Let’s discuss with Senior Mortgage Loan Officer, Tom Cramer.

Video Summary – How COVID-19 Pandemic Has Affected The Business:

1. Working Remote

2. Extremely busy with Refinance Transactions:

a. Reaching out to any of my past customers who closed last year and beyond, most likely dropping their rate +1%

b. Referrals of new customers who can benefit from refinancing

c. Great time to look at dropping PMI, shortening term or just lowering payment to free up money to invest

d. Wintrust keeping Refi rates low (some lenders raise rates to manage pipeline Wintrust just moved to a 90 day lock)

3. New Purchases:

a. New construction referrals have dropped off due to Stay at home order

b. Resales contract under $500,000 are still coming in but down over 50%

c. We can still close in 30 days. (priority is on purchases, then refi’s by rate expiration dates)

4. Title Company Closings:

a. Refinances – At borrowers home, Notary stays in car in driveway

b. Purchases – Buyers Stay in car in parking lot or a separate room in Title Company –

5. Guideline Tightens:

a. Higher min Credit scores – FHA went from 600 to 640 min (some lenders 660) Chase went to 700

b. 20% Downpayment requirement on Jumbo (+$510,400 ) Loans now If you need a second opinion or are looking to refinance, Tom can help you.

Here’s a link to his website to get started: https://www.wintrustmortgage.com/find-ori…/…/tom-cramer.html

Here are links to the resources mentioned in our video for quick reference: FDS CARES Act Summary (15-page PDF): https://financialdesignstudio.com/…/Financial-Design-Studio…

Legal Update with Heather Guilette Walser at Lavelle Law. https://www.facebook.com/watch/?v=2587959398084514

Insurance Update with Ryan Delp at Bradish Associates, LTD. https://www.facebook.com/watch/?v=2623913304548487

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