The number of pandemic-induced foreclosures may not be as high as following the 2008 housing crisis due to the different nature and condition of the current economic downturn, according to industry experts.
Underwriting standards on jumbo mortgages tightened in March and April amid volatility from the coronavirus. The spread on interest rates for jumbo mortgages is also wider than it was before March.
After an initial public offering involving Quicken Loans and affiliated companies is completed, founder Dan Gilbert will retain 79% of the voting power in the common stock of the new entity, Rocket Companies.
Delinquencies are leveling off and forbearance requests have declined. On the other hand, expanded unemployment benefits are ending and cases of coronavirus infection are increasing.
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