Consumers rated mortgage servicers’ customer service higher during the pandemic. Much of that satisfaction, however, is driven by non-bank servicers, which offer more digital solutions for consumers. Traditional banks are starting to lose their edge over non-bank lenders, according to the J.D. Power Mortgage Servicer Satisfaction Study.Bank-affiliated services have historically outperformed non-banks by a large margin in customer satisfaction.
Borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less—financial aid for businesses stemming from pandemic-related distress—may be able to apply for forgiveness directly through the Small Business Administration’s new portal.The SBA is launching a new application portal to streamline forgiveness requests: Directforgiveness.sba.gov. The platform will begin accepting applications from borrowers on Aug. 4. It will help
Investors are snatching up homes and are being blamed for contributing to the inventory shortages in several markets across the country. Investors are buying homes and then holding on to the properties, often turning them into rentals, and not returning very many homes back onto the market from their growing portfolios. Housing experts say that in some markets it's exacerbating housing shortages.Investors have been blamed for taking away the most
Investors are swooping back into commercial real estate, sending sales volume this year back to pre-pandemic levels. Low interest rates are also helping to drive the renewed interest, as is investors’ optimism that the worst of the pandemic may be over, The Wall Street Journal reports.But the commercial sector has changed compared with pre-pandemic days: Sunbelt cities posted record sales, suburban offices appear to be more favored th
It’s cool to have a pool in the pandemic. The backyard swimming pool has been in demand since the COVID-19 outbreak. But pools in real estate haven’t always been a slam dunk moneymaker. Real estate pros have expressed mixed opinions on the value they add to a home, especially given their high price tag.Porch.com, a home improvement resource, analyzed how a swimming pool can impact the price of a home in the 500 largest cities across
More than one-third of over 500 college students surveyed say they cannot afford to rent an apartment in their college town, and many of them have not finalized their living plans for the school year, according to a new survey from realtor.com®.They’re blaming the hot housing market for pricing them out.The shortage of affordable housing inventory in the U.S. has pushed prices to record highs and forced more prospective home buyers into the re
Sales of newly built single-family homes continued to decline in June as some builders slowed sales contracts to manage supply-chain challenges and more potential buyers became priced out. Homebuilding timelines are stretching longer and higher construction costs are frustrating buyers.Sales of new single-family homes fell to the lowest level since the first month of the outbreak of the COVID-19 pandemic in the U.S. in early June. Sales dropped 6
Since the pandemic began, vacation home sales have soared as Americans have looked for an alternate work-from-home space and a place to relax and spread out. That has prompted a vacation-town boom.Vacation home sales have jumped 57% this year compared to 2020, according to the National Association of REALTORS®.Lawrence Yun, NAR’s chief economist, told Marketplace that he expects the vacation-home market to stay elevated through the rest of the
The inventory shortage, which has been a nuisance for years now, is causing even greater disruption since the pandemic began. Fueling intense buyer competition and sky-high home prices, the historic supply crunch requires a “once in a generation” federal response to address decades of underinvestment and underbuilding, argues the National Association of REALTORS®.There are areas of the country that exemplify the problem and support
Mortgage rates plunged this week as home prices reached new record highs. The 30-year fixed-rate mortgage averaged 2.78%, Freddie Mac reports. “Concerns about the delta variant and the overall trajectory of the pandemic are undoubtedly affecting economic growth,” said Sam Khater, Freddie Mac’s chief economist. “While the economy continues to mend, Treasury yields have decreased—and mortgage rates have followed suit.”But the low r
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