What Happens When? Video 4 Recap: Thank You and Forbearance

 

 

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

The 1st Priority Mortgage video series “What Happens When?” continued with a video released on Friday, April 10. In the newest video, President Brooke Anderson-Tompkins thanked the many unsung heroes among us and reviewed the effectiveness of recent changes that addresses concerns of employment, asset verification, raising credit reports, interest rate locks, and more.

Below is a brief recap of the video, which you can watch here.

Thank you

Our heartfelt gratitude to those serving our communities on the frontlines. With so many unsung heroes amongst us, the words “thank you” seem insignificant to describe our appreciation to everyone’s efforts to bring us to the other side of this crisis.

Applications

A number of years ago, 1st Priority took the adage that every file is a family, and essentially we are here to help each family work through this, whether it be in normal times or times of crisis. Please reach out; we’re happy to look at the individual situations and questions, and determine a best solution and course of action given the individual circumstance.

  • We are open.
  • We are taking loan applications.
  • Purchase & Refinance: if you haven’t considered this before, now may be a great time to refinance your mortgage for a lower rate.
  • We are working both onsite and remotely.

Documentation

We encourage all involved in the transaction to anticipate that there may be additional validation of  documents in the loan file up to the day of closing.

Examples could include:

  • Employment and Wages
  • Bank or asset accounts
  • Credit Reports

Forbearance

Forbearance does not mean “forgiveness,” instead it is a delay. Payments are expected to be made up in some fashion, potentially a lump sum. As such, it’s important that if at all possible, payments be made on time.

If not, it is possible to make different arrangements. Call your servicer, which is essentially who you would make your mortgage payments to, to find out the best alternative and get the most accurate information as it relates to your individual circumstance.

  • Contact creditor (see your mortgage statement for contact information)
  • Get agreements in writing and read the fine print; save surprises for birthdays!

The Consumer Financial Protection Bureau (CFPB) out of Washington, DC did a great video that outlines some of the parameters from the federal perspective. Check it out here: https://youtu.be/br5EPugsnLs.

Closing

  • We are closing loans.
  • Call us today.

Each family has individual circumstances, please contact your Mortgage Consultant or Loan Coordinator with any questions. Our goal is to assist with each question and the potential of domino impacts given the realities of COVID-19. 

What Happens When?

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

Videos released so far in the series include:

You can also check out a recap of the first two videos with our blog post 1st Priority Mortgage: What Happens When? and a recap of the third video with our blog post What Happens When? Video 3: Mortgage Transactions.

1st Priority Mortgage continues to serve.

1st 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 1st Priority Mortgage for how these responses may impact your deal directly.

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.


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