buying hundreds of billions of mortgages to lower mortgage interest rates if people cannot functionally access a mortgage?” They point out that the mortgage process, whether to purchase a home or refinance it, has a long to-do list including title searches, appraisals, applicant employment and income verification, notarization, closings, and recording of the transaction in county offices. If any of those items cannot be checked off, the ability to get a mortgage is jeopardized. With much of the world shut down in order to mitigate the COVID-19 pandemic, the entire process could be broken. Given the massive…(read more)

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