What Happens When? Video 3: Mortgage Transactions

A COVID-19 video series featuring 1^st Priority Mortgage President Brooke Anderson-Tompkins.

1^st Priority Mortgage is committed to serving you during unprecedented times and continues to do so with our new video series “What Happens When?” featuring President Brooke Anderson-Tompkins. In a video released on Friday, April 3, 1^st Priority addressed multiple parts of the mortgage transaction process, from an update on real estate agents and program shifts to what you should know about making mortgage payments. Below is a brief recap of the video, which you can watch here.

The Mortgage Transaction: Applications.

Our Collective Hands™ approach continues to be on target thanks to the village around us.

• We are open.
• We are taking loan applications.
• We are working both onsite and remotely.
• We are closing loans on a daily basis.

The Mortgage Transaction: Programs.

Conventional Loans

• The easing that took place last week on the federal level regarding appraisal versions and the ability to do verifications of income differently is working.

FHA, VA, USDA Loans

• Some program changes have been implemented in certain cases as it relates to credit scores; government loans in lower credit score tiers may see differences due to market conditions.
• Reach out to your mortgage consultant for more information on how this may affect you.

The Mortgage Transaction: Payments.

Do mortgage payments need to be made?

• It’s important to make payments if at all possible in order to save efforts on future challenges. Fixing credit later can be a significant task to undertake.

What do the forbearance options provided by the government entail?

• The NY State & Federal Stimulus Package allows for some relief if needed.
• Call your individual creditors for more details.
• It is critical to get relief agreements in writing.* It is especially important to ask the right questions.
  • *What questions should be asked? For steps related to the mortgage/credit payments process and excellent questions to ask, see the following articles:
    • CFPB gives guidance to consumers struggling with mortgages during the COVID-19 crisis
    • Guide to coronavirus mortgage relief options
  • Specific rules matter: Delayed or partial payments may be possible.

Each transaction has many factors. Be sure to contact your Mortgage Consultant or Loan Coordinator with questions – we are happy to help.

1^st Priority Mortgage continues to serve.

1^st Priority Mortgage is still working hard to serve you. As each day brings new information, we will adjust accordingly both internally and with the many stakeholders involved with each deal. Contact 1^st Priority Mortgage for how these responses may impact your deal directly.

To see all the videos in our What Happens When? series and for additional information related to it, please visit: https://1stprioritymortgage.com/pages/what-happens-when-covid-19

For a full list of Mortgage Consultants and offices, please visit: www.1stPriorityMortgage.com or call (888) 500-9733.

Contact 1st Priority Mortgage, Inc. for mortgage products and eligibility. 1st Priority Mortgage, Inc. is a Licensed Mortgage Banker, New York State Department of Financial Services, NMLS #29600. All lending products are subject to credit and property approval. Terms, conditions, and certain restrictions may apply on all programs. Interest rate and program terms are subject to change without notice. This is not a commitment to lend. Contact a 1st Priority Mortgage Consultant for full details. (888) 500-9733.