Jim Kupper Mortgage Loan Officer at Megastarcal

Hello in the Covid-19 Stay Home order times! To our MegaStar Financial Mortgage Clients, Agents and Business Partners. Business will continue as normal. MegaS...tar Financial has a Proprietary Web Based system, so many of our LO's, support staff etc. already work from home. Real Estate and Banking have been deemed essential business activities! This means that new loan origination's, phone & web consultations, closings, funding's and all other related activities will continue at this point! For the safety of everyone, there will of course be changes on how Real Estate Agents, Appraisers, Title Companies, Inspectors etc. handle their jobs. Also in the unprecedented time, we must all understand that processes may be slowed a bit, no one should be expected to put themselves, their family or others in harms ways because they are being pushed to meet timelines. I have been in contact with many of our Appraisers and Title companies; to let them know that I expect them to put safety above all else. We want to be able to this assist families purchasing their new homes and help our refinance clients save money; however in the most responsible way possible. Below is a little Q&A on some questions that I have been fielding: Q- My client has been terminated or laid off by their employer. A- If the client has been terminated, then he/she no longer has stable income and does not meet the Ability to repay guideline and unfortunately will not be able to close. . However lay-offs or temporary leave is not cut and dry. In many case (Depending on the agency) a client can still close, if the Lender can confirm return to work and allowable income. Q- When closings take place will Deeds be able to be recorded A- From what I have been told County Recorders are not being shut down. They also have the ability to work remotely if necessary. Q- I have heard that Final verification of employment will be an issue. A- In some case this could be an issue. However many employment verification's can be completed online and do not need an actual person to complete. Fannie Mae is working in collaboration with Freddie Mac and FHFA to develop an aligned Lender Letter that will provide additional clarity for Sellers and Servicers on this topic. As of now Lenders are being told to use to use the current agency rule of verification within 10 days of close. Hopefully this information helps some of you. Lord knows everyone has time to read it! We can get through this tough time, if we are smart and support each other! #togetherwecangetthroughthis

Homebridge understands that these are difficult times. There is a lot of information that may be confusing. Here are some answers to some frequently asked quest...ions & an informative resource to learn more about the current state of the mortgage market. Tag someone who can benefit from this great read in the comments below. See more