Millions of people stopped paying their mortgages during the pandemic. Mortgage companies still found a way to make money off those loans
Investors are eager to get their hands on these loans. Many were made long ago and thus carry interest rates that are higher than the going rate. Another appealing factor is that investors believe many of these borrowers are unlikely to refinance in the near term. A refinancing hurts investors becauseAs rental-home investors around the U.S.
The mortgage company then works with the borrower to get him or her current again—for example, by letting the homeowner make up the missed payments at the end of the loan. In normal times, this practice is meant to give mortgage companies more flexibility to handle delinquent loans—and decrease the government’s role in dealing with them. It also means the mortgage companies are no longer on the hook for making sure investors get paid. Otherwise, a mortgage company is typically responsible for advancing principal and interest to investors even if the homeowner isn’t making payments.
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