Coronavirus Pushes Home Sales Off a Cliff. When Will they Recover?
Bankrate.com, Apr. 13, 2020–Jeff Ostrowski
Lenders have stepped up their scrutiny of borrowers, says Joel Kan, associate vice president of economic and industry forecasting at the Mortgage Bankers Association. Before March, lenders typically verified a borrower’s job status 10 days before the deal closed. Now, with job stability suddenly in question for many, lenders check three days before closing.